By Michael Kanaabi Dollar
Post Bank Uganda Limited has hit yet another milestone in Uganda’s banking industry after they launched one of the largest network of smart ATMs in the country last week.
While presiding over the event at their Forest Mall branch as Chief Guest, State Minister in Charge of General Duties at the Ministry of Finance, Honorable Henry Musasizi noted that the bank’s new innovation which allows for total cardless banking through Post Bank’s new ATMs is a move in the right direction and therefore government fully supports it.
“Our aim as the government is to bring as many people into the money and mainstream economy as possible and also ease access to capital for low-income earners all of which this new innovation by Post Bank is well positioned to support given their far-reaching network of ATMs and the ease they will offer for those sending money upcountry,” he said.
Honorable Musasizi added that as the government pushes towards having a cashless economy, innovations like the one Post Bank launched will be pivotal alongside the Bank’s other innovations like it’s banking app, the USSD code for feature phones and internet banking. “These innovations not only ease access to banking services but also cut down the risk of carrying cash plus the cost of transactions all which benefit the last mile user whom we as government are also working towards uplifting.”
Why Smart ATMs?
Julius Kakeeto Post Bank Uganda’s CEO says these new smart ATMs are part of their drive to transform Post Bank into a modern bank leading the way in digital and technology space so as to give customers better value.
“Our drive towards digitisation has helped decongest our banking halls with transactions done in the banking halls dropping from 90% to 40% thanks to new convenient channels we introduced like the Post Mobile App, the *263*USSD code for feature phones, online banking and the smart ATMs being the latest.”
The new smart ATMs not only offer cardless transactions but have brought with them real time deposits and withdraws with the money debited and credited to your bank account instantly.
“SMEs will benefit immensely as customers in this category working past regular banking hours can conveniently deposit up to 30 million Ugx through the new smart ATMs to ensure their cash for the day is banked any time and not stored on business premises which comes with extra risk.” Money transfers upcountry using the code and voucher system which can be shared with the recipient then picked from any of our ATMs will also bring down the cost of money transfer locally as well he added.
Andrew Kabeera Post Bank’s Executive Director urged customers to embrace this new innovation and not worry about the security of their transactions given the entire system on which this new innovation given its all entirely built an controlled by the bank itself. There is hardly any third party involvement so the risks involved are vigorously under check internally he notes.
“ As a result, we have invested over $4 million to ensure the integrity and security features of our banking system are top notch and can hardly be breached by fraudsters. Therefore I can guarantee that all depositors funds and transactions done using our new Smart ATMs and other technology platforms are more than safe” he says.