Mobile Money transactionsFrom a mere 10,010 accounts in March 2009, Mobile money account holders in Uganda have  grown to 18,489,989 over the last six years exceeding the number of traditional bank account holders, which stand at 5.5 Million.

The communication was revealed by Finance minister Maria Kiwanuka, during economics of mobile money economy seminar in Kampala last week.

Last year alone, Over Shs18 trillion was transacted through mobile money, she said.

Mobile money accounts have surpassed traditional banking accounts by threefold which stand at 5.5 million in financial institutions supervised by Bank of Uganda.

Commercial banks and mobile network operators engaged in mobile money need to take the mobile banking services to the next level through innovations that are relevant to the needs of Ugandans including credit and saving services.

Via The Daily Monitor