Uganda’s Smartphone network, Airtel Uganda has partnered with Finance Trust Bank to improve its customers’ experience by leveraging on technology to enhance the movement of money between their Airtel money wallets and their deposit accounts at Finance Trust Bank.
The Finance Trust Bank’s mobile banking platform dubbed ‘SimuYo BankYo’ was introduced to give the bank’s customers access to a variety of services including: balance inquiries, movement of money from one account to another, airtime purchase, bills payment as well as movement of money – Mobile Wallet to Bank and Bank to Mobile Wallet also known as Push & Pull.
According to Mrs. Annet Nakawunde Mulindwa, the Managing Director – Finance Trust Bank, “The bank is growing its delivery channels to give its customers more options and methods of accessing their deposits. Our customers can now deposit money on their savings account at their convenience without necessarily coming to the banking hall and we hope that this convenience will help customers save on time spent en route to the bank or in queues inside the bank.”
Mobile money services are widely used by low and medium income people who may not have access to formal banking services and the partnership with Airtel Uganda will see the bank’s growing number of customers have access to banking services on their mobile phones.
“This partnership will help both our customers and non-customers engage with the bank more often since most neighborhoods in rural and urban areas have more than one mobile money access point. This will enhance financial inclusion in addition to growing the banks revenue and deposit base due to banking transactions done Anytime, Anywhere through customers’ mobile phones,” Mrs. Mulindwa added.
Speaking after signing the agreement, the Managing Director Airtel Uganda Mr. Tom Gutjahr applauded Finance Trust Bank for their willingness to enhance the lives of the customers by ensuring real time access to their funds through connection with their mobile money wallets.
“We are proud to be associated with Finance Trust bank, one of the strongest financial institutions in Uganda. Innovative partnerships, such as the one signed today, are ultimately designed to ease the lives of our mutual customers and close the gaps of financial access by ensuring that they have full time control over their bank accounts through our reliable Airtel Money platform,” Gutjar said, adding that Airtel Uganda is committed to ensuring that Ugandans can use their phones, not just as a communication tool but as a banking tool in an easy, affordable and accessible way.
Mr. Godfrey Mutabazi, the Executive Director of Uganda Communications Commission and Chief Guest applauded Finance Trust Bank for joining the list of banks that have invested in increased consumer empowerment as well as rural communication development. He mentioned that rural communication development has been made possible by the willingness of Banks like Finance Trust Bank and telecommunications’ companies like Airtel Uganda to invest heavily in rural areas.