Centenary Bank reportedly launches WhatsApp banking in Uganda. Ugandan commercial bank, Centenary Bank has now introduced CenteWhatsApp banking. This platform as you should know offers users instant, fast, and secure access to diverse banking services through WhatsApp.
Centenary Bank Launches WhatsApp Banking
Centenary Bank has implemented a One-time PIN (OTP) system for its CenteMobile banking service, sent to the customer’s registered bank number, to ensure the security of all transactions. This development is part of the bank’s strategy to leverage the widespread use of WhatsApp to provide banking services to a broader audience. By integrating banking services with WhatsApp, users can conveniently conduct transactions using the messaging app on their mobile devices at any time and place.
Uganda’s Online Population
In Uganda, the online population is projected to reach 7.48 million by 2024, accounting for 14.99% of the total population. Meanwhile, the World Population Review indicates that 4.5 million Ugandans use WhatsApp, and 34% of the population had a bank account as of 2023. Given these statistics, Centenary Bank’s Managing Director, Fabian Kasi, views the launch of WhatsApp Banking as a significant opportunity to offer easy, secure, and accessible banking solutions to everyone.
The Reason WhatsApp Is Chosen For This Development
Kasi points out that WhatsApp’s familiarity and ease of use make it an ideal platform for users to manage their finances, including instant messaging for prompt responses and the option to connect with a call center representative for complaints.
The bank recognizes the need to embrace innovation in a rapidly evolving banking industry, influenced by technological advancements and changing consumer preferences. This approach aligns with a Juniper research study predicting that by 2026, 53% of the global population will use digital banking services, a considerable increase from 2.5 billion users in 2021 to over 4.2 billion.
Centenary Bank Uganda’s Assets
Centenary Bank boasts an asset base of UGX 5.5 trillion ($1,442,039,500) and serves over 2.4 million customers. Its network includes 79 branches, 205 ATMs, over 7,000 agents, and various digital channels such as CenteMobile banking, CenteOnline banking, CenteVisa debit and prepaid cards, and the Mastercard Platinum debit card.
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