Equity Bank Uganda has partnered with Interswitch, a leading payments and transaction processing company, to provide faster and more affordable access to banking services for Equity customers.
KAMPALA, UGANDA | NOW THEN DIGITAL — Interswitch, a leading payments and transaction processing company in Africa, and Equity Bank have announced a strategic partnership aimed at driving innovation and expanding financial inclusion in the Eastern Africa region and beyond.
Financial experts highlight the significance of collaboration as a strategy to enhance services and make them more accessible.
Equity bank’s partnership with Interswitch allows Equity bank cards to be used at the network of over 650 Interswitch enabled ATMs belonging to 17 local banks in Uganda. This collaboration will boost service delivery and provide affordable access to banking services.
Enhanced Access to Banking Services
As part of the partnership, Equity Bank customers will now have faster and more affordable access to banking services through over 650 Interswitch enabled ATMs across the country.
This move aligns with the industry’s objective to provide remote and digital access systems, such as ATMs, to reduce the reliance on traditional banking halls.
Expanding the Network
Equity Bank cards will be accepted on the network of over 650 Interswitch enabled ATMs belonging to 17 local banks in the country. This collaboration will not only improve service delivery but also facilitate affordable access to banking services for customers.
Cross-Border Transactions
Equity Bank Uganda ATMs will also accept bank cards from other participating local banks and institutions on the Interswitch network. This cross-border compatibility enhances convenience and promotes seamless transactions within the region.
Acquirer for Verve Cards
Equity Bank further expands its portfolio by becoming an acquirer for Verve cards, adding to the range of cards accepted at all Point-of-Sale machine locations and ATMs nationwide.
With approximately 250,000 Verve cardholders in Uganda, this development strengthens the bank’s position as a versatile financial service provider.
The Significance of the Partnership
Speaking at the press launch, Interswitch Country General Manager, Peter Kawumi, emphasized the value and timeliness of the partnership. He highlighted how Equity Bank will benefit from the broader ecosystem of financial institutions and their customers, enabling the attainment of service quality and competitive advantage.
Enhanced Cost-Efficiency
Kawumi noted that the partnership has significantly reduced the cost of transactions at ATMs and merchant locations.
For instance, Equity Bank customers can now enjoy withdrawal transactions at Interswitch enabled ATMs and customers of other financial institutions at Equity Bank ATMs with a reduction of over 60% in transaction costs. This substantial saving demonstrates the commitment to providing accessible, seamless, and affordable banking services.
Empowering Underserved Communities
Equity Bank Managing Director Anthony Kituuka expressed enthusiasm about leveraging Interswitch’s expertise in digital payment solutions to extend their reach to underserved communities.
He emphasized the bank’s commitment to delivering tailor-made products that address the financial needs of Ugandans, while also emphasizing the transformative potential of technology in driving economic growth and development.
Enhanced Customer Experience
Through this partnership, Equity Bank aims to offer its two million customers seamless and secure payment solutions. With Interswitch’s e-payment system, the bank strives to provide unparalleled convenience and efficiency, aligning with the evolving needs of customers in today’s fast-paced world.
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Conclusion
The collaboration between Interswitch and Equity Bank represents a significant step towards driving innovation and expanding financial inclusion in the Eastern Africa region.
By leveraging technology and working together, these financial institutions aim to provide accessible, seamless, and affordable banking services to individuals and businesses, ultimately empowering communities and fostering economic growth.
We are pleased to announce a partnership with @interswitchug that will give our customers faster and more affordable access to banking services at over 650 Interswitch enabled ATMs countrywide.#EquityJoinsInterSwitch pic.twitter.com/ElzK6CC8VD
— Equity Bank Uganda (@UgEquityBank) June 7, 2023
It's official – we are now on Interswitch!
You can now use your Equity bank card at over 650 Interswitch enabled ATM machines. #EquityJoinsInterSwitch pic.twitter.com/MIGLjWdLtH
— Equity Bank Uganda (@UgEquityBank) June 7, 2023
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