Redknee, a leading provider of mission-critical software and solutions for communications service providers, is pleased to announce that it has been selected by Uganda Telecom to provide Redknee's Mobile Money 2.0 solution, enabling Uganda Telecom subscribers to pay for goods and securely store and transfer funds with their mobile phones. Implementation will begin as soon as all requirements for launching the service have been approved.
It has been projected that almost 90 percent of the five million households in Uganda do not have a bank account. Redknee's Mobile Money services will enable Uganda Telecom to provide its subscribers the means to store funds easily and to send payments and transfers using a safe and inexpensive channel.
Redknee's newly introduced Mobile Money 2.0 solution enables subscribers to store and transfer funds through their mobile handset, providing an ideal service for developing countries that may have poor or limited banking resources in their rural communities.
Some of the rural regions of Uganda lack an easily accessible banking infrastructure, which has been a key barrier to providing financial services. Through increased mobile penetration in Uganda and the expected launch of Mobile Money, Uganda Telecom will be providing Ugandans with unparalleled access to a new generation of financial services.
"Uganda Telecom realizes that the benefits of Redknee's Mobile Money solution go beyond innovation and service excellence, but also have the potential to deliver socio-economic change. I believe this solution will put Uganda Telecom in good stead to truly elevate Uganda's citizens with easy access to financial services across the board," says Hans Paulsen, Chief Commercial Officer of Uganda Telecom.
The Mobile Money service is planned to be available initially for domestic payments and transfers, and Uganda Telecom has the potential to expand the service and other microfinance initiatives easily, quickly and cost effectively to international regions. Uganda Telecom serves over 1 million subscribers.
"The benefits of Mobile Money services for the high-growth markets translate into strong socio-economic benefits. This milestone that Uganda Telecom has committed to achieving helps to truly elevate Uganda's citizens by providing easy access to financial services," says Mark Yaphe, Vice President of Product Management and Marketing at Redknee.
Redknee's Mobile Money portfolio includes Mobile Wallet, Mobile Money Transfer, Roaming Recharge and Airtime Reseller. Redknee's Mobile Money solution is easily integrated into any existing billing solution, reducing the expense and time-to-market for operators.