Deputy Governor of Bank Of Uganda Urges Communities to Embrace Mobile Money Transactions

In a recent Bank Of Uganda Townhall meeting held at Magaritha Hotel on Friday, 20th October, 2023, the Deputy Governor of Bank Of Uganda, Michael Atingi, called upon communities to fully utilize and engage in business transactions using Mobile Money services.

Atingi emphasized the potential benefits of adopting mobile banking, citing significant reductions in costs associated with printing currency.

According to the Bank Of Uganda’s 2021 annual report, the Central Bank spent Shs147.5 billion on printing money during the year ended June. This figure marked a notable reduction of Shs45.5 billion from the Shs193 billion spent during the same period in June 2020.

Atingi highlighted the advantages of mobile banking, emphasizing that the funds saved from reducing the cost of printing currency could be redirected towards vital sectors such as developing agriculture, healthcare, education, and others, fostering the country’s overall development.

In response to the Deputy Governor’s call, Hon. Jonathan Odur, the Erute South area Member of Parliament and an economist, supported the initiative pointing out that the increased use of mobile money would significantly reduce the risks faced by business individuals who often carry substantial sums of money.

He however also cautioned users to prioritize the safety of their mobile banking accounts by safeguarding their security details, urging them to be vigilant against potential scammers.

Otim Tom Otile Agribusiness personality of Timo Fresh Fruit Enterprise positively responded to the governor`s call however he calls upon Bank Of Uganda To Regulate the Cost involves when transacting. He wants transactions to be at a subsidize rates.

Mobile money services were introduced in Uganda in 2009 and have since grown to become a cornerstone of the country’s financial inclusion efforts.

According to data from Statista, as of May 2022, Uganda had over 34 million registered mobile money customers. The number of people with mobile money accounts in the country has steadily increased since 2015, with the value of mobile money transactions reaching 8.2 billion U.S. dollars in the first quarter of 2022.

Another report by the World Bank Findex revealed a significant uptick in mobile money adoption. As of June 30, 2023, the number of registered mobile money customers stood at 42.9 million, reflecting an 11.4% increase compared to June 2022.

However, only 26.4 million out of the 42.9 million registered users engaged in at least one transaction in the preceding three months, indicating the need for continued efforts to promote active usage among the registered user base.

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