Interview: MTN MOMO boss, Richard Yego talks fraud, investment and future of mobile money

Richard YegoBy Our Reporter

Following the enactment of the National Payment Systems (NPS) Act, 2020, MTN Uganda’s telco and fintech enterprise was separated resulting in the creation and licensing of MTN Mobile Money Uganda Limited in 2021. We caught up with the newly appointed Managing Director of MTN Mobile Money Uganda Limited, Mr Richard Yego, for his preliminary interview with the media since his appointment, throughout which he mentioned the corporate’s focus for the 12 months and shared insights on the cellular cash business.

Congratulations upon the appointment to Managing Director, MTN Mobile Money Uganda. How would you describe your first few months on the job?

It has been an attention-grabbing 2 months for me. With the help of the group at MTN, I familiarized myself with the brand new function; sitting on the helm of a really economically vital firm. During this era, now we have been targeted on the completion of the separation of the Telco and Finco entities which included constructing a group of personnel with the fitting skill-set, throughout the varied departments whose collective strengths and efforts will steer the corporate in the fitting route.

It is near a 12 months for the reason that cellular cash enterprise was separated from the telco core enterprise, how has the adjustment been for MoMo?

The separation of Telco and Fintech companies happened in May final 12 months with the steerage of Bank of Uganda (BOU) which culminated into the creation and licensing of MTN Mobile Money Uganda Limited. At MTN, we welcomed this transfer as a result of we consider within the energy of regulation in making a conducive enterprise surroundings for not solely us the operators, but additionally our prospects. Following implementation of the regulation about 10 months again, we at the moment are being straight regulated by BOU which has tremendously improved the speed at which we innovate. Owing to direct engagement with BOU for approvals of product and companies, we at the moment are capable of obtain quicker velocity to market of latest companies, to the good thing about our prospects.

Following the enactment of the National Payment Systems (NPS) Act, now we have seen a proliferation within the variety of fintechs licensed to undertake cellular cash enterprise, are you involved this can influence MTN MoMo?

The enactment of the National Payment Systems (NPS) Act, 2020 and the implementation of the accompanying NPS Regulations, 2021 therein have enabled the entry of latest market gamers within the Fintech business. This brings competitors within the Financial Services house that spurs innovation and enchancment of high quality of companies within the sector which is a welcome transfer. As MTN, we stay targeted on consolidating our market management by leveraging our price proposition to our prospects and stakeholders by way of guaranteeing that we ship extra worth and high quality as a result of on the coronary heart of our ambition is to guide the drive for digital and monetary inclusion in Africa.

After practically two years of lockdown, how is cellular cash fairing in the present day compared to 2020 and 2021?

With the total reopening of the financial system earlier this 12 months, a sizeable a part of the inhabitants has returned to work, and now we have seen a rise in every day transactions. The outcomes for the primary quarter will probably be shared by the tip of this month to present a full image. We are optimistic in regards to the future and stay targeted to delivering related companies and shared worth to all our esteemed prospects.

As the brand new MD, what are your funding plans, focus or Strategy for MTN MoMo this 12 months?

Our goal is to go away nobody behind in our quest to advertise monetary inclusion in Uganda and obtain a key pillar in our ambition 2025 technique rooted on sharing financial worth with our prospects.

Our main space of funding for this 12 months is hinged on enriching our MoMo ecosystem and platform capabilities. We are targeted on scaling the adoption of our Banktech merchandise like Loans & Savings, Payments, and e-Commerce.

We stay decided to realize a cashless financial system, one thing that has been accelerated by Covid-19 and subsequently we’ll proceed to entrench MoMo pay throughout the nation by way of strategic partnership engagements.

In your opinion, what do you suppose will drive cellular cash progress this 12 months?

I consider cellular cash will develop primarily on the account of the total reopening of the financial system. We anticipate a rise in cellular cash exercise owing to the truth that companies are all totally reopened that means extra jobs are going to be created thus attracting earnings, the night time life is again in motion, travelling throughout or in and overseas is limitless. We consider this can tremendously influence on the amount and worth of earnings transacted through the service. We count on elevated exercise throughout all of the MTN MoMo merchandise.

Mobile cash fraud stays a priority within the ecosystem. Are there any plans to tame this?

In a bid to curb cellular cash fraud, now we have launched into sensitization initiatives out there.

Through our newly fashioned National Payment Systems (NPS) Providers Association, we’re going to launch a significant sustained buyer sensitization marketing campaign at an business stage later this month. This initiative is aimed toward driving buyer consciousness of the significance of defending their Personal Identification Numbers (PINs) and One Time Passwords (OTPs). We consider this constant consciousness marketing campaign will empower prospects with data to safeguard their accounts. We do hereby guarantee the general public that the MTN MoMo platform is protected and safe. We additionally urge our prospects to at all times preserve their PINs and OTPs secret and never share them with anybody.

What is the long run outlook of MTN MoMo?

Looking into the long run, MTN MoMo must be a lifestyle. We need the MTN MoMo pockets to be a part of everybody’s day-to-day life. The purpose is to allow our prospects to pay for all items and companies utilizing MTN MoMo. We are positioning MTN MoMo as a monetary answer aimed toward driving digital and monetary inclusion and boosting financial progress within the nation as highlighted in our ambition 2025 technique.

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