KCB Bank Uganda has partnered with financial technology firms; MTN Mobile Money and Airtel Mobile Commerce Uganda to introduce two Trust accounts that will enable mobile money traders and consumers to access electronic cash or what is commonly known as float.
The MTN and Airtel Trust Accounts offer merchants, super dealers, Airtel money, and mobile money agents as well as end-users a safe, secure, and convenient place to purchase and liquidate float of any amount for their business and personal needs free of charge.
Commenting on the partnerships, Ramla N. Munyakazi, the Head of corporate banking at KCB Bank Uganda said, “We are delighted to partner with the largest and most subscribed financial technology companies in Uganda, to ease access to mobile and airtel money float in our effort to enable our business and individual customers to Go Ahead. This partnership is in line with KCB’s strategic plan to empower and foster growth of Corporate, Small and Medium enterprises in Uganda.”
She added, “Agents, merchants, super dealers and corporate partners in need of float can access the trust account services Over-the-Counter at KCB banking halls, Inward Real Time Gross Settlement (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 like Person to Person (P2P) transfers, utility and merchant payments, gaming, school fees payments as well as new services like stock/share purchases. In relation, the value of mobile money transactions rose to Shs.145.6 trillion in the last six months ending March 2022.
The Trust account serves an ecosystem comprising super dealers of float, fintechs and normal mobile money agents. The initial availability of the service will be available at the branches, inward RTGS and iBank for KCB customers, however, plans are underway to provide the service at additional non-branch touch points such as Agent Point of sale
A representative from MTN Uganda revealed that MTN Uganda aims to see its customers not only enjoying services but also having the products in easy reach for everyone and hopes that the partnership will enable Ugandans succeed in their day today endeavors.
Japhet Aritho, Airtel Mobile Commerce Uganda Limited Managing Director, commended KCB Bank Uganda for choosing Airtel Mobile Commerce as its preferred trusted partner to operate the Airtel Trust Account. “We are proud to associate with KCB Bank Uganda to continuously bridge the financial gap and empowering millions of Ugandans by easing access to affordable mobile money services in the country and beyond.”
This service is available for MTN and Airtel Money mobile money regular users, agents that service day to day Mobile money needs, franchise partners who manage a territory of agents, corporate partners such as financial technology companies who have regular need for float, super dealers who, like KCB Bank, are supervised financial institutions. The beneficiaries are required to have a registered and active airtel or Mtn mobile money sim card, cash or float depending on the service required.