MTN Mobile Money Uganda, in collaboration with Mastercard, Diamond Trust Bank (DTB), and Network International, has unveiled the Virtual Card by MoMo, a new digital payment solution designed to enhance secure online transactions. This initiative allows MTN MoMo subscribers to make payments on any e-commerce platform, website, or social media channel that accepts card transactions, without needing a physical card or bank account.
The launch aligns with MTN’s Ambition 2025 strategy, which aims to deepen financial inclusion and increase digital accessibility in Uganda.
Uganda’s Digital Financial Growth
Uganda’s digital financial sector has seen significant expansion, with mobile money transactions surging to UGX 191 trillion in the 12 months leading to June 2023—a 23% increase from UGX 156 trillion in the previous year, according to the Bank of Uganda. This highlights the growing demand for digital payment solutions.
At the launch, Jemima Kariuki Njuguna, Chief Product Officer at MTN MoMo, emphasized how the card strengthens Uganda’s digital economy.
“The Virtual Card by MoMo is a major milestone in our journey towards MTN’s Ambition 2025. By offering a secure and convenient way to access online services, we enable our customers to engage more actively in the digital economy.”
The Mastercard-powered virtual card allows users to pay for school fees, advertise on social media, subscribe to streaming services, shop online, and book travel.
A Game-Changer for Online Payments
DTB’s CEO and Managing Director, Godfrey Sebaana, described the service as a breakthrough for digital payments in Uganda, especially for those without traditional banking access.
“Many Ugandans have struggled to make online payments. This initiative will drive financial inclusion by providing an easy, accessible solution.”
With over 33 million MTN customers in Uganda, Viola Namuyaba, Senior Manager Payments at MTN MoMo, highlighted the convenience of using a phone number as a unique identifier.
“Customers often face banking inconveniences. With MoMo, your phone number is the unique identifier, making online purchases simpler.”
The virtual card is equipped with advanced encryption technology, ensuring transactions are secure. Users can also control their spending by loading only the amount needed per transaction.
Additionally, the card provides exclusive offers, such as discounts on air tickets and other deals, making it a valuable tool in Uganda’s fast-growing digital economy.
How to Get and Use the MTN MoMo Virtual Card
Since other virtual cards in Uganda—such as Airtel Mastercard (which recently stopped working)—have played a crucial role in online payments, this MTN MoMo Virtual Card comes as a timely alternative.
Step 1: Register for MTN MoMo
To use the virtual card, you must be an MTN MoMo subscriber. If you don’t have an account, register at any MTN service center or dial *165# to activate MoMo services.
Step 2: Generate the Virtual Card
- Dial *165# and follow the prompts for “Financial Services” or “Virtual Card”.
- Select “Generate Virtual Card” to create a one-time or reusable card.
- Confirm with your MoMo PIN.
Step 3: Load Money on the Card
- You can load a specific amount onto your virtual card from your MTN MoMo wallet.
- The card will only hold the funds you allocate, ensuring spending control and security.
Step 4: Make Online Payments
- Use the card wherever Mastercard is accepted, including websites, e-commerce platforms, and social media ads.
- Enter the virtual card details just like a normal bank card when checking out.
Step 5: Manage Your Virtual Card
- Check balances, transaction history, or deactivate the card anytime using 165.
- The virtual card is valid for a limited time, providing additional security against fraud.
Comparing with the Airtel Mastercard
Airtel previously offered a virtual Mastercard linked to Airtel Money, which allowed users to shop online. However, the service faced interruptions, and Airtel customers can no longer generate new cards. With MTN MoMo banking Card, customers now have an alternative that is secure, accessible, and widely accepted.
As Uganda moves toward a cashless economy, the MTN MoMo Virtual Card stands out as a crucial tool for individuals and businesses looking for a reliable online payment method.
