MTN Uganda and Crane Bank, Uganda's biggest indigenous bank, are now partners in the popular MTN mobile money service.
On Oct.24, the two companies launched the first Mobile Money ATM cash out service in a partnership that will allow MTN Mobile Money customers to withdraw money from any of Crane Bank's 100 ATMs countrywide with the use of just their phone instead of an ATM card.
Ernst Fonternel, the MTN Uganda chief marketing officer, said the MTN Mobile Money ATM cash out service is a great addition to the Mobile Money platform since it adds another level of convenience now that a mobile phone will act as the ATM card.
This service will find much acceptance among especially among the elite who find it inconvenient to line up to transact at mobile money agents.
Crane Bank Chairman Joseph Biribonwa said the partnership - the first between MTN and an indigenous bank, serves as evidence that Crane Bank is a respected private sector bank thanks to its all-inclusive, innovative and customer-friendly products meant for the masses.
He said the bank will continue to deploy new technology to serve the needs of its customers in every corner of the country. Official numbers indicate that mobile money transactions totaled to Shs 11.7 trillion in 2012, which was a 211% increase on 2011, something that justifies the need for this kind of partnership.
MTN continues to lead on the mobile money platform in Uganda with almost five million registered users since it launched the service in 2009.
Fonternel said the service is making a significant contribution to the realization of real achievements in respect of financial inclusion in Uganda, and through partnering with Crane Bank they hope to continue giving Ugandans world class and universal access to mobile money services.
A.R Kalan, the Crane Bank MD, said last year show them achieve their highest profit levels since inception while their capital and reserves have topped about Shs 260 billion as at Dec.31, 2012. The 18-year old bank continues to expand its geographic footprint, with present network of 34 Branches and which it hopes to raise to 40 by the end of the year and to 50 by 2015.
To access the mobile money ATM cash out service, a registered mobile money customer goes through an easy two-part process. On the phone, one dials *165#, selects ATM withdrawal under the menu, then select 1 to generate a TIN code (4 digit number) and then enter the mobile money pin.
You will then receive your TIN code, which you will use at the ATM machine to withdraw cash without an ATM card. On visiting the Crane Bank ATM machine, the customer selects mobile money, and then select MTN Mobile Money, enter their phone number, the amount they wish to withdraw, and their TIN code to withdraw cash.