With the hype around financial inclusion, MTN Uganda CEO, Brian Goulde, hints on joining in to increase financial inclusion across the country. He seeks to work with the regulator - the Central Bank to enable them (Telecom Companies) extend their services to reach the unbanked.

MTN Uganda boosts of about 8 million mobile money subscribers with 3.2million active monthly
Mobile Money has been and still is a a key drive of economy activity in Uganda. Telecoms joining the financial industry could play a fundamental role in increasing financial inclusion, however, it could be wise if they partnered with innovative and progressive financial institutions - not existing banks per say. This would allow the Telecoms to focus on their core business and allow innovation to happen, allowing startups with innovative and create services that reach people at the bottom of the pyramid. This means that Telecoms like MTN should allow these startups easy access to their Mobile Money API, so that innovation can be spurred.

What financial inclusion means

This story of constance gives us a glimpse into what financial inclusion means for her and the 2.5 billion people across the world that are financially excluded. At enjuba Credit, we seek to be part of the solution, providing such services as savings accounts (real savings accounts) through the mobile phone - so the bank is in your hands, credit services, cash when it is needed for both individuals and businesses as well as insurance as buffer in case of uncertainties.

The future of Banking is Mobile

If the Kenyan success story of M-Shwari (Safaricom's microfinanace platform) is anything to go by, then their achievement of 7 million subscribers indicates that more and more people are interested in having the bank in their hands. Millions of people have access to a mobile phone and are using it in several ways, beyond making calls and sending text messages. Uganda has 12 million mobile money users and the possibility of what they can do with their phones is enormous. It is this insight that gives us at enjuba the strength to pursue a mission to disrupt banking on the African continent, by bringing the bank to you. We believe that in this 21st century, you should not be going to some buildings in towns and cities to save and withdraw your money, but instead should be able to do this wherever, whenever. Our launch of enjuba save (upcoming) will bring banking to you, in your hands and you will be able to save your hard earned money from anywhere, through your mobile phone. enjuba Save (eSave) aims to provide a reliable, secure and convenient banking platform on your basic mobile phone, so that regardless of your income, status or where you live, you can be able to open an account, and save as low as 500 shillings through your phone. This platform will go a long way in bridging the financial gap that exists at the base of the pyramid, accelerating financial inclusion for the 90% of Uganda's population that is not banked.