BANK OF AFRICA - UGANDA Ltd. (BOA) is renowned for constantly reinventing itself, its people and processes for service excellence and performance improvement, through transformational digital payments initiatives. From unveiling the e-payments to mobile banking solutions, the Bank is now enhancing its Mobile Wallet service, raising the bar of service delivery and customer experience. Arthur ISIKO, the Managing Director BOA answers questions below about the Bank and its enhanced Mobile Wallet Services.
1. Who is Bank of Africa - Uganda Ltd.?
BANK OF AFRICA - UGANDA Ltd. (BOA) is a licensed commercial Bank in Uganda with 35 branches country wide, and is a member of GROUPE BANK OF AFRICA (BOA Group), which is an international and Pan-African group with 31 years of continuous development in Africa. BOA Group is itself a subsidiary of BMCE BANK OF AFRICA, one of the largest private banks on the African continent established in 1959 and is the third largest Bank in Morocco with a total asset base of more than USD 30 billion. The Group, which is floated on the Casablanca Stock Exchange, maintains strategic partnerships that include equity participations by some of the largest global Development Financial Institutions including The Netherlands Development Finance Company (FMO), The International Finance Corporation (IFC), the private arm of the French Development Agency (PROPARCO), and the Belgian Investment Company for Developing Countries (BIO).
FMO, the second largest institutional shareholder of BOA GROUP and BOA Uganda recently entered into a partnership with Norfund (Norwegian Investment Fund for Developing Countries) and Rabobank, to form an investment and development vehicle called Arise that will see their respective stakes transferred in this new entity. This partnership is expected to further strengthen and develop effective inclusive financial solutions in Africa.
BMCE BANK OF AFRICA maintains presence in 31 one countries in Africa, Europe, North America, and Asia. It employs more than 12,500 employees in over 1,200 branches in its network. It was this year voted Bank of the Year by the British Magazine "The European" and is an environmentally responsible group with ISO 140001 certification. It was also voted the best CSR Bank by the African Banker in 2015. It aspires to be the premium reference of innovation and a modern financial institution focusing on customer satisfaction through provision of tailor-made banking solutions.
2. What is BOA MOBILE WALLET?
BOA Mobile Wallet is a secure and convenient mobile banking service that enables Bank of Africa customers and non-customers to access banking services on their mobile phones while using any mobile network. The Mobile Wallet replicates the services that one would normally access in the banking hall.
3. The Bank has enhanced its Mobile Wallet service. What new value additions can we look forward to?
- With the enhanced BOA MOBILE WALLET, customers can now save and earn interest on their savings at up to 6% per annum on their phones;
- Customers can now access loans on their mobile phones without any security requirement;
- With the BOA MOBILE WALLET - Your Phone Number is your Bank Account Number. BOA MOBILE WALLET can be accessed and used by both bank account holders of Bank of Africa and non-bank account holders;
- BOA MOBILE WALLET enables mobile online registration sign-on of customers using a smart phone;
- BOA MOBILE WALLET enables BOA customers to send money to anyone, to any network, and to any bank in the world;
- The BOA MOBILE WALLET now allows for a receipt to be generated for every transaction payment that is made;
- The BOA MOBILE WALLET enables customers to manage their company and group/clubs accounts in BOA from anywhere in the world, even where the account signatories are in different locations;
- The service also allows for scheduled sweeps of balances from one account to another to facilitate saving;
- Once signed on, you can use the service to also refer a friend to use the service.
4. What are the requirements to open a BOA MOBILE WALLET Account?
- A completed Mobile Wallet Application form;
- A valid Government issued identity document such as a National ID, Passport, Driving Permit.
5. Tell us about the new Mobile Wallet Savings (M-Savings) functionality of BOA MOBILE WALLET
The M-Savings Mobile Wallet Account is an interest earning savings product, which allows customers registered on the BOA MOBILE WALLET to conveniently and securely save their money for a specific purpose or for an unexpected event in their life.
6. How can I save money with the BOA MOBILE WALLET Account?
- Dial *246# or download the BOA Mobile App
- Select send money to BOA account from the main menu line
- Select send to own BOA account
- Enter the amount you wish to save
- Enter your Mobile Wallet PIN
- You will receive an SMS confirming crediting of savings to your BOA MOBILE WALLET account
7. Can I send Money from my BOA Mobile Wallet account to another Mobile Money account?
YES, you can send money from your BOA Mobile Wallet account to another customer's Mobile Wallet Account or to another phone on any network. You can also use your BOA Mobile Wallet to receive money from other customers.
8. What is the BOA Mobile Wallet Loan (M-Loan)?
The M-Loan is a micro-credit product that allows customers registered on the BOA Mobile Wallet to quickly and conveniently borrow money in times of need or to complement their savings towards an investment.
9. What are the features of the M-Loan?
- Fast short term loan with real time approval decision for loan requests;
- You can access a small quick micro-loans of up to UGX 50,000 where you are in urgent need;
- The loan is affordable – only a one time processing fee of 5% of loan amount approved is charged.
- No interest is charged on this loan;
- The loan is disbursed directly to your Mobile Wallet account for easy access;
- The loan is automatically recovered daily as and when you fund your BOA Mobile Wallet for up to 30 days;
- A penalty fee of 10% of the outstanding repayment amount is charged after 30 days without
10. Who is eligible for the M-Loan?
A customer who has been an active user of the BOA Mobile Wallet for at least 3 months, while saving and transacting regularly on the BOA Mobile Wallet Account. A customer does not need to have money on their M-savings account to get a loan as long as he/she has been using the service.
11. What is the minimum and maximum amount that one can borrow?
- The minimum micro loan amount one can borrow is UGX 1,000
- The maximum micro loan amount is UGX 50,000
- However, the bank provides loan amounts over and above these amounts via other products.
12. What determines the eligible loan amount?
Loan amount approved and disbursed to a customer on the mobile phone depends on your Mobile Wallet account usage rate. This includes:-
- Average number of transactions in past 3 months
- Average value of transactions in past 3 months
13. What is the M-loan duration?
M-Loan repayments are recovered in full or in part on a daily basis depending on availability of funds. Customers are allowed up to 30 days to make the full repayment.
14. Can a customer have more than one loan at a time?
No. You have to repay your outstanding loan first before you take another loan, or request for a loan top-up, for cases where the customer has not exhausted the eligible loan amount.
15. What happens if you pay back more than the loan that you took?
The BOA Mobile Wallet system shall notify the customer of the excess payment and advise the customer the exact amount of loan required to be repaid.
16. What happens if the customer does not pay the loan within 30 days?
- A penalty fee at 10% of outstanding amount due is charged to the customer, that is, the amount in default 30 days after disbursement;
- Bank shall institute appropriate recovery procedures against the defaulting customer;
- The customer shall not be entitled to further processing of M-Loans.
17. Do I need a different PIN to access my M-Savings and M-Loans?
No, you do not need a different PIN. Your BOA Mobile Wallet user ID and PIN are all you need to access your Mobile Wallet including M-Savings and M-Loans. This PIN should not be shared with anyone.
18. How does a customer access the BOA MOBILE WALLET service?
One can access the BOA MOBILE WALLET service by dialing a USSD short code *246# OR if you have a smart phone, you can download the BOA MOBILE WALLET App by navigating to Google Play or the App Store and search for BOA MOBILE WALLET.