According to Bank of Uganda (BoU)’s 2012 Annual Supervision Report, annual bank deposits have grown over the last three
years though at a sluggish rate, an indication that more Ugandans are slowly taking on banking. Last year, bank deposits grew by 17.5% to Ushs 10.5trillion up from Ushs 8.9trillion in 2011. In 2010, bank deposits grew by 42.5% to Ushs 8.02% up from 5.63% in 2009. The same report notes that in 2012, Mobile Money (MM) transfer services continued to register strong growth.
“The number of registered customers increased from 2.9 million in 2011 to 8.9 million in 2012, while the amount transferred by customers rose from Ushs3.7 trillion to Ushs.11.7 trillion over the same period,
