The second wave of the Covid-19 pandemic has left the majority of Ugandan businesses and even individuals in desperate need of a financial bailout. Sadly, many of them could hardly access credit due to a lack of security and other necessary requirements.<\/p>\n\n\n\n
However, there has been a reprieve for more than nine million Ugandans who have used their mobile banking accounts to acquire quick loans. <\/p>\n\n\n\n
Through MoKash, a money lending and savings platform hosted by MTN Uganda, NCBA Bank Uganda Limited<\/a> is helping over 9.7 million customers to get low-cost unsecured credit in the shortest time possible.\u00a0<\/p>\n\n\n\n With the 9.7 million MoKash accounts, NCBA automatically becomes the biggest bank in Uganda in terms of Account Holders. <\/p>\n\n\n\n \u201cThe partnership with MTN Mobile Money Uganda Limited allows us to continuously extend financial services to millions of Ugandans through the mobile channel. It is a great partnership that is positively contributing to the deepening of the financial inclusion agenda in Uganda,\u201d says Anthony Ndegwa, the NCBA CEO<\/p>\n\n\n\n Anthony Ndegwa however adds that the advent of the Covid-19 pandemic has presented both challenges and opportunities for economies and businesses world over, one of them being failure to repay loans. <\/p>\n\n\n\n \u201cOur MoKash service has experienced similar trends,\u201d he says.<\/p>\n\n\n\n Read About: MTN MoMoPay brings new lines of business to your business<\/a><\/p>\n\n\n\n As part of their financial management process during the pandemic, they have worked with MTN to increase customer engagement with a view of improving their appreciation of the changes happening within the environment, and how to adapt to these changes. <\/p>\n\n\n\n \u201cThe increased focus on customer engagement has helped to maintain the momentum on customer repayments. Additionally, we provided some relief to customers during this period, as supported by the Bank of Uganda\u2026.to allow our customers deal with the new realities that came with the pandemic,\u201d he adds.<\/p>\n\n\n\n In addition to the MoKash service, Ndegwa says NCBA bank recently opened an MTN Escrow Account that allows them to provide Float Management Services to MTN Agents and Customers. <\/p>\n\n\n\n \u201cWe will continue to innovate in this space to ensure that we are positively impacting the lives of Ugandans,\u201d he says.<\/p>\n\n\n\n Read About: Airtel Mobile Commerce Uganda is the bank for the unbanked<\/a><\/p>\n\n\n\n Meanwhile, Ndegwa notes that there have been great strides in Uganda\u2019s Fintech industry over the past few years. <\/p>\n\n\n\n He explains that just like the rest of the world, the disruption brought by digital technologies has ushered in new opportunities that innovators are quickly taking advantage of. <\/p>\n\n\n\n \u201cWith the introduction of the new regulation (National Payment Systems Act 2019) to support innovation in the Fintech space, Uganda will soon be a hub for financial services innovation,\u201d he says.\u00a0\u00a0<\/p>\n\n\n\nNCBA + MTN partnership<\/strong><\/h3>\n\n\n\n
Future bright<\/strong><\/h3>\n\n\n\n