Barclays Bank Catching up with Mobile Money

Barclays Bank Uganda has entered into a partnership with Airtel Money (Airtel) to enable the bank customers make bulk payments for services. According to James Kinyany, the acting Barclays Managing Director, the solution will save their corporate clients, NGOs and insurance companies from carrying huge amounts of money to pay their services providers. “The solution will make it easier for insurance companies to settle claims, cooperative societies to disburse loans to members, companies to make payments of cash prizes to winners for the various consumer promotions and projects to disburse various funds to aid recipients. All will now be processed in secure environments authorized by the known account signatories through the Barclays online banking platform Barclays Integrator,” Kinyany said This continues to confirm our belief that the future of banking is mobile, especially in a country with one of the highest mobile penetrations on the continent. The banks are catchup up and trying to re-evaluate their business models to be able to address convenience, and of course the best way is to partner with mobile network operators, rather than trying to build their own networks. The challenge is that this product is only focusing on existing customers and the banks need to think more innovatively on how to include the financially excluded.

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.