Unlocking Uganda’s Financial Future: Embracing Mobile Money for Prosperity.
Cashless economies – where transactions are done using digital payments instead of cash – are gaining
momentum across the world. This has been supported by enormous investments in digital payment
infrastructure such as mobile money platforms, making it convenient for people and businesses to buy
and sell products and services digitally.
Indeed, Uganda has witnessed a faster growth in mobile money transfers surpassing account holders in
commercial banks. Latest data from the industry regulator, Uganda Communications Commission,
indicates that the total number of registered mobile money accounts stands at slightly above 37.3
million since MTN Uganda first rolled out the service more than a decade ago.
In contrast, the number of bank accounts stands at a paltry 20.7 million as of June...
