MTN Mobile Money customers with accounts in DFCU Bank can now deposit and withdraw money from their Mobile Money wallets directly to their bank accounts conveniently on their phones.
This follows the launch of a strategic partnership between the two brands in which MTN is extending the service to DFCU Bank customers.
With the Bank Deposit and Withdraw service, MTN is looking at further extending affordable financial services on the phone in simple ways that customers can use easily use.
The deposit and withdraw service means that customers can save productive time that is otherwise spent in long queues in banks or in traffic jams moving to and from Banks.
This services also means that customers do not have to worry about the issue of distance for simple banking transactions, it means that a farmer tending to business in their farms shouldn’t worry about losing time moving to banks to deposit or withdraw money.
A car dealer who wants to clear his taxes at the border can access their accounts to complete transactions without the hustle of looking for a banking hall.
In 2009, MTN for the first time in Uganda launched Mobile Money – a service that has since transformed the concept of banking.
More and more Ugandans now have access to financial services through the phone.
Mobile Money means that customers can access money instantly, pay bills, buy airtime, pay taxes and shop among other things without necessarily moving from the comfort of a home or distracted from the important matters of business.
And with DFCU Bank’s spread of customers across Uganda, MTN Mobile Money’s countrywide network of over 160,000 agents means that customers all around Uganda have access to cash that can then either be deposited or withdrawn from the bank.
DFCU Bank is part of a host of 6 other partner banks that MTN has partnered with for customers to access money in their accounts through the phone.
The other partner banks include; Bank of Africa, Centenary bank, Posta Uganda, Pride Micro Finance, UgaFode Micro Finance and Stanbic bank.
Speaking as the guest of honor at the launch event, Uganda’s Vice President H.E. Edward Ssekandi commended all partners for their efforts towards extending financial services to the majority of Ugandans.
“I would like to thank DFCU Bank and its partners for the effort towards extending financial services to all Ugandans. But I would also urge you to keep the charges at the minimum so as to ensure that the service is affordable,” he said.
On his part, the MTN CEO, Brian Gouldie, said; “Our mission this year has been to embed MTN Mobile Money into the fabric of society. MTN prides itself in the ability to identify and meet customers’ needs.”
“DFCU’s MobilePlus is supported by MTN Mobile money and further enhances financial access by reducing the cost of banking while delivering convenience that we believe ultimately leads to increased productivity,” he added
DFCU’s chairman Hon. Elly Karuhanga said; “In line with improving on financial inclusion, DFCU has transcended physical barriers by taking banking closer to the customer through mobile banking. We are pleased to be launching our MobilePlus service today in collaboration with our telecom partners.”
The launch was also attended by Uganda’s Finance Minister, Hon. Matia Kasaija who applauded DFCU and its partners for introducing a banking service that creates linkages between bank accounts and mobile money accounts.
While figures indicate that over 85 percent of mobile payments in the country are through the MTN Mobile Money platform, the continued integration of financial services will ensure further delivery of financial inclusion for all persons across Uganda. This means more productivity for businesses and communities.
MTN Mobile Money subscriptions have grown from 7.3 million in December 2014 to a current total of 8.2 million representing a 12.8% year to date growth.