MTN Uganda Mobile Money (MoMo) has reported a 100% growth in its digital lending portfolio.
The success of its digital lending program, launched in January, has expanded the company’s financial services. According to Richard Yego, the Managing Director of MTN MoMo, the portfolio now includes four loan products: Extra Cash, More Cash, More PESA, and Mopesa, which have expanded the company’s financial services reach, with loan disbursements tripling in the first quarter.
More PESA emerged as the most popular product, distributing Shs 200 billion monthly, while Extra Cash attracted over 2 million active borrowers, demonstrating the platform’s broad appeal to different customer segments.
The company’s digital financial services have grown substantially, with cashless transactions increasing by 57% from 16 million to 25 million and total transaction value rising from Shs 1.4 trillion to Shs 2.1 trillion. MTN MoMo has disbursed Shs 990 billion over nine months, aiming to reach Shs 2 trillion in disbursements by 2025.
The platform has expanded its customer base from 12.06 million to 13.6 million, to reach 40 million active users. Partnerships with organizations like the World Food Programme and UNHCR have further facilitated financial aid distribution, totaling USD 7.8 million to refugees through mobile money platforms.
