KCB partners with MTN and Airtel to facilitate access to mobile money

By on September 21, 2022 0

KCB Bank Uganda has partnered with fintech companies; MTN Mobile Money and Airtel Mobile Commerce Uganda are going to introduce two fiat accounts which will allow mobile money merchants and consumers to access electronic money or what is commonly known as float.

MTN and Airtel Trust Accounts provide Merchants, Super Resellers, Airtel Money and Mobile Money Agents and End Users with a safe, secure and convenient place to purchase and liquidate any amount for their business and personal needs for free. . .

Commenting on the partnerships, Ramla N. Munyakazi, Head of Corporate Banking at KCB Bank Uganda said, “We are delighted to partner with the largest and most subscribed fintech companies in Uganda, to facilitate access to mobile money and airtel floating in our efforts to enable our business and consumer customers to To chase.

This partnership is in line with KCB’s strategic plan to empower and foster the growth of large, small and medium enterprises in Uganda. »

She added: “Agents, traders, super dealers and corporate partners in need of float funds can access over-the-counter trust account services at KCB banking halls, real-time gross settlement Incoming (RTGS) / Electronic Funds Transfer and KCB Internet Banking. for KCB Bank customers.

According to the Uganda Communications Communication (UCC), 2022 Q1 Market Performance Report, the fintech industry recorded 1.2 billion mobile money transactions in the three months ending March 2022.

These include transactions such as person-to-person (P2P) transfers, utility and merchant payments, gaming, payment of school fees as well as new services such as stock purchases.

Related, the value of mobile money transactions reached Shs 145.6 trillion in the past six months ending March 2022.

Account Trust serves an ecosystem of super float dealers, fintechs and normal mobile money agents.

Initial availability of the service will be at branches, inbound RTGS and iBank for KCB customers, however, plans are underway to provide the service to additional off-branch touchpoints such as the Agent Point of Sale.

A representative from MTN Uganda revealed that MTN Uganda aims to see its customers not only enjoying the services but also having the products at their fingertips for everyone and hopes that the partnership will enable Ugandans to succeed in their day-to-day endeavours.

Japhet Aritho, Managing Director of Airtel Mobile Commerce Uganda Limited, congratulated KCB Bank Uganda for choosing Airtel Mobile Commerce as their preferred trusted partner to operate the Airtel Trust Account.

“We are proud to partner with KCB Bank Uganda to permanently bridge the financial gap and empower millions of Ugandans by facilitating access to affordable mobile money services in the country and beyond.”

This service is available to regular MTN and Airtel Money mobile money users, agents who service daily mobile money needs, franchise partners who manage an agent territory, business partners such as fintech companies which regularly need cash funds, super dealers which, like KCB Bank, are supervised financial institutions.

Beneficiaries are required to have a registered and active airtel or Mtn mobile money sim card, cash or fleet depending on the service required.