MTN Uganda has announced that they will transfer all the money on the mobile money dormant accounts to the consolidated fund.
This was announced by Richard Yego, the managing director of MTN mobile money. Yego said the move was in tandem with the requirements of the National Payment Systems Act of 2020 which required all the money on dormant accounts after 15 months to be transferred to the consolidated fund.
He was speaking at an event held at the MTN warehouse in Ntinda, Kampala to launch their new mobile money program dubbed MOMO Nyabo Waaka! He said the campaign was in a bid to improve financial inclusion in the country. Yego said the program would be targeting both customers and mobile money agents. This, he said, would form a good bedrock for the attainment of a much sought-after cashless society.
“We want to grow the uptake of mobile money within the society even from within the existing base. We believe mobile money is integral in driving a cashless society forward. Do not carry cash, use MoMo pay when paying for anything.
This is good for your security” Yego hopes “the campaign shall also resurrect the dormant accounts before their money is transferred to the consolidated fund.” MTN Uganda has 16 million customers, of which 12 million are active mobile money users. The gap, Yego hopes, would be closed by the campaign.