Under the initiative, customers who purchase products on Jumia using Centenary Bank’s CenteVisa or Mastercard will receive a UGX 10,000 discount on every order. Through the discount incentive, customers will be able save on delivery fees which often range between UGX 3,000 to UGX 10,000 and also lowered costs per product.

Currently, only Cente Visa and Master card payments are eligible for the discount, customers will be able to safely transact and buy products online without visiting physical shops due to the current COVID19 Pandemic. Through the partnership, Jumia Uganda’s CEO, Ron Kawamara confirmed the offer as one that will benefit customers with strong incentives when they use Centenary Bank cards

However, the discount offer will run for a limited timeframe capped at 3 months. This means, customers will not get the UGX 10,000 discount off after November 2021, but will be able to use the Centenary cards to make payments for free. Centenary Bank’s Managing Director notes that, the new partnership will enable the bank’s customers to buy products safely on Jumia without any physical interactions.

 We are excited to partner with Jumia Uganda, who will provide their busy e-commerce platform to all our customers to use their Visa and Mastercard cards to shop online and get rewarded for each purchase.”

Fabian Kasi – The Centenary Bank Managing Director

Furthermore, Kasi notes that during the campaign period, Centenary Bank customers shall win cash prizes for transacting using the bank’s digital channels under the 5 For 5 Jackpot campaign which is aimed at rewarding the bank’s customers.

Customers who transact 5 times or more using CenteMobile, CenteVisa and CenteAgent will stand a chance of winning cashback prizes of up to UGX 100,000 every week. This means, when customers use the Cente Visa and Mastercard options on Jumia, they receive a UGX 10,000 instant discount, and further stand a chance to win UGX 100,000 every week.

For now, the addition of Centenary Bank payment options on Jumia means customers will be able to shop and pay for goods through cash on delivery, mobile money or bank card payments with VISA, Mastercard and Cente Visa cards as supported options.

Well, on mobile you can deposit money to a bank account associated with your phone number, and at the same time, you are able to withdraw from the same account directly using Airtel money as your mode of transfer. However, just like any other money transfer platform, each transaction you perform comes with a charge based on the total amount transacted.

In light of the increased adoption of internet and mobile banking by most banks across Uganda, Airtel money is a supported transfer method when using either of the two banking options. However, you can’t directly deposit money to your account from either internet or mobile banking presenting an opportunity for alternate choices like Airtel money.

So, just like MTN mobile money, Airtel money serves as a reliable service that allows you to directly deposit money on your bank account, and here is how you can get started to deposit and withdraw money on your bank account using Airtel money.

How to Deposit money on your bank account using Airtel Money

1. Dial *185#
2. Off menu, choose option 7 (Financial Services)
3. Then select option 1 (Banks)
4. Choose your destination bank
5. If your number is registered for mobile banking with the bank, your active accounts will be displayed
6. Then, select option 1 (Airtel Money to Bank)
7. Then, choose your preferred account to deposit to
8. Once selected, enter amount to deposit from your Airtel money account
9. Finally, enter your account PIN to confirm deposit to the associated bank account
10. DONE: Your money will be deposited to the bank account from your Airtel Money account

How to Withdraw money on your bank account using Airtel Money

1. Dial *185#
2. Off the main options list, choose option 7 (financial services)
3. Then select option 1 (Banks)
4. Then, choose your registered bank
5. Once selected, choose option 2 (bank to Airtel money)
6. If your number is registered for mobile banking, your active accounts will be displayed
7. Choose a bank account to withdraw from
8. Then, enter amount to withdraw from your bank account
9. Finally, enter your PIN to confirm withdraw
10. DONE: Your Airtel money account will be credited with money from your bank account

In a like manner, almost all top banks in Uganda now have internet and mobile banking services glued to their offers trail, but still, these require you to have an active internet connection or sufficient airtime balance in order to complete a transaction. However, you can’t deposit money with both internet and mobile banking.

