Find visitors' favorite businesstravel Hotels And.... Book your best!

Uganda Institutions adopt New Mobile Banking

Sunday May 15, 2011

Stiff competition in Uganda’s financial sector is forcing institutions into adopting new forms of technology to reduce the costs of doing business and widen customer outreach for enhanced profitability.

The new innovative systems are especially targeting the earning but unbanked population in rural and hard to reach areas.

At first, it was Post Bank last year that introduced one of the most suitable mobile banking innovations named ‘Money on Wheels’; where vans equipped with all banking services move from place to place providing similar services customers would be offered while transacting business in the banking halls.

Of recent, Bank of Uganda gave Finca, one of the local licensed micro deposits taking institutions a go ahead to introduce the Point-of Sales (POS) mobile banking service.

The technology is integrated into devices called POS terminals whose functionality is aided by biometrical data capturing systems; biometrics technology stores human body-based data.

This is one of the most effective fraud proof data capturing systems because it involves the usage fingers, palms or faces; these features are unique given that every individual has his or her own distinctive identities.

The Finca Uganda chief executive officer Julius Omoding says that the POS can be operated by one person, making it cheaper than opening physical branches most of which require not less than sh100m, yet with POS, one can move from place to place.

The system requires customers to secure Access Cards from Finca branches to benefit from the technology through making deposits, withdrawals money, money transfers, balance inquiries, bank statements inquiries and account openning at the nearest POS Terminal.

“We are trying to lower the cost of doing business as well as creating convenience to our customers, if the costs are not high, the banking and loan interest charges will reduce drastically,” he told a client feedback meeting at Hotel Triangle, Kampala.

The technology is piloted in Amolata, Busia, Nakasongola, Sembabule and plans are underway to roll it to other districts.

In the same line, the institution also intends to partner with business people (agents) to use the POS so that customers can pay for goods and services by use of swap cards.

By David Ssempijja: The New Vision Newspaper

Click here to post comments

Join in and write your own page! It's easy to do. How? Simply click here to return to Africa Uganda Business Travel News .



Haven't yet found what you Want...?

If you haven't yet found what you were looking for or you need detailed information about the subject matter on this page

then...

feel free to ask our business travel consultants.



Nice Plots of Land 4 Sale

Uganda Coffee Safari
Book My Coffee Tour

Subscribe to our Business Travel Newsletter


Enter Your E-mail Address
Enter Your First Name (optional)
Then

Don't worry — your e-mail address is totally secure.
I promise to use it only to send you Africa Uganda Business Travel News Digest.

Hotel Booking

Car Rental

Africa Uganda Shipping & Handling ServicesShipping & Handling Services


Our Sponsorship Policy

Apple Guavas available
Africa Uganda Plants GuideAfrica Plants Guide

Charity Investment Guide
Changing Lives

Africa Uganda SMS Guide
Africa Bulk SMS

41 Kruloiler Cocks available Poultry Investment Guide
Poultry Business Guide

Related Pages



Uganda Hotels Directory

Uganda Hotels Booking Guide


Houses U can buy Uganda Real Estate Guide Industrial/Farmland Deals

Uganda Real Estates Guide


The Mountain Gorilla

Uganda Safari Guide

Uganda Weather Today





Book My Hotel

Please note that all fields followed by an asterisk must be filled in.
First Name*
Last Name*
E-Mail Address*
Street Address*
City*
Country*
Business Phone*
Arrival Date:*
Month:*
Year:*
Departure Date:*
Month:*
Year:*
Number of Persons*
Number of Rooms*
Hotel Name*
Other, Specify
Pick Me From Airport*
Yes
No
My Special Needs
Why I Chose this Hotel

Please enter the word that you see below.

  



Uganda Currency

Ex-guide