Over 890,000 sign up inside a year.
The use of phones for small transactions has exploded across many developing nations, with Africa a particular success story.
MTN Uganda, working with Fundamo, has attracted nearly a million and expects the total to hit with more 2m users by the end of 2010, and 3.5m by 2012.
In just over a year MTN Uganda has registered 16% of its subscriber base. The service has garnered remarkable transaction and distribution statistics:
Other highlight stats include:
· $195 million USD through the platform since launch in March 2009
· 11.8 million transactions since launch in March 2009
· $21 USD average transaction – the average Ugandan person lives on under $1 USD a day (World Bank, 2007, *1)
· 1005 active agents and more than 2,500 direct sales reps
· More than 1,600 MTN MobileMoney service outlets
· Approximately 60 per cent of transfers are to recipients in rural areas - serving the unbanked
MTN MobileMoney is a SIM card deployment. The cryptographic features of the SIM card means it can safely and securely encrypt highly sensitive and confidential data, such as bank account numbers and PINs, transaction records and other data.
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