Vendors at Lira Main Market are increasingly adopting MTN’s Mobile Money (MoMo) services to reduce losses incurred from cash transactions.
This shift is part of a broader effort to enhance business security and efficiency by leveraging digital payments.
MTN’s MoMo for Business offers a range of functionalities designed to streamline transactions. Vendors can now request payments, purchase goods and services, create bills, upload invoices, and collect payments using a unique QR code.
This move is particularly significant for vendors, especially women, who have historically faced theft from street children known as Owuwuk. These criminals are notorious for snatching handbags containing cash and valuables.
The “Zimba Business with MoMo” campaign aims to empower small and medium enterprises by promoting cashless transactions, thereby reducing the risks associated with carrying hard cash. Vendors have expressed optimism about the product’s potential to safeguard their earnings during trading.
Richard Yego, CEO of MTN Mobile Money, highlighted Lira’s vast business potential that could be better harnessed through secure financial transactions.
He emphasized that MoMo for Business offers a comprehensive five-in-one solution that enhances money security and provides commissions designed to support business growth.
Additionally, Yego noted that businesses using MoMo services are eligible for business loans, a feature that has been met with enthusiasm by the local business community.
Dan Ogwal Ingwedo, the vice chairperson of Lira Main Market, welcomed the loan component, noting that many businesses struggle with limited capital.
The national “Zimba Business with MoMo” campaign was officially launched at Nakawa Market in Kampala last week, marking a significant step towards promoting digital financial solutions across Uganda.
This initiative is expected to revolutionize how vendors at Lira Main Market and beyond conduct their transactions, providing a safer, more efficient alternative to traditional cash dealings.