Hence, MTN mobile money stands out as the best choice to directly deposit and withdraw money on your bank account without worrying about physical ques at any bank branch. However, to deposit and withdraw money on your bank account using MTN mobile money, you should keep in mind transaction charges that base on your total transaction amount.

As a standard, you can deposit and withdraw money on your bank account using MTN mobile money by either using the Yello telco’s *165# shortcode, or the MY MTN App to easily deploy a secure connection with your bank. However, your transacting phone number must be associated with a bank account in order to initiate a connection with your mobile money account, and once propagated, here is how you can easily deposit money to your bank account.

How to Deposit Money on your bank account using MTN Mobile Money

• Dial *185# or *165#
• Off the main menu list, choose option 6 (Financial Services)
• Then select option 1 (Bank Deposit)
• Choose your destination bank
• If your number is registered for mobile banking, your active accounts will be displayed
• Then, choose your preferred account to deposit to
• Then, enter amount to deposit from your mobile money account
• Finally, enter your mobile money PIN to confirm deposit to the associated bank account
• DONE: Your money will be deposited to the bank account from your MTN mobile money account

How to Withdraw money on your bank account using MTN Mobile Money

• Dial *185# or *165#
• Off the main options list, choose option 6 (financial services)
• Then select option 2 (Bank Withdraw)
• Then, choose your associated bank
• If your number is registered for mobile banking, your active accounts will be displayed
• Choose a bank account to withdraw from
• Then, enter amount to withdraw from your bank account
• Finally, enter your PIN to confirm withdraw
• DONE: Your MTN mobile money account will be credited with money from your bank account

Zero queues, Zero Paperwork, an Instant verification process, and the ability to deposit money to your account all define Stanbic Bank’s self-registration online process to get you a fully functional bank account.

Based on your needs, to open a Stanbic Account online, you need close to the same requirements needed for account registration at a physical bank branch. Key requirements include a passport photo taken in the last 6months, a national ID or Passport, and a Student ID as listed below.

Requirements to Open a Online Stanbic Bank Account

• A Clear Passport Size Photo 
• Signature Image (A Graphic of your Signature signed on a paper)
• If Ugandan, a valid National ID (front & back) is needed
• If Non-Ugandan, a Valid Passport & Visa are required
• If a student, you can use a Student ID 

As a standard, the uploaded passport photo must be shared in readable image formats like .jpg and not document formats. Additionally, Webcam images can be accepted if taken in front of a plain white wall/surface with your ears and eyes well visible.

Additionally, before opening your account, you must download the bank’s account terms and conditions to be well aware of your rights to the account and how you can use it. Likewise, you need to keep a note of charges that will be affiliated to your account once opened.

Well, once you acquire the necessary requirements to open up your new account, you can then visit the Stanbic Bank root website to locate an orange section with an APPLY NOW button.

Once clicked, you’ll be redirected to a landing page where you can download necessary documents, and again click an ‘Open Account Here Button’ filled with an orange gradient to access the registration form.

How to Open a Stanbic Bank Account Online

• From your device browser (Google Chrome, Firefox or Edge) visit www.stanbicbank.co.ug
• On the Home page, scroll down and locate the “Online Account Opening” section and click the “APPLY NOW” button.

• You will be redirected to the Personal Account Online Page
• From their, Scroll through the listed details and locate the “Ready to Start” section to click the “Open Account Here” button.

• A New Tab will be oped for you to fill-in you to start a new Application
• From here, choose the appropriate option of either “New Application” to start over or “Previous Application” to resume an Application.
• Next up, fill in the required personal details and choose your preferences where given the options.

• Once Entered, Agree to the Bank’s Terms and Conditions to proceed.
• Then, you’ll be required to upload your account attachments in the formats of either PDF or JPG as per the requirements list.
• Once Uploaded, Go to the confirmation, and here receive your new account reference number.
• Once your New account is confirmed, you will receive a text message containing your OTP (One Time Pin) and account number for mobile and online banking.
• Done: You just created a new Stanbic Bank Account, to get a Debit VISA Card, simply visit your nearest branch with your national ID and UGX 20,000 as the opening fee to receive a copy.

