Uganda: Warid launches mobile money (WaridPesa)

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Warid telecom has launched its own money transfer service, adding to the revolution of transacting money in Uganda. The mobile firm launched its WaridPesa product, and, unlike its competitors’, customers can send and receive money from any network. Speaking during the launch, minister for ICT Dr Ruhakana Rugunda, stressed the importance of technology advancement towards economic development.

“The technology revolution is transforming Uganda’s population in a profound way and this is leading to economic development,” he said.  He encouraged the telecom companies to continue being innovative with their services in order to provide even better services to their customers.

Customers have recently had issues with mobile money transactions, and this was noted by UCC’s chairman in his speech, read by the director broadcasting, Suzan Wegoye. “As UCC, [we] expect Warid to provide a good quality service so as to put an end to discomforts Ugandans have had in transacting across different networks,” reports The Observer.

Warid has partnered with Equity bank, which, according to the bank’s Executive Director Apollo Njoroge, has regional experience in money transfers. Equity has partnerships with Kenya-based telecom firms Telkom Kenya and Safaricom.

Njoroge described the partnership as an opportunity for financial inclusion by reaching the unbanked population, which is one of the bank’s key targets. Warid’s Chief Commercial Officer Shailendra Naidu expressed optimism that the introduction of WaridPesa will enhance development and growth in all sectors because it will be easier for customers to instantly move money to their business associates, friends and family.

“Not only will it provide another choice, it is an easy, convenient and quick money transfer service across all networks,” he said. He added that Warid’s platform has the capacity to serve over three million customers.

To register, customers have to visit a WaridPesa outlet with a passport photo and a copy of their identity card. The activation of the account is instant and the client can make transactions immediately.