Stanbic Bank’s Instant Money is a cheaper alternative to Mobile money transfers

The recent moves by government to tax mobile money deposits (later withdrawn) and withdrawals have gotten a bad rap from mobile users. It’s so bad Mobile Money usage dropped by more than half a trillion Shillings following the introduction of tax on the transactions according to Bank of Uganda (BoU).

Banks meanwhile are making their silent revenge against the telecoms. They are slowing rolling out agent banking which resembles the mobile money agent network the telecoms have across the country. But more than that, banks are innovating solutions around rapid money transfers that don’t event require the receipient to have a bank account.

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