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Mobile Money Transaction Cost in Uganda – Up To 10%

By
Tekedia Editors
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African regulators must step up and be ahead of the mobile money players. The transaction cost is really high. Some people that signed for Nigeria are already watching that cost.

 

The plot above obtained from Equity Bank Uganda shows that customers that engage in lower transactions can spend more than 10% on fees for mobile money. As the value of the transaction increases, the costs drop.

 

Nigerian authorities must stay ahead of these costs and not be reactive. We cannot afford a repeat of the golden days of MTN where they cleaned the people with fees. We also have to look at encouraging group transaction, if permissible,  as volume reduces  costs.

Uganda in The Age of Mobile Money – Equity Bank Report

By
Tekedia Editors
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0

 

Courtesy of a report, done by Equity Bank, made available to Tekedia , we are happy to provide where Uganda stands today:

 

  • Three telecoms are engaged in MM services in Uganda since Q1 2009
  • Approx. 1.5Mn subscribers since inception with > 1000 transaction points countrywide
  • Ugx. 3Bn transferred per month

 

Market status

  • Population of 33M; 9M registered mobile subscribers – 27%
  1. Banking penetration (5M bank account holders) – 15%
  • Bankable population: 18M
  • Young Population; 80% employed in non-formal sector
  • Purchasing Parity – $1,300 (Est)
  • 90% of existing money transfer agent revenues from international transfer

services; local transfers are hugely untapped

  • 3 existing Mobile Money products not providing full banking services
  • No inclusion of MM subscribers to the regulated financial sector

 

Market Requirement

  • Mobile Money Agent outlets do not have sufficient float – multiple visits

required to replenish

  • Higher thresholds– Ugx 1,000,000 too low for businesses
  • Need lower cost micro payment – existing money transfer services too costly
  • Combination of benefits of mobile money with those of normal account (egcash through ATM/branches, transaction history)

 

 

Current challenges of m-money

  • Financial dis-intermediation is occurring
  • Responsibility of reconciliation abdicated by e-money issuers
  • Transaction costs are too high for majority of transactions (Rule of 2%)
  • Closed loops hold back overall growth
  • KYC requirements are restrictive at levels of low risk

Creating an Enabling Ecosystem for Developers and Industry Leaders – Ugandan Geeks Have Answers

By
Tekedia Editors
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0

Thanks to Nokia for making this possible. It was in Protea Hotel, on Monday 9th. We wanted to find out one thing:   How Do We Create an Enabling Ecosystem for Developers and Industry Leaders?

It began with Makerere University CIT students who presented some great products they have made. They have built  mobile Java applications programming for the Ovi store.

In our different styles and ways, it was very clear that Ugandans are creative. Daily, we are noticing that our individuality and collectivity can be useful is making Kampala the best place to make great apps. We all have the tools and we want to  rule the world.

The variety of ways we link to others through mobile phone applications is increasing almost at an exponential rate! Who can supply us with companionship, differing viewpoints, validation, camaraderie, information, news about events, direction, how to move in to where we want to go, physically, spiritually, how to stay out of trouble, how to take good decisions, how find what we are looking for, guidance on how to spend our money more wisely, how to pay for things more conveniently. The ringtone just downloaded has the refrain: Did you ever try to change your life? Hey, where do I go to find an answer to a question like that? Is the icon for such a service already available on my Nokia E7, Huawei Ideos, iPhone or iPad? If the answer is no then, hey, why not create a new mobile app for me and you; you never know; might beat the hell out of Angry Birds?

People, it is Kampala and we have answers. The best way to create enabling environment for developers and industry leaders is to make awesome apps. When you make good apps, the developer is happy and the funders are enabled, also happily. That is the ecosystem – great apps. Forget about the government problems, just focus on the apps. If they do not buy in Uganda, the Americans will buy.

What do you see? The iPad or the app that is not in it. We see that app that is not there. We invite you all to Kampala and waiting for your investment.

 

In Uganda, The Limiting Factor Remains Cost

By
Tekedia Editors
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0

Telecom operators and service providers need to  work hard to see that telecom and mobile money penetrate considering the associated costs now. They must work harder to see that the needs of the poor people are addressed through these services. Out findings show that Ugandans are paying more in fees for their services than most East and Central African nations.

 

While the mobile money services offered through the mobile phone has emerged as a revolutionary service especially among the poor, the entire geographical divide of the country is yet to gain full access.

 

Uganda today has 325 banking outlets or about 750 including ATMs. With a population of about 33 million, it means the banks are serving just 18% or 5.4 million of the population including customers to microfinance institutions and SACCOs, according to reports.

 

Mobile phone telecommunication is at about 35% only meaning out of every 100 people, only about 35 people have mobile phones which represents new opportunities for growth of the mobile money and other products through the mobile phone.

 

 

Mobile phones have evolved in a few years to become tools of economic empowerment for the world’s poorest people across Africa. But for it to penetrate more, the world must take care of the cost issues.

 

Mobile Banking – Why It Holds The Future For Uganda

By
Tekedia Editors
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0

Uganda is on the rise – progressively making progress.  No African nation wants to be left behind in this age of  reforms that have added value to the lives of the citizens.

 

Uganda has only 10% of its citizens owing bank accounts and another 8% with access to microfinance. The other 82%? Excluded from the financial geography. But that was few years ago!

 

But with mobile phones availability, the people that never heard or even cared about banking can now do mobile banking. That is progress and the boundaries are rapidly collapsing.

 

The future of Uganda will depend squarely on facilitating that penetration of mobile money so that more people can access financial services. For the progress done in this land since mobile money took off few years, we honor the vision of African leaders that made GSM a culture across Africa. Lives have more meanings now with all these great services.

 

MTN Uganda has played major roles in the lives of those citizens. Of course, it has reaped the rewards, but it has also delivered. When it  launched its MTN Mobile Money(MMM) it made the nation better. It was the fastest, easiest and most affordable way to send money to any mobile phone in Uganda.

 

From 12% financial service access of a population, Uganda has exceeded the 45% mark. Anyone with phone today has access to financial service.The population of Uganda is about 33m with 27% mobile subscribers.

 

 

Uganda has gone really far…Tekedia will be presently short stories of how Africa has improved in the last ten years, largely on the powers of mobile phones.

 

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