According to the bank’s chief executive, Herman Kasekende, the Straight2Bank Wallet will enable risk mitigation especially in the corporate and SME markets.
The Standard Chartered Bank has partnered with telecom operator MTN to launch a mobile banking application that will enable bulk transactions to be carried out through mobile money.
According to the bank's chief executive, Herman Kasekende, the Straight2Bank Wallet will enable risk mitigation especially in the corporate and SME markets.
" The system has a four line security set up which is incorruptible, and allows one to send up to sh4m to each recipient and there is no limit to how many you can send to. This will ease on bulk payments in the SME market as well as make it easy for employers to pay their staff," he said.
Kasekende was speaking during the launch of the straight 2 bank application at the Kampala Serena hotel on Tuesday.
He said Uganda is currently among the fastest growing countries in ICT innovations, which has facilitated the quick growth of e -commerce, and also deepened financial inclusion.
"The rapid of growth technology in the telecom sector has quickly attracted financial institutions to play a role in exploiting its potential for the financial services market in Uganda, and we are still looking forward for more growth," he said.
The head of transaction banking, Keval Bid, said the new app will relieve operational pressures on Uganda - based companies so they can concentrate on running their core business more profitably.
He said the increasing demanding for convenient shopping, better price quality and convenient bill payments from the growing middle class in Uganda , is progressively pushing players in the market to go digital.
The MTN manager for mobile and financial services, phrase Lubega said the new solution will be useful for development organisations, agricultural companies and fast moving consumer goods companies which process high volumes of payments.
Since 2008, mobile money, the biggest telecom innovation, has registered tremendous growth, with the number of subscribers estimated at more than 18.4m, compared to 5.8 m commercial bank accounts, according to Bank of Uganda.
According to Information from the ministry of finance, the volume of money transacted through the mobile money platform rose to over sh36 trillion in 2015, from sh24 trillion in 2014.
"This is evidence of our achievement as a country, and now many countries are coming here to benchmark the growth of our e-commerce, "Lubega said.