Customers of Standard Chartered Bank, who subscribe to Uganda Telecom Limited, will now access banking services through their mobile phone handsets.
In this agreement, customers would simply need to register with the bank to have access and thereafter, they would have to press the characters on a mobile phone to get data.
Bank General Manager in charge of Small and Medium Enterprises, Mr Harton Maliki said the bank invested in the new service to enable its customers acquire data quickly and efficiently.
“It is a secure system fordata that is not stored on the Sim card. It is readable and is for downloading by only users,” Mr Maliki said.
The initiative, aimed at increasing access to bank’s services, was announced on Wednesday at the bank’s head offices in Kampala.
“At Standard Chartered, We are continuously developing solutions to respond to the evolving needs of our customers. M-banking - like other recent initiatives from the bank - seeks to enable our customers to do their banking at their convenience anytime, anywhere, any day,” Mr Maliki said.
He said the bank’s M-banking proposition in Uganda provides its customers with a number of services on a unique platform called Unstructured Supplementary Service Data (USSD); a system used by a few banks across the world.
UTL Chief Commercial Officer, Mr Hans Paulsen said the partnership was another way of mobile telephone use penetrating into the world with bank customers now accessing services from their respective places.
Mr Paulsen said the bank service is another way, among the many uses, a mobile phone can be utilised adding that he was optimistic the customers will get the value for their money.
“Utl is proud to be part of growth in mobile penetration and this being one of the biggest social phenomena, which will impact and change the way that we trade and pay as well as bringing affordable and convenient access at your fingertips,” Mr Paulsen said.