17 December 2012

Uganda: Banks Urged to Integrate Interswitch

Kampala — Commercial Banks in Uganda have been urged to integrate interswitch to help them interlink their services hence lowering their cost of doing business.

Mr. Akeem Olawal Interswitch's Director Payment Infrastructure and Processing of Interswitch told an Executive seminar on running profitable cards and electronic payments business that by banks integrating to inter switch, it will also enable their customers to access their services in places where they have no branches.

"With this system, banks' clients can be served at any branch of a commercial bank in Uganda," Olawal noted.

Jomson Mukiza the Head of Operations at Opportunity Bank told East African Business Week that many banks are spending a lot of money constructing infrastructures like ATM booths and unnecessarirly setting up branches.

Interswitch is an integrated payment and transaction processing company that provide technology integration advises and services that aids processing and payment infrastructure to government, banks and corporate companies.

Interswtch provides online real time transactions switching payment and processing an e-payment infrastructure product that enables business and individuals have access to their funds across banks.

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