NextBillion - An Initiative of the William Davidson Institute at the University of Michigan

Thursday, September 17, 2015

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of over 160,000 agents means that customers all around Uganda have access to cash that can then either be deposited or withdrawn from the bank.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.