Uganda: Housing Finance to Start Mobile-Cash Banking

Housing Finance bank is to introduce a virtual bank account that is expected to enable account holders to have an electronic wallet of money that can be accessed through numerous channels.

The M-cash technology is to enable the holder of the account to make payments and remittances via multi-channel options.|

The M-cash account has also been developed so that all people whatever their geographic location, literacy or income levels will be able to conveniently use this account, making it a truly universal product that can bank the so-called unbanked.

Housing finance account holders will be able to have access to the following features like phone banking through specially developed point of sales terminals that will be available across the country and through the internet.

In an interview, Paul Musoke the deputy managing director Housing Finance bank said that registration of new M-cash account holders will be done through customized Point of Sales (POS) terminals which means that they can be enrolled at their places of work, worship or abode and not necessarily have to move to the bank's physical locations and also through the 24 hour access to the funds on their M-cash account.

M-cash accounts will have an option for multi authentication methods to verify their identities when making payments from their account.

Musoke further explained that the authentication methods will include finger or voice identification, unique user Pin codes, Near Field Communications (NFC) Cards and Near Sound Data technology (NSDT).

The M-cash account will also give the owners of this account multi-channel payment options through the following features like phone to phone payments and transfers within the M-cash system, phone to Web payments and vice versa within the M-cash system.

Source: The New Vision

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