HFB and MCash offer new mobile banking service in Uganda
MCash has teamed up with Housing Finance Bank (HFB) to offer a new mobile banking service in Uganda.MCash has teamed up with Housing Finance Bank (HFB) to offer a new mobile banking service in Uganda.
The agreement will mean the HFB is able to offer a wider range of financial solutions in the country, reaching the unbanked population and improving access to finance.
In particular, it will increase services for those living in rural areas, as they will be able to open virtual accounts, as well as make payments to other individuals or merchants participating in the scheme.
Furthermore, there are no network restrictions and there are multiple ways of authenticating ownership of an account.
Deputy Managing Director at the HFB Paul Musoke explained there are multiple security measures in place - including pin codes and fingerprint identification - to protect consumers.
This is not the only mobile money service to have been launched in Uganda recently, as Western Union Company and MTN Group have introduced a new transfer service enabling people to send cash to those in other countries.