Centenary Bank, a commercial bank in Uganda, has joined hands with telecom giants MTN Uganda and Airtel Uganda to launch a new mobile wallet service.

The service allows the bank’s customers to access record deposit and withdraw money from their bank accounts using their phones.

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Available on the bank’s mobile banking platform called CenteMobile, the new service has been developed in collaboration with Grameen Foundation, who works with financial services organizations to develop solutions for the poor, reported Howwe.biz.

Deputy Governor Bank of Uganda Louis Kasekende said the platform is key in closing the gap of financial inclusion in Uganda where the majority population reside in the rural areas.

The Mobile Wallet service has been designed to offer faster service delivery to their customers, reduce long queues in their banking halls and increase accessibility for customers.

The service complements the bank’s robust network of 62 branches, 155 Automated Teller Machines (ATMs) and other digital service channels, mainly the point of sale and ATM Cardless withdraw service.

Fabian Kasi managing director of Centenary Bank said: "The fusion of CenteMobile with MTN and Airtel Mobile Money not only solidifies our offerings through the platform, but also improves accessibility of financial services to over 19 million customers who subscribe to MTN, Airtel and Our Bank."

MTN General Manager, mobile financial services (MFS), MFS senior sales manager Andrew Rugamba said: "Together with partners, we are introducing the future of banking through the mobile phone – we have ensured that the service is simple, easy affordable and accessible."

Grameen Foundation country manager for Uganda and Kenya Juan Guardado said: "The launch of this service represents a unique partnership between the financial and telecom sector to ensure that rural, poor Ugandans can affordably access financial services using breakthrough mobile technology and mobile money agent networks."