In Uganda, most people are low-income earners who work daily to look for a way of survival; however, the majority now use mobile money services like MTN MoMo and Airtel Money to send, save, and receive money. At the same time, banks such as Stanbic, Centenary, and Equity remain the traditional choice for saving and accessing loans.
We have brought to you the comparison between mobile money vs. bank accounts in Uganda in 2025 so you can make the best decision.
1. Accessibility
Mobile Money: Very easy to access anywhere, even in villages, through agents.
Banks: Branches are fewer and mainly in towns.
2. Cost of Transactions
Mobile Money: Charges fees for deposits, withdrawals, and transfers. Costs rise with larger amounts.
Banks: Cheaper for large transactions. Some banks offer free transfers to other accounts.
3. Savings & Interest
Mobile Money: Services like MoMo Nyabo and Wewole allow savings, but interest rates are small.
Banks: Offer savings accounts with higher interest, fixed deposits, and financial planning.
4. Loans
Mobile Money: Quick access to small loans (MTN MoMo Advance, Airtel Wewole). No paperwork.
Banks: Larger loans with lower interest but require security, documents, and time.
Also Read: IPhone 17 series launched in Ugandan market
5. Security
Mobile Money: Vulnerable to fraud and scams if PINs are shared.
Banks: More secure with strict regulations, though ATM fraud and charges still exist.
6. Convenience for Daily Use
Mobile Money: Best for airtime, data bundles, paying bills, school fees, and sending money instantly.
Banks: Better for salary payments, savings, and big purchases.
In conclusion, both mobile money and bank accounts are important in Uganda today.However, mobile money is good for daily needs, and a bank account is good for long-term goals.
written by @enock katamba
- Mr. katamba Enock: Professional designer with experience in web designing who started this activity in 2022 at Kyambogo University . Contact me on : (+256-758287080)
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