Mobile money transactions hit sh4.9 trillion mark
Oct 24, 2017
This was revealed today at Parliament by Justine Bagyenda, the Bank of Uganda executive director in charge of supervision
Records from the Bank of Uganda indicate mobile money transactions have increased from sh3.6 trillion as of last year in July to sh4.9 trillion as of June 2017.
This was revealed today at Parliament by Justine Bagyenda, the Bank of Uganda executive director in charge of supervision.
The figures presented by Bagyenda also indicate that the number of mobile money subscribers has increased from 19 million as of July 2016 to 21 million people by June 2017.
"As you can see, mobile money subscribers have reached 21 million whereas Ugandans with bank accounts in commercial banks are only five million. The mobile money business has, therefore, created a wider financial inclusion in the country," Bagyenda argued.
ICT committee chairperson and Tororo county North Member of Parliament Annette Nyaketcho wondered why the Central Bank has up to now not enacted a law to regulate the mobile money business which started in 2009.
The committee is currently interfacing with various stakeholders for a report which Parliament will debate on what needs to be done to address cases of fraud, unfair charges and other challenges associated with mobile money transactions.
This was revealed today at Parliament by Justine Bagyenda, the Bank of Uganda executive director in charge of supervision.
The figures presented by Bagyenda also indicate that the number of mobile money subscribers has increased from 19 million as of July 2016 to 21 million people by June 2017.
"As you can see, mobile money subscribers have reached 21 million whereas Ugandans with bank accounts in commercial banks are only five million. The mobile money business has, therefore, created a wider financial inclusion in the country," Bagyenda argued.
ICT committee chairperson and Tororo county North Member of Parliament Annette Nyaketcho wondered why the Central Bank has up to now not enacted a law to regulate the mobile money business which started in 2009.
The committee is currently interfacing with various stakeholders for a report which Parliament will debate on what needs to be done to address cases of fraud, unfair charges and other challenges associated with mobile money transactions.