KCB Bank Uganda and Airtel Uganda recently put out a wide range of mobile financial choices for customers in Uganda via Airtel Money.
The entirely electronic digital products comprise; Instant Unsecured Mobile Loans, Regular Savings and Fixed Deposit Savings Accounts which allow clients borrow mobile loans for as low as shs300 and earn interest on savings for as high 9%, approximately.
The managing director of KCB Bank Uganda Edgar Byamah, said that digital banking is still playing an important part in the industry’s financial incorporation attempts as shown by the surge in mobile money transactions and rise in the utilization of digital solutions over the years.
The Uganda Communication Commission (UCC), Q4 Market Report of 2020, Uganda recorded laudable growth in new mobile money accounts. This showed that 2.6 million new accounts were registered between January and December.
Active mobile money accounts stood at 22.5 million up from 20.9 million in the first quarter by the first quarter of December.
On the business side, the number of active mobile agents had grown to 235,790 from 227,736 in September. For the first time ever, the number of mobile money transactions crossed the 1 billion transactions mark.
“As a bank, our commitment is to enable our customers to go ahead by leading in innovation and technology-driven banking services delivered through alternative banking platforms, real-time banking options and cashless transactions,” Byamah noted.
Airtel Uganda Managing director, Manoj Murali showed confidence on how their partnership with KCB Bank Uganda would convey reasonable, safe and secure financial services that will better the lives of Ugandans.
Manoj mantained that there has been a year-on-year increase in the usage of both feature and smart mobile phones in Uganda. This has led to a rise in the number of people that depend on mobile money services whether for business or sending money to their close people.
“Today, the mobile phone is more than just a tool for communication. It is a source of information and a one-stop centre for financial services,” he said.
The KCB Uganda head of Retail Banking Michael Ssekyondwa said that this partnership is geared availing fast access to Airtel Money float financing. He went ahead to encourage everyone to save in a suitable behavior.
“The first product is instant Unsecured Mobile Loans which is revolving credit for Airtel Money agents. These will be able to borrow up to Shs 250,000 for a period of 48 hrs, at a fee of only Shs 300,” Ssekyondwa said.
He addes that the third product is the Fixed Savings Account that will enable Airtel Money customers suitably make deposits from Shs 250,000 upwards.