Uganda: Finance Trust, MTN, Airtel in Mobile Money Deal

Finance Trust bank (FTB) has partnered with mobile telecommunication companies Airtel and MTN to offer more services on its mobile banking platform known as Simu Yo, Bank Yo.

While launching Pull and Push, a product of Simu Yo Bank Yo, the officials said this would enable customers to access a variety of services, such as the movement of money from one account to another, airtime purchases, money from the phone to account and from account to mobile phone.

While launching the services at FTB headquarters in Kampala, Annet Nakawunde Mulindwa, the managing director of FTB, said this is one way of reaching more unbanked people in areas where the bank does not have branches.

"Our customers can now access their accounts without coming to our hall; we want to tap from Airtel's 2.5 million people on Airtel Money and the 57,000 MTN mobile money agents across the country," Mulindwa said. FTB is mainly focussed on women.

"This partnership will help both our customers and non-customers engage with the bank more often and this will enhance financial inclusion and growth of the bank's revenue and deposits," Mulindwa explained.

Mulindwa explained that more than 19,000 people have enrolled on the Pull and Push since its launch in October. According to figures from FTB, there have been 4,000 transactions on the MTN network, while just over 1,000 transactions have taken place between Airtel and FTB in October alone.

Andrew Rugamba, MTN's senior sales manager - Mobile money, welcomed this innovation as it would widen the transfer of money.

Paul Langlois, Airtel's director of mobile money, said that FTB's customers will be able to enjoy services of the 2,000 agents the telecommunication company has in the country.

"This is a good product but we need to increase customer education in order for them to benefit from the services," he said.

SOURCE:THE OBSERVER