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October 17, 2019
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October 17, 2019By George Mangula
Mobile money transfer services grew in volume but declined in value during the year to June 2019, the Bank of Uganda (BoU) has said in its 2019 Annual Report.
“The number of Mobile Money transactions increased by 87 percent from 1.35 billion to 2.51 billion during the year to June 2019, while the value of mobile money transactions decreased by 8.4 percent from Shs73.08 trillion to Shs 66.95 trillion during the same period,” BoU says.
However, BoU says the registered mobile money users increased by 12.4 percent from 22.7 million to 25.8 million during the year out of which, 15.5 million or 59.9 percent were active users.
Agent banking
The Central Bank says that by June 2019, 14 commercial banks were licensed and 13 were actively participating in agency banking. “The total number of agents licensed stood at 8,104 as at June 2019. During the six (6) months period ended June 30, 2019, the value of transactions processed by the active agents amounted Shs 5.74 trillion,” it says.
Following the enactment of The Financial Institutions (Agent Banking) Regulation, 2017, on July 14, 2017, fourteen (14) commercial banks obtained approval to operate through the Agent banking model. Access to banking services at various locations is now possible due to the introduction of agency banking. A bank agent could be a petrol station, supermarket, a permanent mobile money agent, a pharmacy, a retail shop or hardware store that is fully licensed and has been in existence for one year.
