Home › Forums › Voices of Oppressed Ugandans › The problem of Uganda political class › MOBILE MONEY OVERTAKES COMMERCIAL BANKS, GOVERNMENT DISABLES SIM CARDS
MOBILE MONEY OVERTAKES COMMERCIAL BANKS, GOVERNMENT DISABLES SIM CARDS
Uganda Banks are closing business daily as majority low income earners/lower class citizens choose to save their money on phone.
In a reckless and panic effort to save these collapsing banks, the Uganda communications commission has given a 7 day ultimatum to block all sim cards that would not be registered within that short period.
As we speak now, over 500bilion has been withdrawn from mobile accounts just two days after the ultimatum.
Millions of low income earners consider banks to be a cheating tool for the rich owners because of their costly charges. Mobile money has been much favorable.
The majority lower class citizens/low income earners will prefer hiding their money and their beds over saving in ‘cheating’ banks!
Implications
-Over 20milion sim cards will be blocked and Telecom companies will close business!
-90% low income earners will resort to their old culture of hiding money at home. Banks will continue to close business!
Where’s the essence?
