ICT Africa Headline Press Release

Mobile Money ATM Cash Out Service Launched by MTN in Uganda

 
The New Vision - ICT Africa News
29 OCTOBER 2013

In the first ot is kind partnership with one of the largest indigenous banks, the MTN Mobile Money cash out service allows MTN customers to withdraw money from Crane Bank's ATMs using their phone.

"The MTN Mobile Money ATM cash out service is a great addition to the Mobile Money platform since it adds another level of convenience now that your phone will act as the plastic electronic ATM card," said Ernst Fonternel, MTN Uganda Chief Marketing Officer.

According to the Central Bank, Mobile Money transactions totaled sh11.7tn in 2012, which was a 211% increase since 2011. MTN continues to lead Mobile Money in Uganda with almost 5m registered users since their launch in 2009.

"MTN Mobile Money is making a significant contribution in realising real achievements in respect of financial inclusion in Uganda, and we are proud to spearhead a new dimension in Mobile Money convenience through partnering with banks to continue giving Ugandans world class and universal access to Mobile Money services," Fonternel said.

He welcomed the partnership with Crane Bank, saying that it was yet another milestone to the success of MTN Mobile Money in Uganda.

Crane Bank General Manager A.R Kalan said Crane Bank is a leading private sector bank known for its innovative and customer friendly products meant for masses. Crane Bank is ranked No.1 amongst the indigenous Banks in Uganda.

The financial year 2012 was a land mark year for Crane Bank having achieved its highest profit levels since its inception which was sh103.27b and with a Capital & Reserves of sh.259.8b as at 31 December 2012.

Crane Bank, which has been serving the nation for over 18 years, is continuously expanding its geographic footprint, with present network of 34 Branches and over 600,000 customers.

Crane Bank plans to increase its network in Uganda to 50 branches by 2014. Crane Bank also has installed a wide network of 96 ATMs across Uganda, which includes both onsite and offsite ATMs.

The entire ATM network can be used by the MTN customers for mobile money.


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