Grace Ndyareeba, the managing director of MicroPay.

Grace Ndyareeba, the managing director of MicroPay.

The latest in mobile money business is MicroPay, a Ugandan platform providing independent electronic mobile money services to cater for growing demand for mobile money services especially in areas where financial institutions haven?t established themselves yet.

MicroPay, through partnership with Centenary Bank obtained a no-objection from Bank of Uganda (BOU) to operate mobile money services.

Grace Ndyareeba, the managing director of MicroPay says this is in response to a call from the finance minister and central Bank for the promotion of financial inclusion through extending financial services to people in rural areas.

He explains that the platform is independent of any telecommunications network; instead it is an internet based platform which means any customer regardless of their mobile phone provider is able to use MicroPay mobile money services anywhere in the world.

?Instead the system works with smart phones having an Android App and iOS for Apple and are in the process of getting phones using Windows on board as well,? explained Ndyareeba.

The platform that is targeting all Ugandans has been designed in such a way that it can pay merchants, banking services like electronic payments, school fees payments, money transfers, international remittance among others.

It?s being championed by Ugandans who include retired bankers, IT specialists, Engineers and some people with over 30 years of financial sector management.

Regarding reliability, Ndyareeba explains: ?In the recent past mobile money services have been affected by intermittent service availability especially on weekends.

In case of MicroPay, we have deployed a highly available and robust system to ensure customers can send and receive money at any time of the day or week,?.

Ndyareeba further explains that in order for one to run an e-payment system, they must partner with a financial institution, regulated by BOU.

The institution presents a client?s intention of starting an e-payment platform to BOU and when approved, they can operate mobile money services under BOU mobile money transaction guidelines.

The MicroPay platform is partnering with Centenary Bank to offer the escrow services to make sure that people?s money is safe but also monitored by BOU.

The Micropay app as it appears on the screen of someone who has subscribed

Being fully Ugandan-owned Company, MicroPay offers better benefits to the economy since there is no capital flight in terms of dividends.

?At the end of the year, no money leaves the country as dividends in form of hard cash like it is for the foreign companies established in Uganda, an issue which has affected the Uganda shilling in recent months,? said Ndyareeba.

Uganda?s exchange rate between the months of March to May each year has been jumping simply because investors are getting out money in form of cash and taking it back to the home companies increasing the demand for foreign currencies.

Ndyareeba is optimistic that in two years? time every Ugandan will be having a smart phone due to the growing benefits such as user experience.

By Prossy Nandudu, The New Vision

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