KCB, Airtel in Uganda mobile banking deal

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By Omondi Julius Odera, Kampala Uganda

Kenya Commercial Bank (KCB) Uganda branch and Airtel Uganda have unveiled a partnership that will help KCB customers transfer, deposit and withdraw money at all KCB branches across the country, using Airtel Money. 

The mobile phone platform allows KCB consumers registered with Airtel Money to access their bank accounts, transfer, and deposit and withdraw funds at the comfort of their homes or anywhere anytime, a first of its kind in the market today.

This new innovation gives an opportunity to all Ugandans with mobile phones to enter the financial system and enjoy the various banking channels. The partners describe it is a revolutionary step in demystifying banking and making it easy for every Ugandan to keep their money in a safe and secure place.

KCB’s Managing Director, AlbertOdongo, said: “This partnership marks the convergence between banking and telecommunications which will indeed take financial services to the last mile. Our partnership symbolises how brands can maximize on their synergies to develop solutions that will hasten Africa’s development agenda.”

“Technology is one of the key agents that will drive economic growth by introducing convenience and efficiency to empower ordinary citizens to become agents of poverty eradication. This is in line with our vision of championing the social economic prosperity in Uganda,” Odongo noted.

He also highlighted that statistics from Bank of Uganda, which indicate that only four million Ugandans, or 33% of the bankable population, have bank accounts. He said this new service would rush the banking frontier to reach out to the unbanked population by enabling Ugandans with mobile phone services to easily open bank accounts.

Commenting at the launch, Somasekhar VG,Managing Director, Airtel Uganda, said: “We are proud to be in partnership with KCB Bank in this great innovation. Mobile technology is rapidly changing and it is especially important for businesses to maintain their competitiveness by offering innovative services like mobile banking and payment solutions through a mobile device that will enhance customer experiences and increase business efficiency for their customer base” He also added that Airtel Money transfer service is simple, secure and instant & will provide that niche.”

Somasekhar also noted that mobile phone users are not just looking to use their phones as a means to communicate but are also looking to use it as an enabling device. With this type of need, comes the opportunity for bankers to maximise their audience. “On a day to day basis, with Airtel Money, you no longer have to carry money – all you need is your mobile telephone. With access to over 5015 locations to the banked and unbanked, Ugandans and small businesses have benefitted from Airtel Money services, which have seen tremendous growth,” Somasekhar emphasized.