New MTN’s Zimba initiative to boost small businesses
SUPPORTIVE: MTN MOMO officials interact with traders at the launch of the campaign at Nakawa Market in Kampala.
MTN MoMo has launched a new initiative designed to empower small and medium-sized enterprises (SMEs) across Uganda.
The ‘Zimba Business with MoMo’ campaign officially kicked off at Nakawa market yesterday, where representatives of the traders’ community were introduced to the various services that can significantly enhance their business operations.
The campaign aims to reposition MTN MoMo as a trusted business partner and solutions provider, moving beyond the traditional view of MoMo merchants as just payment processors, basically recognizing the critical role that small and medium scale enterprises play in driving Uganda's economy.
- While commending small and medium enterprises for being the key drivers of Uganda’s economy, Jemima Kariuki, the Chief Product Officer at MTN MoMo, said the company is showcasing its commitment to supporting small businesses by offering tailored financial solutions that address their unique challenges.
“By positioning MTN MoMo as a reliable and flexible business partner, we aim to enable business growth and financial inclusion for all," she said.
The officials explained that the campaign is anchored on four main pillars, tailored to meet the diverse needs of small business owners.
- Firstly, business owners can seamlessly receive payments to their MoMo wallets, which will enable them to consolidate their earnings and give their customers a cashless payment option.
Secondly, it enables the business owner to make payments to suppliers on time, manage petty cash, and settle bills effortlessly.
For example, a small shop owner can pay for new stock directly from the MoMo wallet without having to make physical cash transactions.
Thirdly, it provides business owners with the opportunity to save money and access quick merchant loans with higher limits through the Wezimbe Business Loans and XtraStock.
This feature is particularly beneficial for micro-merchants who struggle to obtain financing from traditional financial institutions.
- For example, a boda-boda rider can secure a loan to purchase an additional motorcycle, thereby increasing his revenue potential.
- Lastly, business owners can earn additional revenue by assisting their customers with various MoMo transactions. Each time a business owner helps a customer pay a bill or complete other payments through MoMo, they earn a commission.
This not only provides an extra income stream but also fosters a closer relationship between the business owner and their customers. For example, a salon owner can offer a MoMo service to clients, earning a commission on each transaction while providing added convenience.
The ‘Zimba’ campaign, which was warmly welcomed by the Nakawa business community, is part of the company’s Ambition 2025, which aims to drive financial inclusion and economic empowerment on the African continent.