BANK of Uganda (BoU) has approved MTNâ€™s Mobile Money transfer service. Governor Emmanuel Mutebile was the first Ugandan to transact business using the service when he sent sh25,000 to his wife.
BANK of Uganda (BoU) has approved MTNâ€™s Mobile Money transfer service.
â€œWe have approved a number of banks to partner with MTN. We are ready to support the company to partner with more banks so that the service can be expanded further into rural areas. This fulfills the bankâ€™s objective of deepening financial services,â€ the central bank governor, Emmanuel Tumusiime Mutebile, said.
Mutebile was the first Ugandan to transact business using the service when he sent sh25,000 to his wife.
The MTN Mobile Money transfer service has been on a test-run since October 16, 2008, with a limited number of agents and customers. It is expected to be available next week.
To access the service, a person has to register, get a new Simpack, which allows them to send a specific sum via a text message to the recipient - even someone on a different network. The recipient gets the money from an agent by entering a secret code and showing proper identification.
MTNâ€™s chairman Charles Mbire said clients would access money from MTN outlets and the over 600 agents throughout the country. â€œOur target is to reach the unbanked.â€
BoU okays MTN money transfer service