MobiCash's mobile financial service has launched today MCash in Uganda in partnership with HFB.
MobiCash's mobile financial service has launched today MCash in Uganda in partnership with Housing Finance Bank (HFB).
By: MobiCash Africa Ltd
The excitement on MCash new delivery channel is due to the promise to bring about a breakthrough of major importance into the mobile payment ecosystem. It offers the possibility of massive outreach to people in locations that remain underserved, especially those in hard-to-reach rural areas. Some channels, including microfinance institutions, churches, retail agents such as supermarkets or drug stores that act as banking agents, may bring the industry closer to significantly serving more Ugandan with or without a mobile phone.
M-Cash is a universal payment solution that allows customers to open and access virtual bank accounts on which they can save their money, send or transfer money to someone else or make payments to participating Merchants. MCash solution offers a refreshing approach to mobile payment that overcomes the challenges of cashless payment by using multi-factor authentication mechanisms (NSDT, fingerprint, NFC and Voice biometric) technology. Customers access their accounts through proximity Agents where they can register to open up accounts, deposit, withdraw and transfer money.
“Unlike many other mobile payment products on the market, M-Cash allows anyone to open a bank account without restrictions to Mobile Network, software downloads, phone types or one method of authenticating account ownership. As a completely revolutionary product, M-Cash is a simple to use, completely secure solution that lets customers access and use their accounts 24/7 regardless of their mobile network with transactions that happen in real time,” said Mme Edith Gasana Kutesa, the CEO of MCash Uganda Ltd.
According to Paul Musoke, Housing Finance bank's Deputy Managing director, with the M-cash account, a client will have a 24-hour access to their account. The product has multi-security features, like fingerprint identification, pin codes, NSDT and NFC card, all designed to protect a customer's funds.
“It is the expectation that HFB and M-Cash will bring financial services closer to the customer and allow a massive outreach to Ugandans everywhere to have accounts and make better use of the financial services that are readily available to them. It is also expected that the market will quickly adopt the product as it is simple to use, convenient and completely secure”, says Mr Patrick Gordon Ngabonziza, MobiCash Group CEO.
About MobiCash Africa Ltd
The MOBICASH Group of companies was formed in 2007 with the aim of developing affordable banking, switching and payment solutions and has established a firm foothold in Africa and Asia with operational points of presence in the following locations: South Africa, Burundi, Botswana, Congo-Brazzaville, Uganda, Tanzania, Rwanda and India.
About M-Cash (U) Ltd
Launched in 2011, M-Cash (U) Ltd is a subsidiary of the multinational group MobiCash Africa which has presence in 18 countries in Africa and Asia at different stages of development. The mandate of the company is to provide financial solutions that bridge the gap between people and financial services in Uganda.
About Housing Finance Bank Ltd
HFB is primarily involved in mortgage banking. Founded in 1967 as a housing finance company, Housing Finance Bank became a fully licensed commercial bank in January 2008, having acquired a commercial banking license. The bank is the leading mortgage lender in the country, with approximately 60% of all Ugandan mortgage accounts. As of April 2010, Housing Finance Bank is the 10th largest commercial bank in Uganda.