From cowrie shells to mobile money and now cryptocurrencies, the evolution of money continues. With the evolution of money, Uganda just like the rest of the world is witnessing a rapid uptake in new forms of payments including; wearables, mobile wallets, mobile money, and soon, biometrics and Peer to Peer. There’s also an increase in uptake of card payments such as VISA and Mastercard albeit at a slower pace than mobile solutions. In credit, some of the ground-breaking solutions that Uganda has witnessed over the last three years.
All signs point to mobile and web-based solutions as the future of Uganda’s payments backbone. Today, Uganda has up to 25 mobile phone users and more mobile money phone subscribers according to the Uganda Communications Commission. The total number of transactions as of Sept 2019, was 721 billion while the value of transactions registered through mobile money transactions was at UGX. 19.3 trillion.
The implication of this growth is that businesses need to prepare for a new era of payments.