Centenary Bank, in partnership with MTN Uganda and Airtel Uganda have today launched the Mobile Wallet service, an innovative financial service that enables the bank’s customers to access, deposit and withdraw money from their bank accounts using their phones.
The Mobile wallet service is an additional feature on the bank’s 24 / 7 mobile banking platform dubbed CenteMobile. Other financial services on the CenteMobile platform include; transfer of funds, payment of utility bills (e.g NWSC, electricity on Yaka and postpaid, pay TV), request for mini statements and fundraising among others.
At the launch of the service, Fabian Kasi, Managing Director Centenary Bank noted that the innovation was a great opportunity for the Bank to simplify and make banking more convenient for the everyday person by utilizing the latest and best technology available.
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Bank of Uganda’s Deputy Governor-Louis Kasekende talks about the future of the banking industry during the launch of the Centenary Bank Mobile Wallet platform.
“The fusion of CenteMobile with MTN and Airtel Mobile Money not only solidifies our offerings through the platform, but also improves accessibility of financial services to over 19 million customers who subscribe to MTN, Airtel and Our Bank,” he added.
Speaking on behalf of the MTN General Manager – Mobile Financial Services (MFS), Andrew Rugamba, the Senior Sales Manager – MFS said, “MTN is committed to the principal of financial inclusion for all Ugandans regardless of where they are in the country. Together with partners, we are introducing the future of banking through the mobile phone – we have ensured that the service is simple, easy affordable and accessible.”
Airtel Uganda MD, Mr. Tom Gutjhar said, “We are proud to be associated with Centenary bank, each development and partnership that involves Airtel Money is ultimately designed to ease the lives of our mutual customer. We look forward to forging more of these innovative partnerships and ultimately making Airtel Money the number one partner of choice in mobile banking,” Gutjhar concluded.
This innovation was developed in close partnership with Grameen Foundation, who works with financial services organizations to design and scale solutions that serve the poor. Juan Guardado , Grameen Foundation’s Country Manager for Uganda and Kenya noted, “ The launch of this service represents a unique partnership between the financial and telecom sector to ensure that rural, poor Ugandans can affordably access financial services using breakthrough mobile technology and mobile money agent networks."
The Deputy Governor Bank of Uganda, Louis Kasekende commended Centenary Bank and its partners for the new innovation saying that it’s a great step towards greater financial inclusion in Uganda and a mark of confidence in the power of collaboration that goes beyond the knowledge and competence of a single industry.
“Bank of Uganda is confident that this innovation will result into more accessible financial services for millions of Ugandans who have been yearning for pocket-friendly financial services from the banking industry,” Dr. Kasekende said.
Last year, the Central Bank proposed a number of regulatory reforms which are currently in Parliament, to strengthen the financial sector in Uganda. Key among these was the review of the Financial Institutions Act to provide for alternative banking approaches such as mobile banking,
Data from the 2013 FinScope survey showed that the proportion of the financially excluded population fell from 30 percent in 2009 to 15 percent in 2013 largely on account of the mobile money innovations. Bank of Uganda is therefore optimistic that the sector will continue witnessing a drastic shift towards financial inclusion, as a result of mobile banking innovations such as this service.
Centenary Bank believes the Mobile Wallet service will result into faster service delivery to their customers, reduce long queues in their banking halls and increase accessibility whereby customers can still access financial services even in areas where the bank has no presence. The service also complements the bank’s robust network of 62 branches, 155 Automated Teller Machines (ATMs) and other digital service channels, mainly the Point of Sale and ATM Cardless withdraw service.
To access the Mobile Wallet service, one has to be registered with CenteMobile and MTN or Airtel mobile money. CenteMobile is also accessible on any type of phone and as an application on smart phones.
