Urwego Opportunity Bank (UOB) has unveiled a package where customers will earn interest and life insurance on their mVISA mobile banking deposits. “Customers who will keep a minimum of Rwf50,000 on their mHose mVISA accounts, will get free life insurance together with two other family members,” said Jeffrey Lee, the Urwego Opportunity Bank chief executive officer, during a press conference on Friday. Lee said the facility would also have direct access to clients’ bank accounts for them to benefit.“MHose mVISA is a mobile banking solution which allows customers and agents to transact with those of other banks participating in mVISA,” he explained.Lee said the move was to encourage financial inclusion in the country by providing a range of affordable and accessible services, especially among the population that is not served by commercial banks.He assured customers of the platform’s safety, saying each would get a unique pin code once they registered on the platform.The bank launched the product in April and has so far registered 4,600 customers, transacting over Rwf 200m. Lee said more than 50 bank agents were already using the platform countrywide.mVISA, which is a product of VISA International, is currently under its pilot phase in the country.Urwego Opportunity Bank and Bank of Kigali are currently the only local banks using the facility.It is used to send and receive money, do withdrawals and deposits, access and service loans, buy airtime, pay bills and account viewing at no cost.
