Housing Finance launches virtual bank account
A virtual bank account scheme is to be introduced for Housing Finance's customers in Uganda.Called M-cash, this will increase the number of ways in which individuals can access their funds, such as via mobile banking, New Vision reports.
Furthermore, it will improve financial inclusion as citizens will be able to use the electronic cash service no matter what their location, literacy skills or income levels.
Optional multi-authentication methods - including voice identification, pin codes and near field communication cards - will be available.
Deputy managing director at Housing Finance Paul Musoke said those who wish to sign up to the service can do so at work, in their own home or at their place of worship using customised point of sale terminals.
New Vision recently noted mobile banking services such as this have supported business growth, encouraged financial transactions and been a significant influence on the Ugandan banking sector over the past three years.