According to the bank, the new app has the potential to reach almost 9 million consumers in Uganda.
Bank of Africa has unveiled a new payments app called the Dubbed Mobile Wallet in Uganda. According to PC Tech, the product will enable Bank of Africa account and non-account holders to make transactions, send and receive money on their mobile phones and Automated Teller Machines (ATMs).
Even though there is an adult population of about 18 million, the population of people who bank in Uganda estimates to about 3 million, and many have multiple bank accounts.
When this is compared to the mobile market, in 2012 there were 8.9 million in the mobile platform, according to the company.
“Mobile telephony has become an important tool to drive financial inclusion and we anticipate that with this innovation,” Acting Managing Director Arthur Isiko, said “more Ugandans will be brought into the financial system thereby deepening financial inclusion.”
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