By Silvia Nyambura
Mobile Money has become an indispensable component of today’s society. It has transitioned very fast from just facilitating remittances of cash in and cash out payments to a convenient day to day need. Initially it was designed to enable customers send and receive money domestically and buy airtime using their mobile phone.
Today, Mobile Money has evolved to a point where it has eased business processes transforming the way people live. It has turned into a mainstream method of payment for goods and services, it is facilitating seamless banking transactions and tax payments, payment of utility bills, school fees, paying for food as well as purchasing products online.
According to MTN CEO Brian Gouldie, it is only a matter of time before Uganda is transformed into an exclusively cashless economy. There is a possibility that in the coming years, telecoms will become fully fledged financial institutions.
“Every economy has a way in which financial services are penetrated to bring in transformation. Before the existence of Mobile Money cash was king. The service is however evolving very fast. The predictions that we could move into an exclusively cashless economy are interesting but not unrealistic. All we have to do is give ourselves time,
