eZeemoney plots to comeback in a big way

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By Our reporter

On November 6th, 2015, The High court presided over by Justice Henry Adonyo ordered MTN Uganda to pay Ugx. 800M in general damages for loss of business and Ugx. 1.5 Billion as punitive damages after they terminated services to eZeeMoney.

After the long court battle and being out of business for nearly a year, the management of eZeemoney has hatched plan to comeback in the market. This, time in big way. In an Interview with Newz Post, Junior Kwebiha, the eZeemoney CEO said the company is now more dedicated and ready to roll on.

‘‘The court battles made us evolve and look at business differently. Going forward, we will work with partners who want to work with us, and indeed they are very many.’’ He said.

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The second coming

Kwebiha says beginning February 2016 and throughout the first quarter of 2016, the company plans to re-launch, as well as launch new products.

The solutions provider plans to tap into the newly passed Agency banking law to grow her business. Agency banking allows financial institutions to sub contract third party say supermarket, kiosk, retail shop, or mobile network operator to trade on her behalf. That is, receive money and cash out on her behalf. This allows banks to reach more places without necessarily having a branch there.

Also read: MTN, ezeeMoney court battles: is a wake up call for policymakers

Kwebiha says that the eZeemoney model of business indeed supports agency banking.

‘‘We have over 2,000 agents spread out. Agency banking is in line with our objective that seeks to serve the under served. Already we are in talks with several banks to integrate with them to extend their services.’’

The solutions provider is already offering similar services with Airtel Uganda-cash in and Cash Out. Kwehiba adds; we are extending Airtel services to areas they would not reach or reach as easily. In the same way, we will help commercial banks to reach the un-banked.

There 26 commercial banks in Uganda with about 450 braches majority of which are in Kampala. The countryside largely remains un banked.

Also read: Post Bank set for take off

Among the many products, the firm seeks to introduce, include services like Medical Insurance, merchant solutions for retail payments including supermarkets and retail shops.

Internally, the company has already recruited and trained her team for the task ahead. New agents have also been signed adding to on the already existing ones. These agents have also undergone vigorous training to match the changes in the market.

What makes EzeeMoney stand out?

Take away EzeeMoney solution today, and if someone is interested in investing in Airtime, he must individually invest in each of 07
Telecos. Thus, if one airtime moves faster (MTN airtime) it means the trader may fail to serve customers whose airtime has been depleted-simply because his capital in locked up in slow moving airtime.

According to Kwebiha, with eZeeMoney solution, a trader does not have to stock all airtime for all Teleco’s In Uganda. What he does is load say 100,000 on EzeeMoney to sell airtime for all Telco’s in Uganda. This ensures that his money is not tied up in slow moving airtime.

Also read: Vodafone, Smart Telecom in talks over possible merger

Besides the conventional bill payments (Umeme and NWSC) The company’s system can be used to transact Airtel money- cash in and cash out.

Capital needed

One needs Ugx. 1.3 million to get eZeemoney terminal. The float depends on where the agent is located. Agents who are near a Centenary bank branch need as little as Ugx. 200,000 to serve up to Ugx two million shillings. It takes less than 15 minutes to get the float.

Related: The untold story of Mutebile’s return as Governor, Bank of Uganda

editor@newz.ug

+256712880270

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