From All Africa
At least 14 million Ugandans used the mobile money platform to trade, send and receive money last year, putting it among the most used medium of transaction, according to Bank of Uganda.
The value of mobile money transactions jumped by 40 per cent to Shs 18.6tn last year, far more than Uganda’s resource envelope for this financial year, according to the central bank’s annual supervision report for 2013. Only Shs 11.7tn was transacted in 2012. In 2014/15 financial year, Uganda’s economy is expected to run on a Shs 14tn purse.
The number of Ugandans using mobile money increased by 52.4 per cent to 14 million, twice more than the total bank accounts in the country. The number of transactions increased by 65 percent from 241.7 million transactions recorded in 2012 to 399.5 million transactions last year. The telecoms and banks have not taken these numbers lightly.
Many banks, for instance, have entered into partnerships with telecom companies to have mobile money included on their menu. MTN Uganda announced that mobile money contributed to almost a half of its profits last year. All the bigger telecoms here have a mobile money product.
“The annual results indicate that MTN Mobile Money continued to perform well in Uganda and recorded a 47 per cent increase in registered subscribers to 5.2 million, with more than 25 million transactions per month,” according to a statement from MTN issued last March.
Read more at All Africa
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