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Cashless transactions rise with Covid-19, says BoU
Wednesday March 10 2021
A customer uses a contactless card to complete a transaction in a supermarket. Covid-19, accelerated the adoption and use of financial technologies such as contactless payments. PHOTO | EDGAR R. BATTE
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Internet and mobile banking grew with disruptions occasioned by the Covid-19 pandemic, a Bank of Uganda review has shown.
The two platforms were some of the digital channels that registered strong performance in the financial services sector.
The quarterly financial stability review for the year ended December 2020 indicates that the value of Internet and mobile banking transactions rose by 30.2 per cent and 135.2 per cent, respectively while mobile money grew by 28.2 per cent compared to a 2.9 per cent growth in 2019, which represented an equivalent of Shs93.7 trillion. ....

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