Telecommunication firms are now facilitating mainstream banking, clearing the air that mobile banking will overtake banking in halls.
Mobile money has transformed the way people transfer money.
For instance, a farmer in the village can now sell his produce and deposit the money on his phone - a sevice that is easily available and accessible in the village. He can then transfer the money from his mobile network to his bank account. All this is now possible without stepping in a banking hall: Talk of convenience!!
Mobile money has transformed the way people transfer money.
For instance, a farmer in the village can now sell his produce and deposit the money on his phone - a sevice that is easily available and accessible in the village. He can then transfer the money from his mobile network to his bank account. All this is now possible without stepping in a banking hall: Talk of convenience!!
Mobile money is fast becoming a preferred banking option for customers. To tap into that growth plan, different banks have had to roll out mobile banking services to not only simplify banking but also create convenience for its customers. this intergration happened in Kenyan years back! Uganda is quickly adopting this move and its expected that banks will reap huge from this platform! This will give banks a chance to deepen financial services and reach the un-banked population in the country.
“Today, over 19 million people have access to mobile phone services and of this number, over 14 million use mobile money services, on this platform, customers send money to any mobile phone, mobile money and any bank in any country and also withdraw, using the same platform. You can also pay utilities, school fees and buy airtime for any telecom at a favourable service charge per transaction.
Mobile wallets
Mobile wallets
Currently in Uganda, Banks with mobile wallets include: Centenary Bank’s cente mobile, dfcu bank’s dfcu mobile, among others. With mobile banking, one can do balance enquiries, mini-statement requests, bill pay payments such as electricity and pay TV, funds transfer to nominated accounts, Full statement requests and pin changes.
This effectively moves Uganda closer to achieving the paper-less economy! The Ugandan population should now be anxious to see this integration go further to include goods payments on a wider range of retail outlets, payment for government services, tendering and even individual tills to transact with family and friends!
NOW THIS IS FINANCIAL MUSCLE INTEGRATED!
This effectively moves Uganda closer to achieving the paper-less economy! The Ugandan population should now be anxious to see this integration go further to include goods payments on a wider range of retail outlets, payment for government services, tendering and even individual tills to transact with family and friends!
NOW THIS IS FINANCIAL MUSCLE INTEGRATED!
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