Business

Absa Bank unveils ‘Mobi Tap’ functionality for small enterprises

National Arts and Cultural Crafts Association of Uganda Vice Chairman, Mr Nnyanzi Nuwa, Absa’s Retail Director, Jallow Musa, and Ms Robinah Mbabazi, proprietor of Sprout Int’l & Michael Segwaya, Absa’s ED & CFO pose for a picture during the launch

KAMPALA, UGANDA: Absa Bank Uganda has unveiled the Absa Mobi Tap functionality, which allows Micro, Small, and Medium-Sized Enterprises to use their smartphones as Point-of-Sale machines.

The functionality was unveiled during a launch event held at the National Theatre on Wednesday, July 19, and will enable small businesses to accept card-based payments from customers using a smartphone.

Michael Segwaya, Absa Bank Uganda’s Executive Director and Chief Financial Officer, and other top officials of the lender unveiled the service.

Segwaya said, “One of the hindrances to the growth of MSMEs is the fact that a majority are informal and unbanked, which hinders their ability to access credit or attract investors. With this development, we are presenting an option for small businesses to have a clear, digital record of their transactions – which will go a long way towards helping them better manage their finances and demonstrate their viability to potential funders.”

Sam Kiyaga, Absa Bank Uganda’s Head of Cards said, “This feature is looking to tap into the widespread availability and use of smart devices in the country. Essentially, we are saying you can open a business account with your smartphone, and with Mobi Tap.”

Using the Mobi Tap, authorized merchants will be able to receive cashless payments from their customers using any credit, debit or prepaid card ???? hence encouraging the growth of cashless transactions and payment convenience in the country.

“You can receive card-based payments that go straight to your account by having a customer simply tap their contactless-enabled card on your device’s screen,” Kiyaga noted.

The Absa Mobi Tap functionality is a first of its kind on the Ugandan market that seeks to ease transactions for Micro Small and Medium Enterprises (MSMEs). The app turns merchants’ phones ????into payment terminals that are safe and secure with the latest technological innovations.

The application is available in the Google Play Store for download onto any NFC-enabled phone, which allows anyone to become an Absa Mobi Tap merchant straight away.

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