MTN Uganda, one of Uganda’s largest telecom companies, is reportedly in the process of acquiring a banking license, with the aim of launching a mobile money bank. This move is part of the company’s strategy to diversify its offerings and become a one-stop-shop for its customers’ financial needs.
According to reports, MTN Uganda has already submitted its application for a banking license to the Bank of Uganda, and is currently awaiting approval. Once the license is granted, the company plans to launch a mobile money bank, which will offer a range of financial products and services, including savings accounts, loans, and insurance.
MTN Uganda has been offering mobile money services in the country for over a decade, and has built a large customer base of over 14 million users. The company’s mobile money platform has become a popular alternative to traditional banking services, especially in rural areas where access to banking services is limited.
By launching a mobile money bank, MTN Uganda aims to leverage its existing customer base and infrastructure to offer a more comprehensive range of financial services. The move is also expected to increase competition in Uganda’s banking sector, which is currently dominated by traditional banks.
If the banking license is granted, MTN Uganda will become the second telecom company in Uganda to launch a mobile money bank, following in the footsteps of Airtel Uganda, which launched its own mobile money bank in 2019.
Overall, MTN Uganda’s move to become a bank is seen as a positive development for the country’s financial sector, as it is expected to increase competition, drive innovation, and improve access to financial services for the underserved and unbanked populations.
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