“It will enable customers to conduct all transactions from any place of convenience within the country,” said Equity Bank Uganda’s Executive Director Apollo N. Njoroge, quoted by the local newspaper, The Monitor.
The service will target customers with mobile phones and includes fund transfer, balance inquiry, mini statements and bills payment.
The banked population in Uganda stands at only 3 million, with Equity Bank customers totaling 350 000, 43 branches and 48 ATMs countrywide. The country has 23 registered banks, however only three offer mobile banking services, including Standard Chartered, Stanbic Bank and now Equity Bank.
The Ugandan banking sector competes with telecom companies in the money transfer services market.