Mobile Money Userbase Overtakes Bank Accounts in Uganda

Money Transfer

The number of mobile money account users in Uganda has surpassed the number of bank accounts in the country, the Bank of Uganda's Deputy Governor Dr. Louis Kasekende has announced.

There are now 12 million mobile money users, which exceeds the number of customers holding a conventional branch bank account.

He also said that Ugandans transferred US$640 million using mobile money transactions in the first 11 months of this year.

"Commercial banking needs a lot of improvement and awareness creation." he warned, noting that the country has just 900 bank branches and fewer than 800 ATMs.