Mobile money transfers hit $640m

KAMPALA, Uganda –Between January to November this year, Uganda mobile money transfers had hit Ush1.6 trillion ($640m) according to the Deputy Bank of Uganda Governor Dr. Louis Kasekende.

He said mobile money subscribers have also shot up to 12 million, which number is far above account holders (customers) in differrent banks.

“Commercial banking needs a lot of improvement and awareness creation. As we talk, mobile money transfers have reached Ush1.6trillion and the subscribers are above 12 million. customers.

“The ATM numbers are only 786 and a branch network of about 900 branches,” said Kasekende while speaking during 40years celebrations of Tropical bank in Uganda. Kasekende said after the amendment of the banking and financial institutions act, the country will introduce asset and Islamic banking.

“At BOU we’re carrying out a number of initiatives like the going live of the East African Cross Border Payment System (EPS) for Kenya, Uganda and Tanzania to ease cross border trade.  Burundi and Rwanda will join the system at a later date,” said Kasekende.

Tropical Bank marked 40 years of existence in Uganda. The bank started in 1973 with a shareholding of 99.7% of the Libyan government and 0.3% shares by the government of Uganda through the Ministry of Finance.

It has an asset base of over Ush250b, with a branch network of 10 branches. It is one of the most capitalized banks in Uganda, with a capital base of Ush46b.

Uganda’s Vice President Edward Kiwanuka Ssekandi, thanked the bank for partnering with the government in the transformation of its populace through loans to fund the agricultural sector.

Tropical Bank Managing Director Osama Remi Serrag, thank BOU for instituting measures that ensured the continuity of the bank when the United Nations security council instituted sanctions  against Iran.