MoMo Kampala 28 March at MTN hosted by Grameen

MoMo Kampala 28 March at MTN hosted by Grameen

With 100 years in Uganda the formal banking sector now serves 18% of Ugandans; after only two years mobile money serves almost 5%. The guy on the street is moving his cash out of his socks into an electronic wallet.

Uganda’s Financial Services at Spinning Turning Point

100 years ago, traditional banking started in Uganda. Today we have 325 banking outlets or 750 if one includes ATMs. This far, the sector serves 18% of the Uganda’s 30 million people, including customers to microfinance institutions and SACCOs.
In March 2009, MTN launched its mobile money service. Today, the service is offered by 2,500 agents around the country and has 1.4 million customers. Yes, two years and 1.4 million customers have been garnered out of the same economy where 100 years of banking has achieved mileage that fetched  5.4 million clients. Add the mobile money clients being served by Airtel and UTL  and it is evident that something very disruptive is happening in Uganda’s financial services sector. In earnest, the guy on the street is moving his cash out of his socks into an electronic wallet.

This spin, presents obvious opportunities for the organizational stakeholders involved (telecoms, technology developers and banks) but how big will the benefits be for the yet unbanked Ugandans? Mobile Monday Kampala will on 28th March present recognized experts and movers in the stakeholding sectors to examine this question. Who is doing what to harness mobile money as a financial inclusion tool? To find out or help determine the answer join us at the next MoMo Kampala event to be hosted by Grameen Foundation AppLab.

To register or learn more about the event go to: http://momokampalamobilemoney.eventbrite.com/