Mobile Money Account Holders Grow to over 18 million in Uganda

KAMPALA, UGANDA: The number of mobile money account holders in Uganda has grown to 18,489,989 over the last six years which is much higher than the traditional bank account holders.

The mobile money accounts are a convenient way for people to transact money using their mobile phones networks. 
Speaking during economics of mobile money economy seminar in Kampala last week, Finance minister Maria Kiwanuka, said by December 2014, there were about 18.5 million mobile money accounts from a mere 10,011 accounts in March 2009.

“In terms of monetary value, over Shs18 trillion was transacted through mobile money last financial year,” she said.

Ms Kiwanuka said the uptake of mobile money in the last six years compared to that of traditional banking services over the last 60-plus years suggests that the bottom of the pyramid clients are profitably bankable.

“It is therefore the collective responsibility of all stakeholders to play a role in exploiting this potential,” she said.

Mobile money accounts have surpassed traditional banking accounts by threefold which stand at 5.5 million in financial institutions supervised by Bank of Uganda.
Ms Kiwanuka explained that mobile money has already had an impact on financial inclusion across the East African region by enabling millions of people to access formal, though basic financial services for the first time.

“To the commercial banks and mobile network operators engaged in mobile money, the onus is on you to take the mobile banking services to the next level through innovations that are relevant to the needs of Ugandans including credit and saving services. Your commercial objectives will be well supported by interoperability of your platforms and affordable switching costs,” she added.

SOURCE: http://www.monitor.co.ug