Uganda’s remittance activity has had a
record-breaking year with the amount transferred hitting one
trillion Uganda shillings ($400m) during 2010.
Figures from Uganda’s central bank also shows
the number of registered mobile money customers increased from
552,000 in 2009 to around 2m in 2010.
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It is not all good news however. East
African Business Week has reported on rumours that some
Ugandan mobile money agents are in the habit of reimbursing fake
money to their customers. Bernard Ssekabira appeared to confirm the
rumours, telling the business news service that the central bank
will critically look into the matter and cited the lack of
technology as a reason why such fraudulent instances occur.
“As the market grows, the Bank of Uganda will
continue to strengthen its oversight of these services, with
particular attention paid to those banking institutions through
which the funds are transferred, to protect customer’s funds and
reduce the risk of disruption to other financial services,” Robert
Mbabazire, the BOU’s assistant director of supervision, told
East African Business Week.
The telcos offering mobile money transfer
services in the African country are MTN Uganda, Uganda telecom and
Airtel.
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