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Mobile Money Transactions Hit Shs87Tn

By Vuga Innocent

Bank of Uganda has revealed that the value of transactions processed through mobile money and mobile banking increased by 23.2 percent to Shs87.0 trillion and 80.0 percent to Shs1.6 trillion during the year ended September 2020.

This growth was mostly registered during the half-year to September 2020, as banking institutions leveraged technology to promote digital channels for delivery of financial services.

The details are contained in the Quarterly Financial Stability Review September 2020 that revealed that the year to September 2020 registered significant growth in digital/electronic transactions, including mobile money.

The report highlighted that the value of transactions processed through mobile money and mobile banking increased by 23.2 percent to Shs87.0 trillion and 80.0 percent to Shs1.6 trillion during the year ended September 2020.

This growth was mostly registered during the half-year to September 2020, as banking institutions leveraged technology to promote digital channels for delivery of financial services.

In addition, Uganda also witnessed growth in offshore investor inflows into the domestic financial markets enhancing the availability of funding for banks and supporting shilling stability. Offshore investors’ total assets in the banking system rose to Shs1.6 trillion in September 2020 from Shs1.4 trillion at the end of May 2020, thereby reversing the trend of outflows that was experienced around March and April 2020 at the height of the uncertainty and risk aversion in global financial markets.

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