This is the story of many traders who send money for instance to China so as to import merchandise. “Few transactions have usually been made and the other receiving party claims that they have not recognized the payment and you go the bank which did the transaction and they take longer may be to reimburse your money so that you redo the transaction.” Said, Everest Kayondo – Chairman, KACITA.
So, for international financial service providers like VISA; this they argue that the space they should occupy but many traders seem not to want to use it. But because these traders thrive on mobile money platforms, VISA too plans to go mobile to stay relevant. “But I think from our stand position as an organization, we have VISA on the mobile which is a new initiative that we are driving for the market that should be coming to this market within the next coming months. In fact, one bank has already completed the entire process from the VISA standpoint. That will allow us to be able to actually reach the bottom end of the pyramid where day to day customers who think that they don’t want to have a piece of plastic would be able to use their mobile phone for both USSD and App based transacted.” Said, Victor Ndlovu – Country Director, VISA CEMEA.
This was during the occasion when Centenary Bank joined itself to the VISA services on its ATM Card. “We have various payment systems, for instance, people can pay using cash, people can pay using mobile money, people can pay using cheques, people can also pay using the cards and this case we have the VISA cards. So it depends on the convenience that somebody wants to have. For example, if you are abroad you not be able to pay using mobile money.” Said, Fabian Kasi – Managing Director, Centenary Bank.