FINANCIAL TECHNOLOGY: ABSA, MTN in partnership
Absa Bank Uganda and MTN Mobile Money Uganda Limited have announced the introduction of mobile money payment functionality, also known as MTN MoMoPay on Absa Point of Sale machines/terminals, regardless of whether they hold an account with the bank. Absa’s Managing Director, Mr. Mumba Kalifungwa says the new functionality makes it even more convenient for customers to pay for goods and services directly from their MTN mobile money account to the Absa device. This is yet another innovation in the financial services space, aimed at boosting the shift to a cashless economy but also supporting access to financials services during the pandemic.