On 28th April 2014, Bank of Africa unveiled its new mobile banking platform – ‘Dubbed Mobile Wallet’, in Uganda. This wallet will allow the bank’s account holders to send and receive money by utilizing their mobile devices and non account holders by ATMs.
How does it work?
- Using Dubbed Mobile Wallet, users register with BOA via their mobile phone number.
- This will be used as the account number whose respective account the users will manage via their mobile device.
- However, the account is independent of any mobile money platform.
- The user is then required to load money onto his mobile wallet/phone via any of the 34 Bank of Africa branches countrywide or ATMs.
- When money is sent, the recipient will receive a notification of the transaction showing the amount received as well as a reference number which is used to withdraw the money from any BOA ATM.
- The recipient then has to call the sender and obtain the PIN - this must be entered in order to authorize the withdrawal.
- BOAs platform basically enables the use of ATM without a card.
“Mobile telephony has become an important tool to drive financial inclusion and we anticipate that with this innovation, more Ugandans will be brought into the financial system thereby deepening financial inclusion,” Bank of Africa’s Acting MD, Arthur Isiko. “The innovation, which is the latest in a string of moves by major financial institutions toward total mobile banking, is inevitable as it is something commercial banks should have done so many years ago.”