MTN Mobile Money customers with accounts in Bank of Africa (BOA) Uganda can now deposit and withdraw cash from their bank accounts to their Mobile Money accounts. This service from these two partner institutions guarantees customers both convenience and a more cost effective way of transacting. This initiative from MTN together with several other partner banks and financial institutions is part of MTN’s effort at ensuring greater and more affordable financial access for Ugandans regardless of where they are across Uganda.
This launch with BOA is the latest in a series of strategic partnerships through which MTN is extending its latest Mobile Money innovation to BOA’s customers. Through the Bank Deposit and Withdraw solution that is powered by Mobile Money, MTN is looking at further extending the benefits of banking to more people and more places but while reducing the costs that are involved including time and money. Mobile Money customers that also hold accounts in banks like Bank of Africa are now able to perform transactions like depositing and withdrawing money onto their phones without physically being at the bank.
In addition to Bank of Africa, the service is now supported by four other partner banks including Stanbic, Centenary, Pride Microfinance and DCFU Bank.
“Bank of Africa’s Tap Tap service that is enabled by MTN Mobile money further enhances financial access by reducing the cost of banking while delivering convenience that we believe ultimately leads to increased productivity,” said MTN’s Chief Marketing Officer (CMO) Mapula Bodibe.
“Overall figures indicate that more than 85% of mobile bill payment collections in Uganda are made through the MTN Mobile Money platform. The continued integration of financial services will ensure growth of Mobile Money which in turn will facilitate further delivery of financial inclusion for all persons across Uganda in the various professions and businesses in which they are engaged”, Ms. Bodibe added.
Bank of Africa Uganda’s General Manager for Business Development, Claver Serumaga said; “This is the reality of banking today. You can access your BOA bank account from virtually any location where you have mobile network and perform financial transactions at your own convenience.”
“The mobile phone has revolutionized access to one’s funds and is fast becoming the preferred banking hall of the future to a majority of users,” he added.
Complementing comments by Mr. Serumaga, the CMO of MTN Uganda added that MTN is the preferred network to deliver this increased access to financial services across the country due to the brand’s substantial investment which has ensured that the coverage off which Mobile Money operates, extends to virtually all corners of Uganda.
Of MTN’s 10.4 million subscribers, 7.3million are registered for Mobile Money with 3.2million actively using the service.
The partnership with Bank of Africa will undoubtedly reach and deliver more convenience to customers, enabling them to do a lot more.
How The Service Works
Step 1. In order to send and receive money from an account of a partner bank, the customer has to register for the MTN Mobile Money service.
Step 2. One should also be an account holder with any of MTN’s partner banks. The account holder is required to register for the service with any of the partner bank branches so that the service can be enabled for their account.
Upon registration with the bank the customer will receive a PIN and thereafter, he/she will be able to send and receive money from their MTN Mobile Money account to their Bank account and vice versa.
To transfer money from an MTN Mobile Money account to a bank account, a customer should follow the steps below;
- Dial *165#
- Select Financial Services
- Select Transfer Money to Bank Account
- Select 5 (Bank of Africa).
- Enter Amount (to transfer to bank account)
- Enter Mobile Money PIN
The customer will receive an SMS message from the Bank and from MTN confirming details of the transaction.
To withdraw money from a bank account to an MTN Mobile Money account, the customer follows these steps;
- Dial *246#
- Enter the Bank of Africa PIN (the customer gets this when they Register for the service with the bank).
- Select Get Money
- Then Select Get Money from MTN
- Enter the Amount
- Enter the Recipients’ number.
The customer will receive an SMS message from the Bank and from MTN confirming details of the transaction.
