Prime
Telecom Company rooting for cashless transactions amidst coronavirus scare
A man pictured conducting transactions on mobile money. To further minimise the likelihood of transmission of coronavirus through handling of physical cash, MTN, one of the leading telecommunication companies in the country has initiated a move that could result into less handling of physical cash in favour of cashless transaction. FILE PHOTO
Although there is no Coronavirus (COVID -19) case that has been reported so far in the country, it appears as if preparations to minimise or control the damage in case of an outbreak, is in high gear.
To further minimise the likelihood of transmission through handling of physical cash, MTN, one of the leading telecommunication companies in the country has initiated a move that could result into less handling of physical cash in favour of cashless transaction.
According to a letter dated March 18, 2020, written by Mr Wim Vanhelleputte, the MTN Chief Executive Officer and addressed to the Director, National Payment Systems Department Unit of Bank of Uganda, a discussion with the central bank and some escrow partner banks took place, resulting into encouragement, promotion and usage of mobile money as opposed to the handling of banks notes as a precautionary measure.
Some of the proposals indicated in the letter include; no charges for peer to peer on-net transactions below Shs30,000; no charges for the wallet to bank or bank to wallet transactions (dependent on the partnership with the commercial banks); and no charges for all MoMo pay transactions for customers and merchants.
Daily Monitor couldn’t establish whether the banking Industry regulator, Bank of Uganda, approved the MTN gesture to control the spread of COVID 19 within 30 days beginning Thursday midnight.
In his national address on the spread of coronavirus, President Museveni on Wednesday said with money in markets and banks, the Ministry of Health will publish special operating procedures governing money transactions, including disinfecting the coins, using mobile money, using online purchases, among others.
“Once you avoid open coughing and sneezing and you wash your hands regularly, then you will not contaminate the surfaces ─ the tables, the door handles etc. Therefore, your hands do not pollute the surfaces,” he said.
