Uganda: Centenary Bank launches mobile banking service

Sep 02, 2015

The new platform will be implemented in partnership with MTN Uganda and Airtel.

Centenary Bank has officially launched a new mobile banking platform in Uganda which will enable users to consult their balance via mobile phone. They will also be able to deposit and withdraw money through the service.

The new platform, dubbed "Mobile Wallet Services", will be implemented in partnership with telecom companies MTN Uganda and Airtel, East African Business Week reports.

Deputy governor of the Bank of Uganda Louis Kasekende said that the mobile banking platform is a key tool to close the financial inclusion gap in Uganda,
where the majority of the population lives in rural areas.

"The Bank of Uganda is confident that this innovation will make financial services more accessible for millions of Ugandans who have been yearning for pocket-friendly financial services from the banking industry," he added.

The launch comes a month after microfinance institution Pride Microfinance introduced a new mobile banking service in Uganda, which enables its customers to do a variety of transactions including balance inquiry, buying airtime, inter-account fund transfer, paying for utilities, depositing and withdrawing money from the account onto one's mobile money account.

Mobile banking was introduced in the country in 2009.
There are currently about 18 million users of mobile banking services in the country, according to figures from the central bank.ADNFCR-2976-ID-801799334-ADNFCR