How to Access Stanbic Bank Mobile Banking

• Dial *290# – the Stanbic Bank Mobile Banking shortcode
• If you just created a new account, enter the One Time PIN (OTP) sent to your number, you’ll then be able to change the PIN from the menu.
• From the main *290# root menu, you can then check your Bank Account balance, make payments, Buy Airtime among other functions.
• Either way, you can download the Stanbic Bank App from the Google or Apple Store for quick mobile banking
• For Internet Banking Visit: ibanking.stanbicbank.co.ug to enter your account username and password to access your Bank account.
• Done: You can always enjoy Mobile Banking by using your Smartphone.

In a nutshell, Stanbic Bank is one of the best Banking institutions in Uganda, and so, opening up an account just got easier with their new online directory that instantly guarantees you a valid account once Signup is complete.

In a like manner, with mobile banking, you can always send and receive money on your MTN Mobile Money or Airtel Money account with ease. Although the bank recently suffered a Black hat attack, mobile and Internet banking are still the best portals you can use in this current COVID19 Pandemic period.

To make a direct money transfer from a foreign bank to your bank in Uganda, you’d then need an International transfer code that accompanies your account number in order to receive money directly to your account.

Several online sending platforms like Skrill also require Swift codes in order to send money directly to your bank account. Luckily, almost all banks authorized by the Bank of Uganda accept wire transfers and here is a full list of SWIFT codes you need:

Uganda Banks SWIFT Codes

What you need to know about SWIFT Codes 

A Swift Code is a standard format of a Bank Identifier Code (BIC) used to specify a particular bank or branch. Swift codes are used when transferring money between banks in different Geo-locations and particularly International bank wire transfers.

On a lucky patch, Banks also use Swift codes to consuct communications between them. The length of a Swift code comprises of 8 to 11 characters formatted as AAA BB CC DDDD for easy identification.

• First 4 characters – bank code (only letters)
• Next 2 characters – ISO 3166-1 alpha-2 country code (only letters)
• Next 2 characters – location code, passive participant will have “1” in the second character (letters and digits)
• Last 3 characters – branch code, optional – ‘XXX’ for primary office (letters and digits)

During the atrocious voting day following the public outcry concerning the seemingly unfair mobile money taxes in October, 164 MPs voted by roll-call and tally to support the tax, while 124 voted against the controversial tax that had been slashed to 0.5% by President Museveni.

4 months down the road since the July 1st tax was welcomed to the 2018/19 budget, mobile money customers have only wondered whether the tax is simply a road block to digital banking or a pending parliament policy. More so, the 0.5% tax dream has never come true as it’s a nightmare which visited the press for less than a month before countrywide silence about when the bill will come to life. This has brought up some controversy for the implementors also at loggerheads with themselves because of the confusion that has since come in due to the failed targets reach.

The current state of the 0.5% tax bill

While President Museveni in July managed to make it a point to inform the general public that the tax levied was not 1% but 0.5% and that it would be altered immediately. Telecoms like MTN and Airtel went ahead to process refunds a few days later in reply to the directive.

A wide percentage of mobile money users weren’t bothered or notified by the refund policy from telcos. But instead still wonder when the tax will be amended fully or scrapped off the ladder. However, during a recent parliamentary sitting State minister for Finance David Bahati revealed that this whole saga will be soon history after the 0.5% bill is scrutinized through all relevant authorities. Nonetheless, what do you think about the whole mobile money tax dilemma that is followed by OTT tax with a sharper sword?

The central bank which has so far suffered a massive loss of over $210 million in hacking attempts against banks and telecoms has now directed all payment services to develop new cybersecurity policies to be reviewed this month.

