In Uganda, the two major telecom companies, MTN and Airtel, are fighting for the souls of Ugandans by dangling cashless merchant payment platforms in the form of MoMo Pay and Airtel Pay, each promising better rewards.
Speaking on the sidelines of the just-concluded annual Bankers Conference, Richard Yego, the managing director of MTN Mobile Money Uganda, said the merchant payment solution was a way of mitigating the unending attacks on business operators by assailants looking for hard cash.
With merchant payment platforms, users can now electronically pay for any commodity or service. With this payment platform, no charges are levied against any transaction.
Yego added that MoMo Pay would help business owners and operators access affordable credit lines from MTN.
“When we collect money electronically, we can collect data about the merchant’s activity. With this data, we can develop a scorecard that we base our decisions on to reward merchants with lines of credit. We can easily predict what amounts to give them because we can predict what the merchant can afford to pay back,” he said.
However, to entice more merchants to onboard on the Momo Pay merchant platform, Yego said they had capped all the transaction charges at one percent across all sectors.
“For the merchants in the informal sector like boda bodas, salons, and market vendors, no transaction charges will be levied. We want them to collect their money free of charge. This is the only way we can attain a cashless ecosystem.”
In conclusion, Yego added that they had enabled merchants to make assisted payments like school fees and utility bills.
written by @enock katamba
- Mr. katamba Enock: Professional designer with experience in web designing who started this activity in 2019 at Kyambogo University after graduation . Contact me on : (+256-758287080)
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