Redknee Selected to Supply Uganda Telecom With Mobile Money Services

Redknee has been selected by Uganda Telecom to provide its Mobile Money 2.0 solution, enabling Uganda Telecom subscribers to pay for goods and securely store and transfer funds with their mobile phones. Implementation will begin as soon as all requirements for launching the service have been approved.

It has been projected that almost 90 percent of the five million households in Uganda do not have a bank account. Redknee's Mobile Money services will enable Uganda Telecom to provide its subscribers the means to store funds easily and to send payments and transfers using their mobile phones.

Some of the rural regions of Uganda lack an easily accessible banking infrastructure, which has been a key barrier to providing financial services. Through increased mobile penetration in Uganda and the expected launch of Mobile Money, Uganda Telecom will be providing Ugandans with unparalleled access to a new generation of financial services.

"Uganda Telecom realizes that the benefits of Redknee's Mobile Money solution go beyond innovation and service excellence, but also have the potential to deliver socio-economic change.
I believe this solution will put Uganda Telecom in good stead to truly elevate Uganda's citizens with easy access to financial services across the board," says Hans Paulsen, Chief Commercial Officer of Uganda Telecom.

The Mobile Money service is planned to be available initially for domestic payments and transfers, and Uganda Telecom has the potential to expand the service and other microfinance initiatives easily, quickly and cost effectively to international regions. Uganda Telecom serves over 1 million subscribers.

Posted to the site on 16th February 2009