Mobile money transactions are increasing every passing day
Mobile money transaction values significantly increased by 31.5 from UGX
192.9 trillion in the twelve months ending June 2023 to UGX 253.7 trillion in the year to June 2024, the Bank of Uganda Annual Report for Financial Year 2023/2024, reveals.
Similarly, the volumes increased by 22.8 percent from 5.7 billion transactions to 7 billion transactions during the same period.
Statistics continue to show the dominance of low-value transactions with the monthly average transaction value at UGX 36,363 reflecting a marginal increment of 1.1 percent from UGX 35,970 recorded in June 2023.
According to the report, the first transaction band of (UGX 0 – 25,000) recorded 1.63 billion transactions representing 87.9 percent of the total number of transactions.
“All the e-money issued is fully backed up by cash held in trust accounts in partner banks. As at year end, balances held on trust accounts by the partner banks stood at UGX 2.05 trillion, reflecting a 29.7 percent
increment from UGX 1.58 trillion reported in June 2023,” the report reads in part.
Michael Atingi-Ego, the BoU Governor, says 2023/2024 marked substantial progress in promoting financial inclusion and the growth of digital
financial services, such as micro-deposits, micro-loans and micro-insurance. Atingi-Ego said the 32 percent year-on-year growth in mobile money transactions underscores the acceleration of digital payments, reflecting increasing reliance on mobile platforms for financial services.
“The rise in mobile money transactions demonstrates the success of our efforts to promote a cashless economy and enhance financial inclusion, ensuring broader access to formal financial services across Uganda,” Atingi-Ego said.
