MCash a mobile banking technology launched in Uganda in July 2012.Its an all-inclusive account targeting the Ugandan market, The technology bank partners with local banks through a joint venture with the intention to provide financial solution and bridge the gap between the people and the financial services.
The Technology is a bank card model provided by the Housing Finance Bank and regulated by the Bank of Uganda. To ensure that the services are secure various multilevel of authentication are employed. For instance customers not only can access their accounts using their phones, but also with their finger print or an NFC provided card. The modern technology in the card allows two levels of security for authentication. Unlike normal credit or debit card, which only ask customers for their pin,” we ask for the pin and we also confirm the customer’s presence during the transaction by using biometric tools, such as finger prints or with their NFC card “
says the Technology Banker.
Currently Mcash has a remittance service from America with a plan to expand into Europe. They target to reach the rural areas, so people can send money to their families easily instead of using Western Union, which is more concentrated in urban areas.
Africa has millions of people using mobile and digital computers due to its convenience and affordability. More people have access to mobile phones and mobile transaction applications are growing everywhere. This is helpful to smaller businesses, which struggled to get access to big financial institution. There is also an increase in infrastructure, which makes it easier and faster to bring products into the market as the public has already had exposure to similar product.
Mcash have several operations in other African countries, which are under our African subsidiary company, MobiCash Africa. We have forged a partnership with other local banks. At the moment, cross border transfers are prohibited, and there is no way to make partnerships across the border. But hopefully in the next couple of years the regulations will change and allow us to partner with other regional organizations.
Mcash product is accessible to all, even those without phones and is also the most secure in the market. It uses five different access channels, and we are the first to use biometrics authentication.