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As the Central Bank of Nigeria struggles to reduce the volume of cash in Nigeria through various technology platforms, international mobile telecommunications operator, Airtel, has announced the introduction of mobile money in Uganda.
A statement issued by the company said the product would extend innovative financial solutions to both banked and unbanked subscribers across the country. It would also enable many Ugandans to withdraw funds from ATMs for the first time.
The platform allows consumers to top up their phones with air time, send and receive money, pay their critical utility bills, access their bank accounts and withdraw Airtel money across all interswitch ATMs countrywide.
Airtel had partnered with leading international and regional banks to provide customers with access to deposit and withdraw cash, money transfers, banking services and pay bills.
These are United Bank of Africa (which originated from Nigeria), Standard Chartered Bank, Post Bank, Pride Micro Finance, Centenary Rural Development Bank, Equity Bank, Diamond Trust Bank, Kenya Commercial Bank, Baroda, Eco Bank and Finance Trust Bank.
At the inauguration of the service last week, Airtel Uganda Managing Director, Mr. V.G. Somasekhar, said the service had the potential to boost mobile commerce.
Somasekhar noted that rural populations had inadvertently been left out of the financial system due to cost and distance from urban centres.
He said, "Mobile commerce has the ability to assist a large segment of the population due to its distribution network.
"Airtel Money's new platform will provide consumers with a useful offering of products that cuts across mobile banking, including ATM transactions, utility bill payments, airtime top ups and money transfer services.
"The Airtel money agent network throughout Uganda enables customers to transact money anywhere. There are more than 3,800 Airtel Money agents, ensuring the widest availability of Airtel Money throughout Uganda."
Uganda's Minister of State for ICT, Mr. Nyombi Thembo, stated that ICTs were increasingly in demand to meet the Millennium Development Goals.
In the rural context, he added, ICTs provide enhanced opportunities to generate income and combat poverty, hunger, ill-health and illiteracy.
He said, "We congratulate Airtel and believe that through its Airtel money initiatives, consumers and communities even in the deepest rural areas of Uganda will take maximum advantage and reap the benefits of mobile commerce and other innovative services."
According to the company, registering for Airtel money is a simple process. Customers do not require a bank account to open an Airtel Money account.
To register initially, a customer is required to register their personal details, with a valid photo identity card, at any Airtel shop. This will automatically registers the user's SIM card, after which they will be able to begin using the service.
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