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Kampala, Uganda | THE INDEPENDENT | MTN Uganda Chairman Charles Mbiire has advised banks to invest more time in ensuring they collaborate with telecom companies to meet their growth targets.
Mbiire was speaking as a chief guest at a dinner for NCBA Bank customers held in Kampala.
He said banks and telecoms need to invest in projects that empower people to increase their income and well-being in a bid to further their collaboration and growth. When a business succeeds, its customers must be appreciated.
The Bank has a running partnership with MTN’s micro-loan product, Mokash which made a significant contribution to its overall performance during the year.
Last year, NCBA Bank reported a net profit of Shs27 billion, marking a significant 17% increase from the previous year’s performance.
Mbiire said: “Technology empowers us to become a global network. Telecoms are progressively becoming banks and banks are progressively becoming telecoms.”
With advancements in Artificial Intelligence, Mbiire emphasized the need for banks to optimize the opportunities presented by telecom companies.
Meanwhile, the MTN chief urged banks to tap into Uganda’s large informal sector, which he identified as a key ingredient for their growth targets.
“When MTN was starting, we convinced South Africa to bring a base station here despite initial resistance based on World Bank and IMF figures we reminded them that the Ugandan economy is 70% informal. On the first day, we registered more customers than we had earlier anticipated,” Mbiire said.
Mark Muyobo, the chief executive officer of NCBA Uganda said the dinner provided a platform to recognize customer’s contributions and share recent achievements.
“We are deeply thankful for your continued support and trust. We eagerly anticipate achieving even greater milestones together,” he said as attendees applauded him.
The NCBA Group executive team from Kenya was in attendance, led by Group Managing Director, John Gachora.
Gachora said, “Our customers are the bedrock of our operations, and this evening serves as a testament to their loyalty, resilience, and trust in our services.”
