Uganda's mobile financial services continued to register steady growth with the quarter ending December 2019 realising 700,000 new mobile money accounts.
According to the latest Uganda Communications Commission report net additions in registered mobile money accounts between December 2018 and December 2019 stood at 2.6 million.
"Active mobile money accounts stood at 16.6 million accounts in December 2019, up from 15.6 million in September 2019, representing a six per cent quarter on quarter growth" reads the report.
During the period under review, mobile money agents reduced from 225,879 in September to 219,577 as at the end of December 2019 which has been attributed to increased competition from agency banking, increased bank-to-wallet-to bank transfers and increased number of merchants accepting such payment, which has kept money in the ecosystem.
This was after the tax man failed to collect at least Ush30.5 billion ($7,903,980) in taxes after rich individuals switched to agency banking citing the no tax on withdrawals through bank agents making them cheaper than mobile money.
