MTN Mobile Money (Uganda) Limited, in collaboration with Mastercard, Diamond Trust Bank, and Network International, has introduced the Virtual Card by MoMo—a game-changing solution aimed at revolutionising digital transactions in Uganda. This innovative service allows MTN MoMo users to make secure online payments without the need for a physical card or bank account, reinforcing MTN’s mission to drive financial inclusion across the country.
A Leap Forward in Digital Finance
As Uganda’s digital economy continues to evolve, mobile money transactions have surged, reaching an impressive Shs 191 trillion in the year leading up to June 2023—a notable 23% increase from the previous year, according to the Bank of Uganda. The Virtual Card by MoMo is set to capitalise on this growth, offering users seamless and secure payment options on various e-commerce platforms, social media channels, and websites.
Whether purchasing goods, paying for school fees, or booking travel, MTN MoMo subscribers can now leverage the convenience of a Mastercard-powered virtual card directly from their MoMo Wallet.
“The Virtual Card by MoMo is a major milestone in our journey 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.”— Jemima Kariuki Njuguna, Chief Product Officer, MTN MoMo
With a straightforward application process, users can obtain their Virtual Card by dialling *165*70#, automatically linking it to their MoMo Wallet. This ensures that even individuals without traditional banking access can partake in the digital economy. Additionally, security is prioritised, with transactions protected by industry-leading safeguards.
“At Mastercard, we are committed to driving financial inclusion by leveraging our technology to deliver innovative solutions that meet the unique needs of consumers across Africa. The launch of the Virtual Card by MoMo in Uganda marks a critical milestone in enabling broader access to the digital economy. With this collaboration, we are enabling millions of Ugandans to transact securely and conveniently, ultimately contributing to the nation’s economic development.”— Muhammad Nana, Senior Vice President, Digital Partnerships, Eastern Europe, Middle East, and Africa, Mastercard
Empowering Users with Financial Control
The Virtual Card by MoMo provides customers with enhanced flexibility, allowing them to top up only the required amount for each transaction—giving them full control over their spending. Additionally, users can enjoy exclusive offers, discounts, and potential rewards, including deals on airfare and travel.
With Uganda’s digital payment landscape rapidly evolving, this collaboration between MTN MoMo and its partners is a significant step toward fostering financial inclusion and expanding access to the digital economy.
I am passionate about crafting stories, vibing to good music (and making some too), debating Nigeria’s political future like it’s the World Cup, and finding the perfect quiet spot to work and unwind.
3 replies on “MTN MoMo Unveils Virtual Card to Expand Digital Payments in Uganda”
[…] MTN Ghana has reported impressive financial growth for the 2024 fiscal year, surpassing its medium-term revenue targets. The company’s success was largely driven by a surge in data and mobile money (MoMo) services, reflecting the shifting landscape of telecommunications in Ghana. […]
[…] Uganda is on the brink of a major technological shift with the approval of a single SIM card policy aimed at simplifying communication across mobile networks. This groundbreaking proposal passed during a plenary session led by Deputy Parliamentary Speaker Thomas Tayebwa, is set to address the inconvenience of owning multiple SIM cards, a burden for many Ugandan mobile users. […]
[…] Airtel Uganda has reported a significant increase in its customer base, growing by 13.9% to reach 16.9 million users in 2024. This growth is largely attributed to rising data demand and innovative solutions aimed at enhancing connectivity across Uganda. […]