Uganda, Oct. 18 -- MTN will next month launch an online shopping store, expanding its service portfolio into e-commerce.

The store is expected to be operated under the Market by MoMo brand and will first be launched in Uganda before expanding into other markets.

Mr Richard Yego, the MTN Mobile Money managing director, told Monitor on Wednesday that they had planned to operate the e-commerce business under the mobile money unit but Bank of Uganda guided otherwise because "our license doesn't permit us to operate a marketplace".

The store will, therefore, be operated under a new company - Group FinCommerce, a subsidiary of MTN Group Fintech.

"It [will] be operated by our sister company called Group FinCommerce. Our license doesn't permi...