How e-money is changing the face of banking

Mobile money service providers outside Kampala International University, Uganda. M-Pesa is popular in East Africa. PHOTO | COURTESY | LARRY MADOWO

Banks are increasingly facing the risk of losing deposits to digital money providers, as electronic money gets entrenched in the financial system, in efforts to promote financial inclusion.

E-money is deemed relatively safer, convenient to store and carry around and cheaper to make payments across the borders.