Interswitch, Africa’s leading integrated payments and digital commerce company, has partnered with Equity Bank, one of the top Banking Groups in East Africa, to provide the Bank’s customers with faster and more affordable banking services at over 650 Interswitch-enabled ATMs belonging to 17 local banks in Uganda.
This arrangement mirrors Interswitch’s operations in Nigeria and Kenya
as it will also 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 Point-of-Sale (POS) machine locations and ATMs
countrywide. There are approximately 250,000 Verve card holders in Uganda.
Announcing the partnership at a press launch which held on
Wednesday, June 7, at Sheraton Hotel in Kampala, Country General Manager for
Interswitch Uganda, Peter Kawumi, noted that the partnership is ideal and
timely. He pointed out that for the past
20 years, Interswitch has provided technology solutions to businesses in
Africa, to allow them to provide their customers with accessible, seamless, and
affordable banking services.
“This partnership demonstrates an interesting shift in the
attainment of service quality and competitive advantage. By joining the
Interswitch network, Equity Bank will now benefit from the entire ecosystem
that includes all the other financial institutions and their consumers in
Uganda and across the region. In this way, Equity Bank has achieved two key
Firstly, the cost of transacting at ATMs and merchant locations has
been significantly reduced. 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 has reduced by over 60% - “that is a
significant cost reduction” said Kawumi.
Speaking about the latest partnership, Mitchell Elegbe,
Founder/Group Managing Director, Interswitch Group said “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.”
Speaking during the launch, Equity bank Managing Director 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 a variety of tailor-made products that speak to
their financial needs.”
Adding, “whether you are a farmer, a retail or wholesale trader or
on transit, Equity bank services will now be accessible across 650
Interswitch-enabled ATMs, allowing you to efficiently deposit funds, make
withdrawals or make payments. We are
keen on growing with our customers and look forward to serving them better with
this new partnership.”
The strategic partnership between Interswitch and Equity Bank showcases
the dedication of both institutions to fostering innovation and improving the
availability and affordability of banking services for customers.