Uganda has been pushing for an increase in mobile money transfers via telecommunications companies in recent years. In 2008, the service was nonexistent, but recent statistics from the country's Central Bank revealed that in the past year, over $400 million were transferred using the service. “It is a really positive report that has shown that the government and telecom efforts to boost this sector have not been a failure, in fact, it has been a tremendous success,” said Yussif Gandry, a Ugandan Central Bank spokesperson. Since the initial push in 2009, registered mobile money users has increased to some two million through 2010. Analysts believe the number is now moving toward three million and with the success of mobile money in the country, by the end of the year they expect continued success. Currently telecom operators MTN Uganda, Uganda Telecom and Airtel offer mobile money transfer services. “As the market grows, Bank of Uganda will continue to strengthen its oversight of these services, with particular attention paid to those banking institutions through which the funds are transferred, to protect customer's funds and reduce the risk of disruption to other financial services,” said Robert Mbabazire the BOU assistant director supervision, in a press statement. The use of mobile money transfers started in Uganda in March 2009 and participating firms are required to have a robust risk management framework. BM
