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Kampala, Uganda: CLOSE to one Million Subscribers have registered for the MTN Mobile Money service, making it Uganda’s fastest-growing non-tariff telecommunications value add service.
The MTN Mobile Money service was launched in March 2009 as a person to person money transfer product that recorded transfer volumes of over UGX 400 billion (four hundred billion shillings) in its first year of operation.
“The speed with which subscribers have adopted MTN Mobile Money has been phenomenal. MTN Mobile Money has proved to be an innovative tool in reaching the unbanked and bridging a large gap in financial services,” said MTN Chief Marketing Officer Isaac Nsereko, today.
More than 1,000 MTN Mobile Money Service outlets have been opened up across Uganda, spreading banking services into remote areas. Over 60% of transfer recipients are located in rural areas.
“The service is undoubtedly making a difference in the lives of millions of Ugandans and to the economy. It is our intention to continue expanding MTN Mobile Money and to spread its reach to more Ugandans,” Nsereko added.
MTN will this week launch a drive to update the user details of all customers registered for MTN Mobile Money, in line with Bank of Uganda Know-Your-Customer (KYC) regulations. SMS alerts have been sent to those customers who need to update their details by May 10th 2010.
“We urge customers who have received update reminders by SMS to visit the MTN Service Centre nearest to them to update their user details, in order to avoid the inconvenience of having the service interrupted,” he said.
Bank of Uganda regulations restrict banking institutions from offering services to customers who do not provide up-to-date personal details.
About the MTN GROUP
Launched in 1994, the MTN Group is a multinational telecommunications group, operating in 21 countries in Africa, Asia and the Middle East. The MTN Group is listed on the JSE Securities Exchange in South Africa under the share code: "MTN". As at 30 September 2009, MTN recorded 108,4 million subscribers across its operations in Afghanistan, Benin, Botswana, Cameroon, Cote d’Ivoire, Cyprus, Ghana, Guinea Bissau, Guinea Republic, Iran, Liberia, Nigeria, Republic of Congo (Congo Brazzaville), Rwanda, South Africa, Sudan, Swaziland, Syria, Uganda, Yemen and Zambia. The MTN Group is a global sponsor of the 2010 FIFA World Cup South Africa™ and has exclusive mobile content rights for Africa and the Middle East. Please visit www.mtn.com and www.mtnfootball.com
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