Deemed as a plan to tighten financial security amidst increased cyber attacks, Kenyan banks could be on the right track to save huge chunks of money lost to online criminals.

History of Cyber attacks in the East African region

In 2009, Uganda created the National Information Technology authority (NIRA) to oversee and regulation information technology services. However much, Kenya and Tanzania have just woke up from the deep sleep, Hackers robbed a total of $394 million in 2017 alone.

While Kenya lost at least $210 million, Tanzania by $99 million and least followed by Uganda at $89 million. Hackers reaped big from fresh grounds to a sense that Kenya’s central bank now wants fresh new cybersecurity rules implemented.

In the same fashion, the Kenyan national computer emergency response team & co-ordination center has been created to tackle all cyber-related incidents. To clarify the creation of a new cyber body and pull up of new rules, the central bank of Kenya released this statement in support of new measures.

The purpose of this is to create a safer and more secure cyberspace that underpins information system security priorities, to promote stability of the Kenyan payments system sub-sector; establish a co-ordinated approach to the prevention and combating of cybercrime

The progress of Kenya’s protection of critical data

Kenya hopes to improve the identification and protection of critical information in order to maintain public trust in the national payments system according to CBK. However, with new Cybersecurity rules to be implemented, the officials claimed this is an extra step in tackling all cyber-related crime with financial institutions developing new modules for this.

The board of directors and senior management of payments service providing institutions are expected to formulate and implement cybersecurity strategies, policies, procedures, guidelines and set minimum standards set for the institution. All these must be documented and made available for review by external auditors and CBK

As Cyber attacks continue to evolve in East Africa & Africa generally. A cross-country conference will be held in Kampala next month to tackle all cyber-related issues concerning the region. Although Kenya is now applauding its official steps towards the hard to locate hackers, the conference will be a common ground to tackle all cyber loopholes.

It’s to be noted that earlier last month Uganda pulled off a suicidal move on social media. Even though many users bypass it with multiple VPNs, OTT tax is a gradual move to eliminate hackers in the overall equation in relation to Kenya’s move. Nevertheless, Banks and Telecoms like Safaricom now have less than a month to conquer their fears with new cyber rules by CBK.

The mobile money tax drama and it’s expected revenue

Mobile money tax was ushered in on July 1st 2018. Since the, the Government has never looked back on choosing whether to proceed with implementing this tax more or consider the views of the people crying out loud for the high taxes imposed on a fast growing mobile banking side.

MTN Mobile money leading the highest revenue statistics followed by its one on one competitor Airtel money are set to bring in 18Bn shillings monthly to Government. Even though, the finance ministry urged all companies to refund the illegally collected taxes to customers. None of the two mobile money lords have refunded a single shilling by time of writing.

The fate of OTT Tax and Government’s plans for its in Uganda

VPN apps in Uganda are widely used for only one single reason which is to bypass social media tax currently similar to the 2016 presidental elections situation where the platforms were deliberatly blokced.

OTT tax or social media tax in Uganda was commented on as a tax that is for now not going anywhere given the many protests by opposition leaders against this tax as it still trends online. Among the few tricks UCC is reportedly working on is to block each and every VPN inorder to force users to spend UGX 200 daily on tax, a mesare that for now is unsuccessful. Therefore, all taxes remain intact and as the minister commented on Government’s measures, enough revenue has already been generated in less than 1 month from the 2018/19 budget flag off.

Uber boda now joins the competitive market including Taxify Boda, Mondo boda and the pioneer Safe Boda. Keeping things in the right way, Uber Boda poses a new effective design and easy pickup process. Not forgetting that Safeboda altered its services with a fresh new design and town offices. Uber Boda jumps in with a big bang to the Boda Boda business.

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Golola Moses of Uganda as Uber’s new brand ambassador

Uber Boda has not only launched with a tricky phase of operations. Golola Moses the popular kickboxer has been recruited as the fresh new brand ambassador to represent Uber boda. No worries, the kickboxer won’t kick you from your Uber boda ride.

