By Mark Kawalya
SafeBoda is on a mission to accelerate the features of the SafeBoda Super App making it an all-inclusive application that Ugandans use for their day-to-day needs. The motorbike ride-hailing firm announced a round of updates to its app that will enable users to make cash transfers from their SafeBoda wallet to other mobile wallets and to bank accounts. These updates come on the heels of the company’s move to officially debut its mobile money payment system four months ago. This marked the firms’ move towards offering mobile financial services, an unforgiving industry that is dominated by highly aggressive telecos.
“We believe that by making it cheaper and more convenient for our customers to move money between their SafeBoda wallets and other mobile money wallets & bank accounts, we will drive adoption and acceptance of cashless payments by informal economies such as mobility and informal merchants,” Christian Wamambe Mayeku, Head of Financial Innovations at SafeBoda, said.
SafeBoda users will be required to update their apps to the most current version SafeBoda app to take advantage of the new services that have been introduced. The App will retain its ability to transfer cash from one SafeBoda wallet to another a feature that has proved popular on the Super App aside from the ride hailing feature.
It is anticipated that SafeBoda will take a more aggressive stance in the fintech industry where only the most robust and innovative companies are able to hold sizeable market share. The firm has the financial muscle from the capital injection it received from the Google Africa Investment in 2021 to hold its forte. The firm will also drive growth in Kenya, Uganda and Nigeria by upscaling its transportation driven Super App to offer payment and financial services to a clientele base whose tastes and preferences are ever changing.
Currently the SafeBoda wallet has been optimized to accept money transfers from Equity Bank, KCB, DFCU, Centenary Bank, ABSA bank and Stanbic Bank. For mobile money, users can only transfer cash from their SafeBoda Wallets to Airtel Money accounts. The firm in talks with MTN Mobile Money Uganda to integrate this feature into its Mobile Money platform.
