MTN Uganda yesterday launched its much anticipated mobile banking application – called MTN Mobile Money. Users registering for the product will be able to send and receive funds using their mobile handsets.
The launch follows rigorous testing of the application over a 5 month period, and received approval from the country’s national bank, the Bank of Uganda. Says MTN Uganda Chief Executive Officer Noel Meier: “We know that the market has eagerly waited for this service and we’re proud to be the first to bring it to Uganda. We believe this product will help our customers transact as they go about their daily life and the Bank of Uganda is satisfied that adequate measures have been put in place to protect people’s money.”
Speaking at the product’s official launch, Meier further said that the application is user-friendly and easy to interact with, initially to be used for transfers. He also added that other banking functionality would be added on to the application as further development and testing takes place.
The mobile money accounts will be held by Stanbic Bank, MTN’s financial services partner in the initiative. Philip Odera, the bank’s Managing Director, says of the partnership: “Stanbic Bank Uganda is very pleased to act as the collection bank for this product. Our country-wide footprint will give MTN Mobile Money users an added advantage as they will reach out to their counterparts in all corners of Uganda backed by our branch network.’’
He further said that there will be no banking charges applicable to the mobile banking accounts, making the service extremely attractive for potential users.