Mobile Money loans eating into banks’ lending | Summit Consulting Ltd Insights

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High volumes of mobile money transactions, the report notes, have discouraged customers from the deposit with banks due to convenience

Despite partnering with telecoms, banks continue to fill the impact of mobile money as it eats into their asset quality and profits. Mobile money at its inception disrupted financial sector, and bank despite the hesitation, jumped onto the bandwagon.

We aw a relationship between mobile money whereby a person is able to get a quick loan via mobile… they know banks will not be able to give a top-up yet mobile money can. People with existing loans are embracing the micro-loans for quick fixes at the expense of paying their bank loans,” Mr Mustapha Mugisa, Summit Consulting Leader said.

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