Telecommunications company MTN Uganda has partnered with Standard Chartered Bank to launch a mobile wallet service that will support transactions between the Bank and MTN Mobile Money.
The platform is tailored to allow StanChart Customers using MTN Mobile Money to send or receive Money directly into their Mobile wallets using the Bank’s banking platforms.
Speaking at the launch, the outgoing Standard Chartered Bank CEO, Herman Kasekende commended the collaboration with MTN saying it will enhance the Bank’s ability to extend its world-class financial services countrywide.
“One of our strategic aspirations as Standard Chartered Bank is to be the Main Digital Bank for our customers. The launch of the mobile money solution today reaffirms this commitment and is one of the many digital enhancements that have been rolled out in the past year and an indicator of many more innovations to come,” he said.
“This new initiative is in line with the government objective of working towards a cashless economy and ensuring financial inclusion,” added Kasekende.
As pioneers of Mobile Money in Uganda, MTN helped start a revoltn, increasing financial services penetration to over 47%. #MTNMobileMoney pic.twitter.com/e4KsyOMrNG
— MTN Uganda (@mtnug) February 23, 2017
MTN Mobile money has enlarged its foot print across Uganda, spreading to as deep as the most remote villages.
In the recent Uganda economic update, the World Bank underscored that “Mobile money is contributing to rapid and widespread access of financial services in Uganda.”
As of 2016, the number of mobile money subscribers countrywide stood at 21.1 million with more people projected to join the network.
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