KENYA Commercial Bank Uganda and mobile phone service provider Airtel have joined in a partnership that will see Airtel Money customers deposit and withdraw money at all KCB branches across the country. This innovation gives an opportunity to the all unbanked Ugandans with mobile phones to enter the financial system and enjoy the various banking channels. It is a revolutionary step in demystifying banking and making it easy for every Ugandan to keep their money in a safe and secure place.
Speaking to reporters at the launch in Kampala KCB’s Managing Director, Albert Odongo said the partnership marks the convergence between banking and telecommunications which will indeed take financial services to the last mile. “Our partnership symbolizes how brands can maximise on their synergies to develop solutions that will hasten Africa’s development agenda.”
Statistics from Bank of Uganda indicate that the number of the population holding accounts in banks is four million or 33 per cent of the 12 million who are bankable. The new service will therefore push the banking frontier to reach out to the unbanked population by enabling Ugandans with mobile phone services to easily open bank accounts.