What do you think of Uber’s Boda option launch

Since Uber Uganda staged its launch this afternoon at the Square. We expect the popular taxi-hailing service to take over by storm since Taxify,Mondo and Safeboda are already in the business. But with its popularity in Uganda, the market won’t be tricky for the brand we all know.

Although Uber Boda is here. It means in Uganda alone we have so far 4 Boda boda hailing options including Taxify Boda, Safe Boda, Uber boda and Mondo Boda. So which is the best option to consider? Otherwise, what do you think about Uber Boda.

What is Bitcoin and its history

Bitcoin evolved to as a cryptocurrency way back in the early 2000s. However, in 2009 it became a widely known Cryptocurrency though only a few miners invested their money in the currency.

While a single bitcoin now goes for 10,000 US dollars. Bitcoins are the most popular cryptocurrency on the market right now. Many coins exist including Lite coin among other newly developed currencies and the latest being Google to start up its own digital currency. Nevertheless, its the future of banking as mainly call it digital banking.

Is Bitcoin Right for you

The biggest question for everyone who gets to know about bitcoins asks is whether they are right to invest their money in digital banking. As much as many banks and institutions currently accept Bitcoins as a legal form of payment, it shows the true future of banking.

Assuming you wanted to buy a car, Yes. Online companies such as Beforward accept Bitcoins just like you can witness on their website when you try to pay for a car. Nevertheless, Bitcoin is a good form of payment but many people are misusing it.

Why you shouldn’t invest in Bitcoins

While everyone has the urge to invest their money in Bitcoin.Many con men and fraudsters are using this chance to get you off-guard. The more demand rises is the more fraudsters come up with new bitcoin tricks to con you into paying for no bitcoins in return.

many people fear to invest their money in bitcoins simply because many have lost their money from such scenarios. However in 2009 Bitcoin was not as popular as today, meaning miners who bought their coins from that time didn’t face any big challenges. However, in this social media era, it’s difficult to really purchase Bitcoins from the right source.

What to consider if you are to invest in Bitcoins

Bitcoin is the biggest and fastest rising cryptocurrency to date. However, if you wish to invest in this cryptocurrency you should be sure to purchase from the right source first and foremost.

Not forgetting that many digital currencies exist and pose more competition to Bitcoin currently. Your chance to invest in the $10,000 value Bitcoin would be very tricky to get the right seller/source. Just like scammers target every digital framework in order to get more victims, Bitcoin is definitely that big goldmine for fraudsters.

Investing in Bitcoin will not only make you wealthy for less but also teach you a few saving skills. Nevertheless, once you get the right Bitcoin broker, you shall enjoy the comfort of digital banking. Just like the way someone who invested only $1 from the start can now purchase a Larboghini. Investing in Bitcoin would be your fantastic gold mine.

We recommend taking a few online courses about cryptocurrencies and Bitcoin mining in particular from at least one of the top sites like Udemy or Udacity. By the way, Coursera and Alison are also great sites to get the best crypto mining courses online. Therefore Goodluck in mining you first bitcoin which right now goes for a clean $10k.

Editor’s choice

If everyone learned about Bitcoin that it would be a great currency to date. Then everyone would wish to invest in the world’s best cryptocurrency. However, Bitcoins came at a time when social media was not yet a big deal. Nevertheless, right now a single coin goes for 10,000 Us dollars which is quite a good bargain.

I would recommend investing in other potential rapid growth cryptocurrencies. For example, Lite coin is another promising cryptocurrency you can rely on. Therefore to keep your self-safe from any embarrassment by online scammers and fake brokers, simply keep cool or visit official local dealers. Finally, you should reconsider investing your money elsewhere that digital banking. However, if you are a passionate miner, you can go ahead and buy your self Bitcoins as sold in all volumes from as low as $0.001. Whats your thought about the future of digital banking, leave us a comment below.