Yet another financial innovation using mobile telecommunications has been introduced in Africa. This time, it's an investment product from Uganda’s MTN Mobile Money (MTN MoMo), a mobile financial service provider.
MTN MoMo says it has partnered with fund manager Sanlam Investments East Africa to launch Yinvesta, which is described as a revolutionary unit trust investment product designed to make investing easy, accessible and flexible for all Ugandans.
Yinvesta allows customers to start investing with as little as UGX1,000 (about US$0.27), offering daily interest earnings, easy withdrawals, and full transparency through MTN MoMo channels. This initiative, says MTN MoMo, reinforces its commitment to providing innovative financial solutions that empower Ugandans to take control of their financial future.
Yinvesta operates as a unit trust, pooling investments from multiple individuals into a professionally managed fund, ensuring stability and reduced risk and offering a competitive return to investors.
The product is licensed by the Capital Markets Authority of Uganda under the country’s Collective Investments Schemes Act of 2003.
Jonathan Stichbury, Chief Executive Officer at Sanlam Investments East Africa, is quoted by local press as saying: “Technology has transformed business operations and the investment industry is no exception. With the launch of Yinvesta, we are revolutionising the way Ugandans invest…We are excited about the potential of this partnership, which will have a profound impact in the financial landscape of Uganda."
A launch event for the new service featured a live product demo, a panel discussion on financial literacy, and exclusive investment insights from industry experts. Customers can start investing immediately by dialling a code on their mobile phones or using the MTN MoMo app.
