UGANDA:Centenary bank starts mobile wallet

Uganda’s largest indigenous bank, Centenary Bank, in partnership with telecom companies has started a new mobile platform that will enable  its customers  to access record, deposit  and withdraw  money  from  their accounts using mobile phones.   

The new platform will be implemented by MTN Uganda and Airtel. Launching the platform code named “Mobile Wallet Services” in Kampala, the Deputy Governor Bank of Uganda Dr. Louis Kasekende said Mobile banking platform is key in closing the gap of financial inclusion especially in the country where the majority population lives in the rural areas. 

“Bank of Uganda  is  confident that  this Innovation  will result  into  more  accessible  financial  services  for millions of Uganda  who  have been  yearning  for pocket  friendly  financial  services  from  the banking  industry,” Kasekende said. 

 The deputy Governor observed that for commercial banks to be competitive in the globalized economy, the institutions should come up with new innovations which enable their clients to access their services in short periods of time and  atless cost to both parties.

Commenting on the number of Ugandan embracing Mobile money platform Kasekende said  the number has grown since 2009 when the platforms was introduced by telecom companies to currently about 18 million customers subscribing  to  Mobile money. He however challenged the banks to convert such big number into bank accounts this will help the holders of such accounts to benefit from the various products commercial banks offer to Business communities

Fabian  Kasi the managing director of Centenary Bank  noted that  the innovation  is great  opportunity  for the bank to simplify and make banking more convenient  to their clients by utilizing  the latest  and best technology  available.

“The  fusion of cente MKobile  with MTN and Airtel  Mobile money  not only solidifies  our offering  through  the platform  but also  improves  accessibility to financial services  to over 19 million customers  who subscribes  to MTN, Airtel  and our Bank,” he explained.

 Centenary bank believes that mobile wallet services will result into faster services delivery to their customers, reduce time their clients spent in banking halls and increase accessibility.

 Tom Guthjar the Airtel Managing Director said the telecom company is committed to serve their clients with quality Mobile money services adding that the new partnership with centenary bank will add more value to the telecoms financial platform. 

source:Busiweek