{"id":4950,"date":"2022-01-15T12:20:17","date_gmt":"2022-01-15T12:20:17","guid":{"rendered":"https:\/\/ugandaupdatenews.com\/?p=4950"},"modified":"2022-01-15T12:20:20","modified_gmt":"2022-01-15T12:20:20","slug":"mtn-uganda-to-make-more-money-after-introducing-momoadvance-overdraft-facility","status":"publish","type":"post","link":"https:\/\/prowebinhost.com\/anzu\/mtn-uganda-to-make-more-money-after-introducing-momoadvance-overdraft-facility\/","title":{"rendered":"MTN Uganda To make more money after Introducing MoMoAdvance, Overdraft Facility"},"content":{"rendered":"\n

MTN Uganda is expected to make more money with their bottom-line expected to more than double after introducing a new product – the \u00a0MoMoAdvance<\/a>, that will allow customers pre-authorisation of transactions for payment to be made later.\u00a0<\/p>\n\n\n\n

The facility has been launched following a pilot program conducted in 2020.<\/p>\n\n\n\n

Users will be charged an access fee of 2.75 per cent of the amount borrowed and a daily interest of 0.5 per cent on the outstanding balance for a maximum of 45 days.<\/p>\n\n\n\n

\u201cMTN MoMoAdvance is a product that we have been working on for some time with our partners from NCBA Bank. We are happy to finally roll it out to all our customers and we believe that it will give them the convenience to transact seamlessly beyond their wallet balances during times of need then pay back later,\u201d Stephen Mutana, the General Manager MTN Mobile Financial Services said.<\/p>\n\n\n\n

MTN Uganda says the MoMoAdvance is not a loan facility. \u201cUnlike the MoKash loan facility where MTN customers can borrow money within their credit limits and payback in 30 days as they wish, MoMoAdvance on the other hand is an overdraft facility that allows customers to use more money than they actually have on their accounts, and the overdraft amount is automatically deducted the next time a customer gets funds on their MoMo account,\u201d adds Mr Mutana.<\/p>\n\n\n\n

MoMoAdvance is similar to Safaricom\u2019s overdraft product, Fuliza, launched in January 2019.<\/a> Fuliza is offered in partnership with KCB  Group and NCBA Group.<\/p>\n\n\n\n

Safaricom made Ksh 2.8 billion from Fuliza from March to September 2021 according to its financial reports.<\/p>\n\n\n\n

Dubbed MoMoAdvance<\/a>, will allow customers pre-authorisation of transactions for payment to be made later. <\/p>\n\n\n\n

The facility has been launched following a pilot program conducted in 2020.<\/p>\n\n\n\n

Users will be charged an access fee of 2.75 per cent of the amount borrowed and a daily interest of 0.5 per cent on the outstanding balance for a maximum of 45 days.<\/p>\n\n\n\n

\u201cMTN MoMoAdvance is a product that we have been working on for some time with our partners from NCBA Bank. We are happy to finally roll it out to all our customers and we believe that it will give them the convenience to transact seamlessly beyond their wallet balances during times of need then pay back later,\u201d Stephen Mutana, the General Manager MTN Mobile Financial Services said.<\/p>\n\n\n\n

MTN Uganda says the MoMoAdvance is not a loan facility.<\/p>\n\n\n\n

\u201cUnlike the MoKash loan facility where MTN customers can borrow money within their credit limits and payback in 30 days as they wish, MoMoAdvance on the other hand is an overdraft facility that allows customers to use more money than they actually have on their accounts, and the overdraft amount is automatically deducted the next time a customer gets funds on their MoMo account,\u201d adds Mr Mutana.<\/p>\n\n\n\n

MoMoAdvance is similar to Safaricom\u2019s overdraft product, Fuliza, launched in January 2019.<\/a> Fuliza is offered in partnership with KCB  Group and NCBA Group.<\/p>\n\n\n\n

Safaricom made Ksh 2.8 billion from Fuliza from March to September 2021 according to its financial reports.<\/p>\n\n\n\n

\n","protected":false},"excerpt":{"rendered":"

