The Ugandan branch of Bank of Africa has introduced the mobile banking platform to the people of Uganda; the bank wants to tap into the increased use of mobile money service as a transaction medium.
It will be known as the Mobile Wallet and will ensure that the customers are able to made money transactions regardless of whether they have bank accounts or not. The transaction will be made through mobile phones and Automated Teller Machines (ATMs).
Unlike what is known about the mobile money transactions, this one will allow its customers withdraw cash from their mobile money accounts using the bank’s ATMs, the BOA platform, which also allows for card-free ATM withdrawals, is entirely independent of any telecommunication networks’ mobile money platforms, despite using mobile phones to Mobile-wallet send and receive transaction messages.
The bank’s acting managing director, Arthur Isiko, said the innovation is one of the easiest ways to get more people integrated in the financial system.
Isiko said: “Mobile telephony has become an important tool to drive financial inclusion and we anticipate that with this innovation, more Ugandans will be brought into the financial system thereby deepening financial inclusion.”
Olumuyiwa Asagba, the Interswitch East Africa CEO, had earlier said failure by banks to swiftly adopt electronic money payment systems made them lose a significant market share to mobile money operators.
All a customer needs to do is register your mobile number as the account number with Bank of Africa; it will be manage through your mobile phone. This account is, however, independent of any mobile money platform.
The customer will then be required to load money onto his mobile wallet/phone from any of the 34 BOA branches countrywide or ATMs.
The recipient will receive a notification of the transaction showing the amount received and a reference number to be used to withdraw the money from any BOA ATM.
The recipient will be required to call the sender and get the PIN, which must be entered to authorise the withdrawal.
Bank of Africa’s charges stand at Shs350 per transaction, averagely; while charge between Shs500 and Shs70,500, depending on the amount being transferred and whether the recipient is a registered user or not.
Unlike mobile money where a fee is charged for both sending and withdrawing, with the BOA Mobile Wallet, it’s only the originator of the transaction who pays the fee, thereby making it the cheapest mobile money option in the market today.