Pride Microfinance Bank has formed a partnership with two leading telecommunications networks, MTN and Airtel–Uganda, to provide mobile banking services to clients who subscribe to mobile money.
The partnership, according to Deo Kateizi, the head of corporate affairs Pride, will offer services which will enable their clients transact on their bank accounts onto their mobile money accounts and vice versa.
“This partnership is set to revolutionize how banking services are being offered and accessed by the masses. Customers can now have more control of their finances through their phones. This will make financial institutions and services more accessible to the common man, thus achieving the goal of financial inclusion for all,” he said.
MTN Uganda Chief Marketing Officer Mapula Bodibe said the partnership is an addition to a number of other stakeholders who have partnered with MTN Mobile Money (MM) to deliver convenience to over 10m customers on the MTN network.
“Overall figures indicate that more than 85% of the mobile bill payment collections in Uganda are made through the MM platform. Integration with other financial services will ensure the continued growth of the MM service which has become part of the daily lives of Ugandans,” Mapula said.
Richard Yego, Head of Operations Airtel, while speaking at the launch of Pride Mobile, a digital mobile phone banking product, welcomed the partnership, saying it will help scale up the Airtel customer base which is currently around 8m.
Pride Mobile was launched yesterday, by Pride Nakawa branch at UMA show grounds. The product will enable clients to withdraw money from their bank accounts, deposit money, pay utilities, balance inquiry, inter-account fund transfer and buy airtime.
To subscribe for the service, one has to be a subscriber of either MTN MM or Airtel Money, then dial *250# and follow prompts. Those with Smart phones can download the Pride App.
The senior manager mobile money sales pride, Andrew Rugamba said the product will make finances more accessible to customers than physical banks.
Meanwhile, the former advisor to the former Minister of Finance Maria Kiwanuka, Dr. Fred Muhumuza, while in an interview, said mobile banking improves the value to customers in a way that they can easily access their accounts electronically.
Muhumuza who is currently working with Financial Deepening Uganda a company that deals in financial research and advocacy, stated that mobile banking eases pressure on the banks by making it easy for customers to transact money from their phones.
He applauded the partnership, saying it will improve on the savings of the low income earners. “Instead of waiting for the amount to accumulate before taking to the bank, one will be able to save the small he has through his phone.
SOURCE: New Vision (Uganda)
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