First and foremost, Mobile Money—whether from MTN MoMo or Airtel Money— has established itself as Uganda’s leading digital payment solution. One of its selling points is accessibility throughout the country, followed by unmatched convenience. All you need is a phone, a SIM card and the money to send, either in cash or digitally stored in your account. Mobile money has become the go-to platform for digital payment, even integrating with traditional banking through mobile banking services, saving and even institutional payments like tuition via School pay.
Bank apps: Banking has come a long way from endless queues and paperwork to managing your entire bank account on your phone. Thanks to mobile and internet banking, you can go months without setting foot in a physical bank. How? Most banks now offer apps that allow you to handle basic functions like checking account balances, transferring money, downloading statements, and paying bills. Even the feature phones “Bu Mapeesa” can handle banking tasks through USSD codes (* # codes).
Visa and MasterCard have revolutionized how Ugandans shop online and make international transactions. For anyone who’s ever shopped online or subscribed to a streaming service, Visa and MasterCard need no introduction, chances are, you have been asked to enter your bank card details—usually a Visa or MasterCard—somewhere. These are usually issued out at your bank, a Visa debit/credit card for transactions both locally and internationally, we call them ATM cards sometimes, lol.
Fintech Apps: Technology has incorporated itself into every aspect of modern life, finance inclusive which is how Fintech comes about. Again, for avid internet users into purchasing stuff or working online, these apps are likely familiar. Popular names like PayPal, Eversend, Wave, Payoneer, and Chipper Cash have gained traction in Uganda.
These Fintech apps are designed to facilitate sending and receiving money without depending solely on the traditional banking ecosystem. However, many of them can still integrate seamlessly with local banking systems. For Ugandans engaged in remote work or international transactions, Fintech apps are invaluable, eliminating challenges like currency conversion and high transfer fees.
Agent Banking: This might not come to mind immediately, however, through authorized agents equipped with point-of-sale (POS) machines, customers can deposit, withdraw and transfer funds without visiting a bank branch. It is especially life-saving for areas with limited internet access or smartphones, or just those that trust an agent to do the transactions but would rather not line up at the bank. It is a reliable alternative for those who prefer in-person transactions.
As e-commerce continues to grow in Uganda, digital payments also continue to become the norm. Paying school fees with SchoolPay, buying groceries with MTN MOMO or just sending money across borders, digital platforms are becoming the way to go. Check out the growth of Uganda’s e-commerce, for more.
