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Uganda: Airtel and KCB Bank tackles financial Inclusion

KCB Bank, Airtel Uganda to rollout low-cost mobile loan & savings products through Airtel Money

In conjunction with Airtel Uganda, KCB Bank Uganda has launched a variety of digital products for customers in Uganda via Airtel Money. These products include Instant Unsecured Mobile Loans, Regular Savings and Fixed Deposit Savings Accounts that allow customers to borrow mobile loans for as low as shs300 and earn interest on savings for as high as 9%.

"Digital banking has and still is playing a pivotal role in the industry's financial inclusion efforts as demonstrated by the rise in mobile money transactions and increase in the usage of digital solutions over the years." Edgar Yamaha, Managing Director, KCB Bank Uganda

As a bank, Byamah said, "our commitment is to enable our customers to Go Ahead by leading in innovation and technology-driven banking services delivered through alternative banking platforms, real-time banking options and cashless transactions."

Speaking on the partnership, Airtel Uganda Chief Commercial Officer Amit Kapur pointed out that Airtel Uganda prides itself in promoting financial inclusion by extending reliable, safe and secure financial services to people regardless of their background and offering them the best customer experiences.

"Therefore, he said, the partnership with KCB Bank Uganda will not only enable us to enhance our financial services to allow customers access customizable and convenient banking services but also cement our position as The Smartphone Network with widely accessible affordable and convenient mobile solutions for our customers."

According to Uganda Communication Commission, Uganda has seen new money mobile accounts grow in the fourth quarter of 2020. Between January and December, 2.6 million new mobile money accounts were registered. At the bank end of last year, the total active mobile money accounts stood at 22.5 million compared to 20.9 million in the first quarter.

On the flip side - the business side, the number of active mobile agents grew from 227,736 in September to 235,790 and made a record transaction volume, crossing the 1 billion transactions mark.

Uganda in Focus

GDP: $35.165 compared to Mauritius $14.048 billion in 2019

Population: 44,269,594 compared to Mauritius 1,265,711 in 2019

GDP per capita: $794.3 compared to Mauritius $11,099 in 2019