M-Cash Uganda and Housing Finance Bank (HFB) is a joint venture that is seeking to introduce a virtual Bank account scheme that enables customers to send money within Uganda.
Paul Musoke, Deputy MD HFB, said the account enables holders to have an e-wallet that can be accessed through the different HFB branches and M-Cash agents in Uganda.
“Account holders will access their accounts from anywhere through their phone or specifically developed Point of Sales Terminals that will be available across the country as well as through the internet.”
He added that M-Cash will be extensive and reachable to many Ugandans who do not have bank accounts.
He further explained: “The reliance on physical address or the multiple branch networks cannot solve the problem given the low literacy levels and the relatively high cost of banking and so we need more affordable means.”
Brian Longwe, Chief Technology Officer MobiCash Africa Group, commented on the system saying that it has been tested in different countries and has been found to be applicable in Uganda.
He added: “It is free to open the account which cuts across all economic classifications, literacy levels with the end goal that anyone anywhere can have access to his or her account.”