Mobile phones 'have transformed banking' in Uganda
Mobile phones have been the single biggest influence on Uganda's banking sector over the past few years, it has been claimed.Mobile phones have been the single biggest influence on Uganda's banking sector over the past few years, New Vision has reported.
According to the newspaper, the solution has supported business growth and led to a new way for Ugandan people to make financial transactions.
Mobile money was first introduced in the country in 2009 and in the three years since, the amount of people who registered for the service has exceeded the number of individuals who have opened bank accounts over the past 50 years.
Justina Ntabgoba, Corporate Affairs Manager at MTN Uganda, said: "The most important aspect to note here is the positive impact on the population. We have empowered Ugandans to transact with ease at their preferred locations at all times."
She added nearly Sh500 billion (€153 million) is transferred using the network every month.
This looks set to rise as increasing numbers of people in Africa start to own mobile phones.
Earlier this year, Obopay announced the launch of a new collaboration with Warid Telecom that will see the enterprises launch a new mobile banking and payment service called Warid Pesa in Uganda.