Cashless payment surge in Uganda as the informal sector leads with 80% of transactions

Uganda’s financial sector is experiencing an interesting development given the wave of financial inclusivity via cashless payment that is currently sweeping through its economy. A recent report showed that cashless payment is beginning to catch on, and 80% of mobile transactions are done by people in the informal sector.

As seen in The Monitor, a Ugandan news outlet, telecoms have noted the adoption of cashless payment and have traced its source to the informal sector.

These telecoms, however, noted that the 80% of people alluded to earlier pull off the least amount of mobile transactions in the country, as 20% of high-value mobile money users pay.

Source: Insider Africa