UGANDA- Telecommunications service provider MTN has launched ‘Zimba Business with MoMo,’ a streamlined payment handling system targeting SMEs in Uganda with specific business-aiding features.
The merchant-to-merchant feature of the service allows businesses to make payments to vendors and suppliers more efficiently beyond MoMo wallet payments. The service also helps SMEs consolidate their earnings and provide customers with a cashless payment option.
Payments on the new service are also seamlessly transferred to MoMo wallets. The service can be accessed by dialing *155#.
The feature is accessed by selecting the ‘make payments’ option and choosing the Zimba category.
The service will also provide SME owners access to quick merchant loans and opportunities to save, which is expected to improve the SME business environment. These financing opportunities are viewed as particularly beneficial to micro-merchants who struggle to access credit and other financial services.
XtraStock and Wezimbe Business Loans will provide the credit facilities.
Zimba Business with MoMo also allows business owners to generate additional revenue by assisting their customers with various MoMo transactions. Business owners earn a commission every time they help a customer complete a payment via MoMo.
MTN revealed this commission strategy is intended to foster a closer relationship between SMEs and their customers.
Jemima Kariuki, MTN MoMo’s Chief Product Officer, said, “We understand the pivotal role that SMEs play in our economy. With the ‘Zimba Business with MoMo’ campaign, we are committed to supporting these businesses by offering tailored financial solutions that address their unique challenges.”
According to MTN, the new service is intended to consolidate MTN MoMo’s position as a trusted business partner for SMEs, providing solutions that will aid in enhancing efficiency and record keeping. SMEs will be able to make timely payments to suppliers, manage petty cash and settle bills effortlessly without the need for physical cash transactions.
The move is seen as MTN’s effort to leverage Uganda’s growing mobile money market. According to IMARC Group, the country’s mobile market size was US$104.7 billion in 2023 and is projected to experience a combined annual growth rate (CAGR) of 27.1% between 2024 and 2032.
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