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 Kampala, Uganda: MTN Uganda and United Bank for Africa today signed a landmark partnership agreement establishing UBA as the first financial institution to become an MTN Mobile Money agent.MTN Uganda Chief Executive Officer Themba Khumalo and UBA Managing Director Margaret Mwanakatwe signed the agreement in the UBA Boardroom in Kampala, opening up UBA to close to a million MTN Mobile Money customers.
With close to one million MTN Mobile Money customers in the first year alone, the money transfer service has become Uganda’s fastest-growing, non-tariff telecommunications value add service, making it a perfect product fit for UBA as one of the fastest growing commercial banks in Uganda.
“UBA is one of Africa’s largest banks and is growing fast in Uganda. Through this partnership we will extend the reach of both MTN Mobile Money and UBA to customers across the country,” said UBA Managing Director, Margaret Mwanakatwe.
Mwanakatwe said the introduction of MTN Mobile Money at all its nine branches across the country would boost the penetration of banking services in Uganda and will be complementary to UBA’s other money transfer services such as U-Direct and Africash, enabling customers to convert cash on their personal and business accounts into e-cash in virtual accounts.
She hailed the partnership, saying that its success spells a greater future for easier money transfers within the region.
“UBA is in the process of investing in the creation of a one large borderless network, that right now spreads from Kenya in East Africa and Zambia in the south, all the way to Senegal in West Africa and the network is growing. We believe this is a service that we can roll out in other countries of Africa where both MTN and UBA operate,” she said.
MTN Uganda Chief Executive Officer Themba Khumalo said the partnership would enhance UBA’s portfolio with over one million potential customers.
“Since launch in March last year, MTN Mobile Money has recorded transfers of close to UGX.600 billion, and has close to one million registered users. We have reached the unbanked through the mobile phone, and today we bring our customers the added advantage of increased liquidity in Mobile Money through UBA,” Khumalo said.
“This partnership is for the benefit of our customers as well as the financial sector of Uganda. We commend Bank of Uganda for being open minded and highly appreciative of innovation. Their approach to financial management has significantly increased access to financial services through MTN Mobile Money,” Khumalo added.
Khumalo explained that the introduction of UBA as an MTN Mobile Money agent would assure liquidity of service across the country where UBA branches are located.
MTN Mobile Money was launched in March 2009, and more than 1,300 MTN Mobile Money Service outlets have been opened up across Uganda, spreading transaction services into remote areas. Over 60% of transfer recipients are located in rural areas.
ABOUT UBA PLC
UBA PLC, better known as Africa’s Global Bank, was founded in 1961 and has since grown to be West Africa’s biggest financial institution with a balance sheet in excess of USD 20 billion.
UBA is one of Africa’s leading financial institutions offering universal banking to more than 7.5 million customer accounts in over 800 business offices. UBA currently operates in 16 countries, namely: Nigeria, Ghana, Uganda, Kenya, Tanzania, Cameroon, Côte d'Ivoire, Liberia, Sierra Leone, Senegal, Burkina Faso, Chad, Benin, Guinea, Kenya and Gabon together with presence in New York and London. Please visit: www.ubagroup.com
About the MTN GROUP
Launched in 1994, the MTN Group is a multinational telecommunications group, operating in 21 countries in Africa, Asia and the Middle East. The MTN Group is listed on the JSE Securities Exchange in South Africa under the share code: "MTN". As at 30 September 2009, MTN recorded 108,4 million subscribers across its operations in Afghanistan, Benin, Botswana, Cameroon, Cote d’Ivoire, Cyprus, Ghana, Guinea Bissau, Guinea Republic, Iran, Liberia, Nigeria, Republic of Congo (Congo Brazzaville), Rwanda, South Africa, Sudan, Swaziland, Syria, Uganda, Yemen and Zambia. The MTN Group is a global sponsor of the 2010 FIFA World Cup South Africa™ and has exclusive mobile content rights for Africa and the Middle East. Please visit www.mtn.com and www.mtnfootball.com
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