NCBA Bank Uganda has partnered with MTN Mobile Money Uganda to offer Escrow Account services for Mobile Money (MoMo) agents and merchants.
Through this partnership, MTN MoMo Agents and Merchants will be able to enjoy convenience and a quick turnaround time as they deposit funds and receive instant credits to their MoMo wallets through any NCBA Bank branch, mobile and internet banking channels.
In addition, MTN Merchants will be able to withdraw e-money from their MoMo wallets to their respective Bank accounts. The escrow account services will be offered to NCBA Bank customers and non-customers free of charge.
"This solution is providing a one stop shop for both our customers and non-customers to support their mobile money transactions. NCBA is constantly looking to ease the banking experience for both our customers and prospective customers. We intend to constantly roll out more customer friendly products and services that are convenient and safe,” said NCBA managing director, Anthony Ndegwa.
As part of enhancing customer experience NCBA Bank continues to invest in innovative products.
The introduction of the escrow account services at NCBA Bank complements the MTN services currently offered by the bank which include: super agency services which enables MTN MoMo agents to purchase and sell float across NCBA bank’s branches; the ordinary agency services where MTN MoMo subscribers can purchase and sell float across NCBA bank’s branches and MoKash that enables MTN MoMo subscribers to save and borrow funds through their mobile wallet accounts.
In addition, NCBA bank offers Bank-To-Wallet & Wallet-To-Bank Mobile Banking services where NCBA bank’s customers can send and receive funds to their wallets & bank accounts respectively and online mobile bulk payments to make direct funds transfers from their bank accounts to multiple mobile wallet beneficiaries via NCBA online banking.