Interswitch East Africa operates a network that links different banks to enable their customers share Automated Teller Machines (ATMs) and Points of Sale (POS) services.
With the addition of Centenary Bank, the Interswitch network in Uganda now has 13 banks with 280 ATMs. The Banks include; Cairo International Bank, Commercial Bank of Africa, DFCU Bank, Finance Trust Bank, Global Trust Bank, GT Bank (formerly Fina Bank), FINCA, Imperial Bank, Opportunity Bank, Orient Bank, Post Bank and United Bank for Africa.
Speaking at the event, Centenary Bank Managing Director Mr Fabian Kasi commended the new partnership saying it complements the bank’s strategy of taking services closer to the users, ‘We are constantly looking for opportunities to simplify accessibility of banking services for customers. Joining Interswitch draws us near to realizing that dream by increasing our ATM outreach from 146 to 280’.
Mr. Olumuyiwa Asagba the Chief Executive Officer at Interswitch East Africa welcomed the entry of Centenary Bank into the Interswitch family saying this partnership adds value to customers on the network. “We commend Centenary Bank for making the strategic decision to join Interswitch and in turn providing their customers and those of other banks on the network greater convenience,” Asagba said.
He further said that they strongly believe it’s healthy for commercial banks to compete but more important is for them to collaborate, to make financial services more affordable and accessible to their customers in Uganda and the rest of the world.
“In the near future, Interswitch will enable bank customers in Uganda to transact on ATMs of banks in the East African region. Our regional integration is already underway with the switches in Kenya, Rwanda and Tanzania,” he said. The integration process of banks with Kenya and Rwanda is in advanced stages and is expected to be complete by the end of 2014.
The Bank of Uganda Governor Prof. Tumusiime-Mutebile commended Centenary Bank for joining the Interswitch network describing it as a breakthrough for its customers, Interswitch and those of its partner banks on the network. “For the first time, in Uganda’s history, over 2 million customers will be able to share a single network of banks, this is a revolution in the banking industry,” The Governor also urged other banks which have not yet joined the network to emulate Centenary Bank as to make their services more accessible.