KAMPALA– In a bid to ensure convenient and paperless banking, Absa Bank Uganda has unveiled two groundbreaking digital innovations, DigiLoans (Loan Mu Second) and Online Account Opening designed to transform the way customers manage their finances.
Launched at the Kampala Serena Hotel, the two fully self-service solutions are accessible via the Absa Mobile Banking App, Internet Banking, and Hello Money (USSD). They enable customers to open bank accounts and access instant loans anytime, anywhere, using just their smartphones or computers.
Speaking at the launch, Michael Segwaya, Chief Financial Officer and Executive Director at Absa Bank Uganda, said the new offerings align with the bank’s broader digital strategy and Uganda’s digital economy goals.
“These services align with Uganda’s digital economy ambitions and deliver practical solutions that eliminate the need for queues, paperwork, or branch visits,” he said.
The Online Account Opening platform introduces a new level of accessibility for individuals seeking to join the bank. Customers can now open an account in minutes using a National ID, with no forms to fill or branch visits required.
Moses Rutahigwa, Retail and Business Banking Director at Absa Bank Uganda, emphasized the importance of this innovation in eliminating entry barriers:
“We have removed all the barriers to enter our bank. With just a smartphone, a national ID, and a few simple steps, anyone can open an Absa account from the comfort of their home or office no paperwork, no queues.”
He added that this innovation delivers the speed and convenience today’s banking customers demand.
“Today’s customer wants speed, convenience, and accessibility. That’s exactly what we are delivering with these two innovative services banking is now truly at your fingertips,” Rutahigwa noted.
Complementing the digital onboarding is DigiLoans, a product aimed at providing instant credit access to eligible customers who have held an Absa account for at least 12 months. With no paperwork or branch visits required, customers can borrow between UGX 20,000 and UGX 2 million in just seconds.
“With DigiLoans, customers can now access quick credit in just 30 seconds directly from their phones no branch visits, no paperwork, just instant financial support when you need it most,” Rutahigwa said.
Rutahigwa also underscored that these innovations reflect Absa’s unwavering commitment to customer experience.
“Our customers are at the center of everything we do. These innovations are not just additions; they are game changers in how we deliver banking experiences.”
He further noted the impact such innovations have on financial inclusion in Uganda:
“By eliminating paperwork and simplifying access to finance, we are making banking more inclusive and accessible for everyone, from students to business owners,” Rutahigwa added.
Rachel Rwakatungu, Credit Director at Absa Bank Uganda, also emphasized the broader implications of the new products.
“This is more than just convenience,” she said. “It’s about extending real financial empowerment, giving people the tools to access and manage credit quickly, safely, and responsibly.”
The launch comes at a critical moment in Uganda’s digital transformation journey. According to the Uganda Communications Commission, as of September 2024, the country had 45.6 million registered mobile money accounts, with 30.4 million active users, highlighting the expanding role of digital financial services.
Smartphone penetration now stands at approximately 33%, driven by increased device affordability and mobile-first platforms. Uganda’s predominantly young population over 75% under the age of 30 (UBOS, 2024 Mid-Year Projection) is fueling this digital revolution, with a strong appetite for mobile-led, flexible financial tools.
In 2023 alone, more than UGX 9.5 trillion worth of mobile money loans were disbursed in Uganda, according to the Bank of Uganda (2024). Absa’s DigiLoans enter a space previously dominated by mobile network operators, offering a credible, fast, and secure alternative from a licensed financial institution.
With the rollout of DigiLoans and Online Account Opening, Absa Bank Uganda reinforces its position as a digitally-led, customer-obsessed bank, delivering smart, accessible financial solutions that meet the evolving needs of every Ugandan.
