MamboPay, a payment solutions provider received a matching grant, which has enabled it to distribute over 10,000 MamboPay student cards and transferred over Shs1.5 billion. MamboPay enables the transfer of funds from mobile money to a card. This enables parents and guardians to send pocket money to their children in boarding schools instead of driving there. A cardholder is able to make transactions at all point of sale terminals that accept MamboPay cards in this case canteens in partnering schools.
“We have seen our card transactions grow to an average of Shs5 million per month hence registering a double growth to our revenue,” says Charles Muhindo, the Chief Executive Officer of MamboPay.
This growth has been possible because of the matching grant that MamboPay received which enabled the company to incorporate VISA, Mastercard and American Express payment solutions into the Mambopay cards. This means that parents and/or guardians in diaspora can now easily transfer funds to student cards directly from VISA, Mastercard and American Express.
Other Key Milestones since the receipt of the matching grant