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Ugandan WSBI member partners with telecom companies, digitalises banking

Ugandan WSBI member partners with telecom companies, digitalises banking

Pride Microfinance digitalises mobile phone banking​

​​​BRUSSELS, 2 July 2015  ​Pride Microfinance​ has digitalized mobile phone banking, an innovation that will see customers of the the microfinance institution carry out their banking using mobile phones as opposed to visiting the bank.

The new product dubbed the Pride Mobile will enable the bank's customers to do a variety of transactions including balance inquiry, buying airtime, inter-account fund transfer, paying for utilities, depositing and withdrawing money from the account onto one's mobile money account.

Unveiled recently at the Pride Nakawa branch, the service will also allow the customers to access their money anytime and anywhere.

"Pride is continuously innovating products and services to improve the lives of people at the base of the financial pyramid, while ensuring financial inclusion for all. Pride Mobile is an innovative product that puts the bank in the hands of our clients," the head of Pride Micro Finance corporate affairs, Mr Deo Kateizi said during the launch.

He said: "It is convenient, accessible and affordable. This product is set to change the way our customers interact with Pride, while they do their banking, making it easier for them to access our services at their convenience."

To achieve this, the financial institution partnered with MTN and Airtel, all major telecom companies in the country to offer the push/pull service which enables customers to deposit and withdraw cash from their bank accounts onto their mobile money accounts (mobile Wallets).

Owing to the rapid growth of mobile money in Uganda, such partnerships are quite strategic, making finances more accessible to customers than physical banks. Pride Microfinance has therefore leveraged on the big distribution and agent network of the mobile network operators to avail its financial services to both the Telecoms and the bank's customers.

A statement issued by the bank quotes the MTN Uganda Chief Marketing Officer Ms Mapula Bodibe as saying the partnership with Pride Microfinance is one of the many they have done to deliver convenience to over 10 million customers on the MTN network.

Ms Mapula said since the launch of the MTN Mobile Money, It has enjoyed unprecedented success, registering in excess of 30million transactions each month with more than seven million customers active on Mobile Money.

Airtel Managing Director, Mr Tom Gutjahr said such innovation brings the much needed relief to business owners and organizations in Uganda.

Pride Microfinance Limited (MDI) (Pride) is the leading Microfinance Deposit-taking Institution in Uganda. It is wholly owned by the government of Uganda.

Pride mainly caters for the micro and small entrepreneurs and is therefore continuously developing new products and services to cater for their needs.
Microfinance; Microcredit; Digitalisation; Financial inclusion