Business

Posta Uganda outs money transfer service

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By Flavia Nalubega

Posted  Saturday, September 8   2012 at  01:00
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Posta Uganda in partnership with Gaming International has announced plans to revive its money transfer services, which it had earlier put on hold.

Addressing journalists in Kampala on Thursday, Mr James Arinitwe, the Posta Uganda managing director, said in a speech read for him that the service which is expected to be active by October shall be operated through the company’s over 50 service points as well Gaming International (GT-Net) outlets.

He said: “We shall partner with Gaming International to ease access; however, in future we shall as well work with telecoms to provide a platform for the service.”

Aiding financial inclusion
The facility is likely to ease the transfer of money as well as boosting financial inclusion especially in rural Uganda. It is also likely to increase the amount transacted through a number of money transfer services available in Uganda.

Uganda currently has about 3.5 million registered mobile money subscribers shared between four telecoms including: MTN, Airtel, Warid and Uganda Telecom. As of 2011 the number of mobile money transactions was estimated at 84.7 million with about Shs3.7 trillion wired through the platform.

The Gaming International chief executive officer, Mr James Mpanga, said the project may take up about Shs5 billion to be completed.

fnalubega@ug.nationmedia.com