MobiCash Africa partners with Housing Finance Bank for launch of MCash Money in Uganda
MCash's mobile financial service has launched in Uganda in partnership with Housing Finance Bank (HFB).
M-Cash is under the Bank’s umbrella in Uganda to bring new service delivery channels to all Ugandan citizen. MCash’s inherent independence from mobile network operators offers an attractive business model that offer to Housing Finance Bank various alternative channels to bank the unbanked and service efficiently the under-served.
The excitement on this new delivery channel is due to the promise to bring about a breakthrough of major importance into the mobile payment ecosystem. It offers the possibility of massive outreach to people in locations that remain underserved, especially those in hard-to-reach rural areas. Some channels, including microfinance institutions, churches, retail agents such as supermarkets or drug stores that act as banking agents, may bring the industry closer to significantly serving more Ugandan with or without a mobile phone.
M-Cash is a universal payment solution that allows customers to open and access virtual bank accounts on which they can save their money, send or transfer money to someone else or make payments to participating Merchants. MCash solution offers a refreshing approach to mobile payment that overcomes the challenges of cashless payment by using multi-factor authentication mechanisms (NSDT, fingerprint, NFC and Voice biometric) technology. Customers access their accounts through proximity Agents where they can register to open up accounts, deposit, withdraw and transfer money.
“Unlike many other mobile payment products on the market, M-Cash allows anyone to open a bank account without restrictions to Mobile Network, software downloads, phone types or one method of authenticating account ownership. As a completely revolutionary product, M-Cash is a simple to use, completely secure solution that lets customers access and use their accounts 24/7 regardless of their mobile network with transactions that happen in real time,” said Mme Edith Gasana Kutesa, the CEO of MCash Uganda Ltd about the product.
According to Paul Musoke, Housing Finance bank's Deputy Managing director, with the M-cash account, a client will have a 24-hour access to their account. The product has multi-security features, like fingerprint identification, pin codes, NSDT and NFC card, all designed to protect a customer's funds.
The Head of Marketing and Product Development Judith Owembabazi Muyinda, further explained that through this product, traders will be able to pay their tax, a student will pay his or her school fees, while a driver could pay for fuel at selected points, all of which can be done without the hassle of lining up somewhere
“It is the expectation that HFB and M-Cash will bring financial services closer to the customer and allow a massive outreach to Ugandans everywhere to have accounts and make better use of the financial services that are readily available to them. It is also expected that the market will quickly adopt the product as it is simple to use, convenient and completely secure”, says Mr Patrick Gordon Ngabonziza, MobiCash Group CEO.