Airtel Uganda gets IFC backing for mobile money services
Ugandan cellular operator Airtel has agreed a three-year advisory services deal with the International Finance Corporation (IFC), part of the World Bank, to develop mobile money services and strengthen financial inclusion in the country. The deal, which is worth USD3.9 million, is also being supported by the Bill & Melinda Gates Foundation. IFC will provide advisory services on agent network management and product development in an effort to expand the reach of mobile money services, particularly in rural areas and for women.
Greta Bull, IFC’s Head of Micro Retail Advisory Services in Sub-Saharan Africa, said: ‘The lack of access to formal financial services means many Ugandans have no safe or sustainable way of saving or transacting money. Mobile money offers great potential in extending formal financial services also to the low-income market, and our partnership with Airtel Uganda will further that cause.’
Source: Telegeography 18 September 2014