Despite the fact that online banking is the latest trend being adopted to by most people, statistics still show a large number of adult Ugandans have not embraced the new trend which surely must have a reason behind it. Therefore in this article, we share the main 4 reasons why online banking in Uganda isn’t successful
1. Attachment to traditional banking way.
Many adult Ugandans still have a strong affiliation to the traditional banking means. Due to this, they find it hard to adopt to the recently introduced online banking system which has greatly contributed to the limited number of Ugandans subscribing to the online banking.
Secondly, many people are still afraid of the security of their financies via online banks. Previously, people had grown to fully trust to trust the banking system since their money was secure and locked up in a building.
However, the online banking system is exposed to many fraudulents on the internet, also, their are growing numbers of cybercriminals who have only increased people’s insecurity and mistrust for the online system.
Since some of the Ugandan population is not well versed with technology, it makes it hard for them to navigate the online system. Furthermore, the system is a little hectic especially when it comes to withdrawing hardcash and also depositing money on your account. Due to this, many people have opted to still to the traditional system.
Finally, since the system is mainly run online, there are high chances of technicalities. The internet may experience shutdowns some times of a slow network which will make it hard for a transaction to be completed. Therefore discouraging people from using the online system.
These among many others are some of the key reasons why some people are still hesitant to fully embrace the online banking system even when it is literally what we breath and feed on today.
Hopefully the system can be made more secure and some advertisments as well as information be distributed to many of the online banking clients so as to encourage others to join.