The Independent Uganda: You get the Truth we Pay the Price
OPINION | Samir Yassine | Imagine opening a bank account in minutes, without stepping into a banking hall, queuing up, or filling out piles of forms. Just you, your phone, and a few taps. That’s the power of digital account opening—and if you haven’t tried it yet, you’re missing out on a smarter, faster way to manage your finances and take control of your financial future.
A few decades ago, the architecture of banking in Uganda was characterised by long queues, endless forms, and brick-and-mortar branches that served as the gateway to financial services. To open a bank account, one needed to physically visit a branch, present documents, fill in lengthy paperwork, and wait for approval. Today, that model is no longer sustainable.
Digital account opening has emerged as one of the most transformative developments in modern banking by giving the customers control of banking. It enables individuals to initiate and complete the onboarding process remotely, often in minutes—using a smartphone or computer. In a country like Uganda, where mobile penetration stands at over 70% and internet usage continues to grow, the potential for this innovation to unlock access to finance is enormous.
Data from the 2023 FinScope Uganda survey paints a promising picture: financial inclusion has risen to 81%, from 77% in 2018. This growth is largely attributed to the rise of mobile and agent banking platforms. However, account ownership with formal financial institutions still lags behind, especially in rural areas where physical bank branches are few and far between. This is where digital account opening plays a pivotal role.
Uganda, which is pursuing middle-income status, widening access to formal financial services for the consumers is critical. It enables individuals to save securely, access credit, make payments, and build a financial footprint. Digital onboarding simplifies this entry point. It removes bureaucratic hurdles, reduces cost to serve, and makes banking available 24/7, bridging the gap between formal institutions and underserved populations.
At Bank of Africa Uganda, for instance, we are embracing this change. Through our ‘Appsolutely Eassy’ campaign, the bank is leading efforts to deliver a seamless onboarding experience for tech-savvy Ugandans. The move reflects a broader shift within the sector—from transaction-based service delivery to experience-driven engagement. With this approach we are staying relevant to our dynamic customers.
Digital account opening also aligns with a broader agenda in the financial sector to utilise technology to increase easy access to financial services. Banks have a big responsibility to innovate, not only for profit, but for the social and economic empowerment of the population.
Notably, digital literacy remains low in some segments, and data privacy concerns are increasingly relevant. It is, therefore, imperative for financial institutions to combine innovation with customer education and strong cybersecurity infrastructure. Trust must be earned—digitally.
In the years to come, as artificial intelligence and predictive analytics further shape the financial services industry, one thing is certain: the customer will demand more. Not just in terms of access, but in speed, simplicity, and security. Digital account opening is no longer a futuristic concept; it is today’s baseline.
For Uganda to fully reap the benefits of an inclusive financial system, the shift to digital must be deliberate, inclusive, and well communicated. Banks must ensure that digital platforms are not only accessible, but also usable for all segments of society—from urban youth to rural farmers.
Ultimately, the future of banking lies in bold ideas that bring the bank to the customer, wherever they are.
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The writer is the Executive Director of Bank of Africa – Uganda, Samir Yassine.
