Uganda’s biggest ride-hailing company SafeBoda a week ago officially launched its mobile money and payment service to the public. It’s worth noting this comes at a time when many cost-sensitive customers are looking for new mobile money service providers and alternatives to native telecom companies.

High service charges and taxes are making telecom-based mobile money platforms relatively expensive and people are looking for safe heavens in fintech apps. The launch of its mobile money services positions Safeboda in a sweet spot to leverage its existing user base to be a worthy competition to MTN and Airtel.

On top of sending money for free and withdrawing money at an affordable price. Here is a list of services you can enjoy with the Safeboda app;

  • Wallet Savings where you earn up to 10% interest on your savingsAirtime and utility PaymentsFood and package delivery with Safeposta expressMerchant Payment in places like petrol stations, shops, restaurants, and cinemas.Order Safeboda rides

The launch was attended by a wide range of Uganda’s tech, government, and finance community with the chief guest being the head of the Bank of Uganda National Payments (NPS) Systems Mr.Mackay Aomu.

Speaking at the event Mr. Mackay commended the tremendous effort that SafeBoda has taken in its journey as a Ugandan tech start-up which first revolutionized the informal sector of Boda Bodas making sure that Boda Boda servicemen and women get digitized.

SafeBoda as a company was launched over 7 years ago starting out with a mission to change the way people were consuming Boda Boda transport services. During that time there was hardly any company or Boda Boda service/group that was offering a helmet for the safety of their passengers.

The entry of SafeBoda into the motorcycle taxi business brought a new horizon to the industry because for the first time people were able to see disciplined riders who would stop at the traffic lights and ride with care.

Towards the end of last year, SafeBoda was among the startups that received funding from Google’s 50$ million Africa Investment Fund which was to help the company scale its activities in both Uganda and Lagos.

Part of the objectives of the fund was to see the company launch its fintech service and make an impact on digital financial inclusion. With the launch of its mobile money payments, SafeBoda will now compete with the conventional fintech players like the telecoms and a range of app-based competitors in the same space.

With the official launch of its payment services out of the way, we can now expect to see the company get more aggressive in this sector with campaigns targeted toward customers to try out the service.

Let us know in the comment section if you would to read a comparison post of Safeboda mobile money to other providers like telecoms or other fintech apps.