Uganda’s Bank of Africa (BOA) has launched a mobile banking platform geared towards earning the bank a larger market share amongst those using mobile money as a way of doing business.
Known as Mobile Wallet, the platform will make it easier for BOA account holders as well as those without accounts to send and receive money using their mobile phones and ATMs.
The system is independent, with the bank not working with a telecom. Customers are required to register with BOA with their mobile phone number, and can then load money onto the phone from any of the 34 BOA branches countrywide or at ATMs.
Speaking at the unveiling ceremony in Kampala, BOA acting managing director Arthur Isiko said the innovation is one of the easiest ways to get more people integrated in the financial system.
“Mobile telephony has become an important tool to drive financial inclusion and we anticipate that with this innovation, more Ugandans will be brought into the financial system thereby deepening financial inclusion,” he said.
Originally published on Human IPO.