MTN Uganda is expected to make more money with their bottom-line expected to more than double after introducing a new<\/p>\n","protected":false},"author":1,"featured_media":4951,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[24,168],"tags":[],"class_list":["post-4950","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-national-development"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2022\/01\/MTN-MoMo-Pay.jpg","jetpack-related-posts":[{"id":4935,"url":"https:\/\/prowebinhost.com\/anzu\/ugandas-mobile-money-industry-hits-a-new-high-as-market-leaders-mtn-launch-a-new-advanceoverdraft-service\/","url_meta":{"origin":4950,"position":0},"title":"UGANDA\u2019S MOBILE MONEY INDUSTRY HITS A NEW HIGH AS MARKET LEADERS MTN LAUNCH \u00a0A NEW \u00a0ADVANCE,OVERDRAFT SERVICE","author":"UgandaUpdate","date":"January 12, 2022","format":false,"excerpt":"As the competition for Uganda\u2019s mobile money market share intensifies -MTN Mobile Money \u00a0has entered into \u00a0partnership with NCBA Bank to \u00a0launched a new product on the market\u00a0 -the MTN MoMo overdraft which will be know as \u2013 MoMoAdvance where MTN MoMo customers will now be in position to receive\u2026","rel":"","context":"In "Business"","block_context":{"text":"Business","link":"https:\/\/prowebinhost.com\/anzu\/category\/business\/"},"img":{"alt_text":"","src":"https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2022\/01\/Stephen-Mutana-the-Acting-CEO-of-MTN-Uganda-Mobile-Money-Limited.jpg","width":350,"height":200,"srcset":"https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2022\/01\/Stephen-Mutana-the-Acting-CEO-of-MTN-Uganda-Mobile-Money-Limited.jpg 1x, https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2022\/01\/Stephen-Mutana-the-Acting-CEO-of-MTN-Uganda-Mobile-Money-Limited.jpg 1.5x, https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2022\/01\/Stephen-Mutana-the-Acting-CEO-of-MTN-Uganda-Mobile-Money-Limited.jpg 2x"},"classes":[]},{"id":4452,"url":"https:\/\/prowebinhost.com\/anzu\/mtn-boss-vanhelleputte-answers-your-questions-about-the-mtn-ipo\/","url_meta":{"origin":4950,"position":1},"title":"MTN BOSS VANHELLEPUTTE ANSWERS YOUR QUESTIONS ABOUT THE MTN IPO","author":"UgandaUpdate","date":"November 3, 2021","format":false,"excerpt":"MTN Uganda opened its Initial Public Offer that will run until 22nd\u00a0November 2021 4pm. 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First and foremost, how\u2026","rel":"","context":"In "Business"","block_context":{"text":"Business","link":"https:\/\/prowebinhost.com\/anzu\/category\/business\/"},"img":{"alt_text":"","src":"https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2021\/11\/mtn-boss.jpg","width":350,"height":200},"classes":[]},{"id":7801,"url":"https:\/\/prowebinhost.com\/anzu\/telecom-giants-mtn-suffer-court-verdict-as-company-is-ordered-to-pay-former-deputy-igp-ug-shs-526m-for-trespass\/","url_meta":{"origin":4950,"position":2},"title":"TELECOM GIANTS MTN SUFFER COURT VERDICT AS COMPANY IS ORDERED TO PAY FORMER DEPUTY IGP UG.SHS.526M FOR TRESPASS\u00a0","author":"UgandaUpdate","date":"December 28, 2022","format":false,"excerpt":"By Our Lira Correspondent\u00a0 Telecom giant's impunity of trespassing on people\u2019s land and refusing to pay the monetary value has been rejected by the High Court in Lira and has ordered that the company pays \u00a0the former Deputy Inspector General of Police (IGP) Julius Peter Ocur Odwe, Shs526.9M in punitive\u2026","rel":"","context":"In "Court"","block_context":{"text":"Court","link":"https:\/\/prowebinhost.com\/anzu\/category\/court\/"},"img":{"alt_text":"","src":"https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2022\/12\/download-8.jpg","width":350,"height":200},"classes":[]},{"id":5113,"url":"https:\/\/prowebinhost.com\/anzu\/mtn-foundation-uganda-hands-over-butabika-hospital-ultra-modern-sanitary-facility\/","url_meta":{"origin":4950,"position":3},"title":"MTN Foundation Uganda hands over Butabika Hospital Ultra-Modern sanitary Facility","author":"UgandaUpdate","date":"February 18, 2022","format":false,"excerpt":"By Our Reporter The MTN Foundation Uganda, has handed over a modern sanitary facility to Butabika National Referral Mental Hospital in Kampala. The facility was constructed with funding from the MTN Foundation to ensure proper sanitation for the increasing number of mental health patients at Uganda 's mental health national\u2026","rel":"","context":"In "Health"","block_context":{"text":"Health","link":"https:\/\/prowebinhost.com\/anzu\/category\/health\/"},"img":{"alt_text":"","src":"https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2022\/02\/mtn-pc.jpg","width":350,"height":200,"srcset":"https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2022\/02\/mtn-pc.jpg 1x, https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2022\/02\/mtn-pc.jpg 1.5x, https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2022\/02\/mtn-pc.jpg 2x, https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2022\/02\/mtn-pc.jpg 3x"},"classes":[]},{"id":4841,"url":"https:\/\/prowebinhost.com\/anzu\/state-minister-for-ict-joyce-ssebugwawo-visits-mtn-data-servers-at-mutundwe-hails-company-for-facilitating-reliable-mobile-communication-services\/","url_meta":{"origin":4950,"position":4},"title":"STATE MINISTER FOR ICT JOYCE SSEBUGWAWO VISITS MTN DATA SERVERS AT MUTUNDWE HAILS COMPANY FOR FACILITATING RELIABLE MOBILE COMMUNICATION SERVICES","author":"UgandaUpdate","date":"December 20, 2021","format":false,"excerpt":"Mutundwe switch and data center is a prime facility that houses MTN data servers and facilitates connection of the telecom\u2019s 15 million customers through 2G, 3G and 4G network across the country.\u00a0Government lauded MTN for the investments made in the sector and its efforts towards providing quality services to the\u2026","rel":"","context":"In "Business"","block_context":{"text":"Business","link":"https:\/\/prowebinhost.com\/anzu\/category\/business\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":5090,"url":"https:\/\/prowebinhost.com\/anzu\/mtn-uganda-ltd-and-fufa-sign-ug-shs-600m-two-year-mega-deal\/","url_meta":{"origin":4950,"position":5},"title":"MTN UGANDA LTD AND FUFA SIGN UG.SHS.600M TWO YEAR MEGA DEAL","author":"UgandaUpdate","date":"February 11, 2022","format":false,"excerpt":"Uganda's Telecom giant MTN has agreed to be the Federation of Uganda Football Association (FUFA) and Uganda Premier League (UPL) Official Broadcast Sponsor of the StarTimes Uganda Premier League on Next Media\u2019s Sanyuka TV at a tune os Ug.Shs. 600m . 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