New technological advancements have changed the face of banking in Uganda. Gone are the dreary days when people had to walk into banking halls and wait in queues to withdraw money, deposit savings or request a loan.
The gap between technology companies and banks has recently been bridged.
Mr Peter Kawumi, an innovations specialist at Financial Sector Deepening Uganda, said: “We have seen more banks providing mobile banking services, which is basically banking on your phone. This is doing the basic transactions such as balance inquiry and funds transfer through the phone.”
Customers can now directly transfer money from their bank accounts to their mobile money wallets using a phone instead of a mobile money agent.