DFCU, a local bank in Uganda has launched mobile banking, a move that will revolutionise banking payment systems by utilising mobile phone technology.
“Customers will access their bank accounts using their mobile phones anytime, anywhere,” said Juma Kisaame, the bank’s managing director in a statement released on August 8.
The development comes at a time when information communication technologies are developing in the East Africa’s third biggest economy with about 17 million people having access to mobile phones.
The bank said under the new development the customers will make account inquiries, transfer of funds, pay bills including school fees, water and electricity and buy pre-paid airtime for any mobile network.
Uganda has 25 commercial banks of which, a good number of them already launched the mobile banking services.
DFCU was established in 1964 as a development finance institution. In 2000, the company bought Gold Trust Bank and started commercial banking and renamed it DFCU Bank. The bank’s officials say the institution is a fast growing commercial bank offering a variety of innovative products and services.
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