Uganda’s first fully digital online banking solution has been launched.

Standard Chartered Bank’s mobile app enables anyone to open a free online account in under 15 minutes, and benefits include zero monthly ledger fees; no ATM, card or bill payment fees; no minimum balance; loan and overdraft facilities; and free online intra-bank transfers between clients, according to ChimpReports.

At the launch, Minister of ICT and National Guidance Frank Tumwebaze emphasised the government’s support of digitalisation, and encouraged financial service providers to embrace digitalisation in order to remain relevant. ‘The banking industry in Uganda has undergone tremendous changes linked with the developments in ICT in the recent years,’ he said, adding that the ‘all-encompassing’ app will give its clients access to banking services ‘at their convenience, and with significant efficiencies. This is a first in the Ugandan market and a welcome development’.

Also present at the launch was Bank of Uganda governor Emmanuel Tumusiime-Mutebile, who noted that digital transformation ‘represents the future of banking and evolution of business models in this sector. It is cognisant of the increasing convergence between banking and technology, and the disruption of existing business models therein’.

19 February 2019
Image: Alamy