Bank of Africa to boost digital banking, financial inclusion

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Bank of Africa-Uganda (BOAUG) has unveiled its new digital campaign, “Appsolutely Eassy,” aimed at transforming how Ugandans access financial services.

The campaign launched on Thursday at the bank’s headquarters along Lugogo Bypass introduces a seamless, fully remote account opening process through the Wallet App, allowing users to manage bank accounts directly from their mobile phones.

The initiative specifically targets youth, first-time banking customers, and existing account holders, tapping into the country’s increasing adoption of smartphones and a mobile-first lifestyle.

“With the BOA Wallet, we are removing traditional barriers to financial inclusion. This innovation is part of our broader strategy to make banking truly accessible, especially for the younger, digitally driven generation,” Arthur Isiko, managing director of Bank of Africa-Uganda, said.

Beyond instant account opening, the BOA Wallet offers a wide range of digital banking services. Customers can send money via BOA Pay, pay bills, and earn up to 3% interest annually on savings, all from a user-friendly app.

Samir Yassin, executive director at BOA Uganda, emphasised that digital platforms have redefined customer service by making transactions faster, more convenient, and cost-effective for both users and the bank.

“Our digital investments are strategically designed to enhance convenience, speed, and overall user experience. Innovation is the future of banking, and you either innovate or be left behind,” Yassin added.

However, the bank’s executives acknowledged that digital financial services can only scale effectively with the right infrastructure and policy environment.

Isiko noted that expanding digital lending and financial inclusion requires more than just innovation from banks, it needs government investment in infrastructure, favourable policies, and greater affordability of smartphones and internet access.

“While we are committed to leveraging digital platforms to extend financial services, the effectiveness of these initiatives is contingent upon the availability of affordable smartphones and reliable internet connectivity,” Isiko said.

Recent data from the Uganda Communications Commission (UCC) reveals the scale of the challenge: smartphone penetration remains at just 22%, a significant barrier to mass digital adoption.

Additionally, internet access in Uganda stands at approximately 59 subscriptions per 100 people, according to the latest UCC market report, highlighting the need for continued investment in digital infrastructure to support inclusive financial growth.