MTN Mobile Money (U) Limited, in partnership with Mastercard, Diamond Trust Bank and Network International launch a Virtual Card by MoMo, a payment solution designed to enable MTN Mobile Money (MTN MoMo) subscribers to perform online transactions without needing a physical card or bank account.
This latest offering strengthens MTN’s commitment to driving financial inclusion and enhancing digital accessibility across Uganda, aligning with the company’s broader mission of enabling a digital economy for all.
The Virtual Card by MoMo allows users to make card-based online payments on any e-commerce platform, website, social media platforms, etc., that accept card payments.
Jemima Kariuki Njuguna, Chief Product Officer at MTN Mobile Money (U) Limited, said the virtual card is a major milestone towards MTN’s Ambition 2025, which focuses on promoting financial inclusion and economic empowerment across Africa.
“By offering a secure and convenient way to access online services, we enable our customers to engage more actively in the digital economy. This new product underscores our dedication to innovation and excellence in the digital financial sector,” Njuguna added.
In his remarks, Muhammad Nana, Senior Vice President, Digital Partnerships, Eastern Europe, Middle East, and Africa at Mastercard remarked that Mastercard is committed to driving financial inclusion by leveraging their technology to deliver innovative solutions that meet the unique needs of consumers across Africa.
See also: MasterCard’s Kampala Office Debut Signals Ambitious Plans for Financial Inclusion
“The launch of the Virtual Card by MoMo in Uganda marks a critical milestone in enabling broader access to the digital economy,” said Nana emphasizing that with this collaboration, they are enabling Ugandans to transact securely and conveniently, ultimately contributing to the nation’s economic development.
This wouldn’t be the first time MTN is introducing a virtual card to its customers. In 2018, the telco in partnership with the United Bank of Africa (UBA) launched a virtual card they called, MTN MoMoCard, however, it was discontinued two (2) years later. The reason for the discontinuation remained unknown.
The Virtual Card by MoMo offers a simple and user-friendly application process. To get the card, customers:
- Dial the USSD code *165*70# on your phone.
- Enter your PIN
- Enter/Press 1 and from pop-up menu select option 1.
- Choose 1 to proceed then enter your mobile money PIN to pay the fee for creation. (You will be charged UGX1,000) to create your virtual card.
- Your card will be created and a confirmation message will be sent to you as SMS.
The card is automatically created and linked to their mobile money wallet. It will also provide access to exclusive offers, such as potential rewards, and discounts.
