MTN Mobile Money hits 1 million MAU mark

MTN Mobile Money has marked 1 million active subscribers by announcing increased investment into a robust distribution network,
building on the financial services provider’s more than 3,000 booths and 12,000 active agents countrywide.

Acting Head of MTN Mobile Money Ruth Chuunka says that digital financial services (DFS) especially through MTN Mobile Money have unlocked financial inclusion for the unbanked population, resulting in the empowerment of Zambians and creation of jobs. According to United Nations Capital Development Fund (UNCDF), the number of users accessing digital financial services increased to 1.3 million in 2016, from 1 million the previous year while the number of agents increased to 12,376 from 7,304.

With MTN Mobile Money’s milestone of one million active subscribers, the company is confident that it has adapted to the changing social and economic landscape in Zambia to ensure that it provides financial solutions that give the Zambian population confidence
in the financial sector.

“We understand the growing needs for customers to have access to financial services that go beyond simply having money in their account. Through meaningful financial inclusion, we have seen our agents empowered to sustain themselves and create jobs for the communities where they live,” says Chuunka.

She adds that the Bank of Zambia’s drive for financial literacy and inclusion has been instrumental in MTN Mobile Money’s success and rollout countrywide, where the company has reached out to customers off the grid through its solar payments solutions. Chuunka said the central bank’s support has enabled the company to thrive and reaching one million active users is a testament to the central bank’s commitment to a robust and inclusive financial sector.

“Our solar payments solution means that people in rural Zambia and in villages can now transact through our platform. They’re able to send and receive money, purchase airtime and data as well as access lending services. Thanks to the Bank of Zambia, which continues to support our efforts in a financially literate and inclusive population,” she
notes.

Source: KPR Consulting