By Aduragbemi Omiyale
The banking public in Uganda will soon begin to enjoy more affordable banking services due to the partnership between Interswitch and Equity Bank.
A statement from the Nigerian firm said citizens of the East African country would have affordable banking services at over 650 Interswitch-enabled ATMs belonging to 17 local banks in Uganda.
This has reduced the cost of transacting at ATMs and merchant locations by over 60 per cent, according to the Country General Manager for Interswitch Uganda, Mr Peter Kawumi,
For example, the cost of withdrawals for Equity Bank customers at Interswitch-enabled ATMs, as well as customers of other financial institutions at Equity Bank ATMs, will be lower.
In addition, the deal will enable Equity Bank’s ATM machines to accept bank cards of other local participating banks and institutions on the Interswitch network.
Equity Bank also becomes an acquirer for Verve cards, adding to its wide portfolio of cards accepted by all countrywide Point-of-Sale (POS) machine locations and ATMs. There are approximately 250,000 Verve card holders in Uganda.
“This partnership demonstrates an interesting shift in attaining service quality and competitive advantage. By joining the Interswitch network, Equity Bank will benefit from the entire ecosystem, including all the other financial institutions and their consumers in Uganda and across the region. In this way, Equity Bank has achieved two key things,” Mr Kawumi said at a press launch held on Wednesday, June 7, at Sheraton Hotels in Kampala.
“Once more, we reiterate our commitment to making payment more accessible, convenient and affordable for Africans.
“Our partnership with Equity Bank enhances the interoperability efforts of the Ugandan financial industry and banking sector.
“The restriction across inter-bank payment channels in Uganda is further reduced. This partnership reiterates our capacity to support the expansion plans of our partners in Nigeria and other countries into other regions,” the founder of Interswitch Group, Mitchell Elegbe, said.
On his part, the Managing Director of Equity Bank, Mr Anthony Kituuka, said, “We are delighted and proud of our rapid growth and expansion in Uganda over the last 15 years, bringing us to 50 branches, 7,000 Equi Duuka agents and over 6,500 merchants.
“This new partnership with Interswitch will support the existing network, allow us to serve our customers better and meet their financial needs right at their doorsteps.
“Even as the bank continues to grow, we are committed to offering Ugandans a great customer experience with various tailor-made products that speak to their financial needs.”
