UGANDA’S RAMPANT MOBILE MONEY GROWTH AND HOW BUSINESSES CAN SEIZE THE MARKET SCOPE
Uganda is one of the African countries where offline payment modes have been greatly embraced and in particular the mobile money brand has been such a hit that citizens are opting to use it as their form of banking for it is easier to have money on your phone and send as you wish contrary to the long procedures of a bank account that majority of the Ugandans seem not to appreciate. In a country of over 45 million people, 53% of them use mobile money services in a market greatly bossed by MTN mobile money and airtel money although there are others covering smaller percentages. The nation has a GDP of 26.37 billion US dollars at a growth rate of 5% per annum and money movement is hugely through mobile money services.
Most local business in the country have mobile money accounts. much as this is to the advantage of the people, this proves to be a challenge in that with the many mobile payment modes, presents an issue of people being on different networks and yet have the same need to receive and pay out money which can be quite inconveniencing especially in terms of time if businesses want to deal but possess different modes not to mention the foreign businesses that have interest in the market and are wondering what to join and what to leave out.
DusuPay presents the opportunity to engage business in Uganda and Africa wide without having to worry about the contradictions of different payment mode. The business is able to reach out to all modes and transact easily without going through the sting of having umpteen mobile money accounts and instead just choose one and let DusuPay do the connecting to the various networks as the businesses continue with their normal transactions without any peril.