Ugandan mobile bank transfers hit 1tn shillings in 2010

Jul 27, 2011

Ugandan banking customers transferred over one trillion Ugandan shillings (€265 million) using mobile banking during 2010, according to new figures from the country's Central Bank.

Take-up of the features has steadily increased since they were launched in 2009 and MTN Uganda - the nation's biggest telecoms provider - has recorded a jump in activity on its mobile banking offering in recent weeks, with 550 billion Ugandan shillings transferred between users in June 2011 alone, East African Business Week reports.

MTN MobileMoney is aimed at unbanked Ugandans and lets customers send cash to other mobile phone owners, as well as pay utility bills, purchase call time and withdraw cash from an authorised agent.

An average of $85 (€58) per minute
was transferred between Ugandans during June, the central bank figures showed, with the amount moved during the month representing around 52 per cent of the total value of transfers that took place last year.ADNFCR-2976-ID-800635837-ADNFCR