United Bank for Africa will introduce mobile banking service

Feb 03, 2010

United Bank for Africa will launch a new banking service which will allow its customers to carry out financial transactions on their mobile phones, the Monitor has reported.

It will give consumers the opportunity to store their hard currency in an electronic account, enabling them to avoid the necessity of visiting banking halls when they require financial services.

The first mobile banking service to launch in Uganda was MTN Mobile Money – launched by MTN and Stanbic Bank Uganda in March 2009.

Joseph Arinaitwe, United Bank for Africa Uganda head of electronic banking, revealed that the mobile service - set to be known as UBA Mobile Money – will be introduced in the next two to three months.

He told the publication in an interview: "Mobile phone penetration is growing and we feel that this should be the channel of banking for every person with a mobile phone."

Mr Arinaitwe also explained: "What we are trying to do is make the whole banking process cashless."