ONLINE UGANDA MTN Uganda introduces overdraft facility 1 year ago Iwo Bulski Post Views: 801 Africa’s mobile-money sector remains the most active of any region in the world, according to GSM Association (GSMA), an umbrella body representing the interests of players in the telecommunications industry. The report shows that registered mobile money accounts in Africa stood at slightly over half a billion in 2020, a 12 percentage point growth from the previous year. The value of transactions hit $495 billion, up 23 percentage points. East Africa accounts for the bulk of Africa’s mobile money transactions, followed by West Africa. The GSMA report shows that the value of transactions in West Africa had the highest growth after increasing by 46 percentage points to $178 billion (the second highest value after East Africa’s). Fundamentally, mobile money enables users to send and receive money, as well as to pay utility bills — but in advanced situations like it is across Africa, the wallet turns subscribers’ phone numbers into a sort of proxy for bank accounts. As it grows, mobile money has come to be a launchpad for digital lenders, who use customers’ mobile money transaction history to determine the amount of instant credit to extend to borrowers — monies that are then directly deposited into customers’ mobile money wallets. MTN Uganda’s mobile overdraft credit Innovative products based on mobile money include the newly launched MoMoAdvance, an overdraft loan by MTN Uganda, the country’s biggest telco, and a subsidiary of the MTN Group — whose other affiliated companies have operations in southern, west and central regions of Africa. MoMoAdvance was launched following a pilot program that started in late 2020, and it allows MTN’s customers to overdraw on its MoMo (mobile money) wallet. Users will be charged an access fee of 2.75% of the amount borrowed, and a daily interest of 0.5% on the outstanding balance for a maximum of 45 days. Source: techcrunch.com About Post Author Iwo Bulski Issues related to the gambling business is engaged in more than 30 years. My empirical experience gives me the opportunity to present events and companies from this business with full knowledge and industry knowledge. See author's posts Iwo BulskiIssues related to the gambling business is engaged in more than 30 years. My empirical experience gives me the opportunity to present events and companies from this business with full knowledge and industry knowledge. Facebook Twitter LinkedIn Email Print Tags: credit, mobile money, Uganda Continue Reading Previous Yggdrasil and Pragmatic Play make inroads into the African Gambling MarketNext South African Police Launch Investigation into Alleged Crypto Fraud More Stories EXPERTS UGANDA Online gambling firms accused of exploiting lucrative African markets 14 hours ago Samuel ONLINE WORLD NEWS Monthly active mobile gamers exceeded 200 mln in 2022 17 hours ago Szarlot ONLINE SOUTH AFRICA Overview of online casino regulations in African governments 17 hours ago Szarlot HOT NEWS ONLINE SOUTH AFRICA MultiChoice betting big on gambling and new payment platform in South Africa 17 hours ago Szarlot ONLINE Slots For Video Poker 17 hours ago Samuel BETTING UGANDA Uganda: Makerere University Student Fakes Own Kidnap After Losing Fees in Sports Betting 4 days ago Samuel ONLINE WORLD NEWS Meet Slotegrator at SiGMA Americas 2023 in Brazil 5 days ago Iwo Bulski ONLINE Discover the World of Exceptional Gaming at BC.GAME Casino 5 days ago Iwo Bulski GAMES ONLINE Gods of War from PragmaticPlay 7 days ago Iwo Bulski ONLINE Jackpot Strategies: How to Win Big in Online Casinos 7 days ago Samuel ONLINE What are the Features of Live Casino Games? 7 days ago Samuel ONLINE WORLD NEWS ESG: what is it for the gambling industry? 2 weeks ago Iwo Bulski Leave a Reply Cancel replyYour email address will not be published. Required fields are marked *Comment * Name * Email * Website Save my name, email, and website in this browser for the next time I comment. Δ This site uses Akismet to reduce spam. Learn how your comment data is processed.