Uganda: New Interbank Transfer System Launched

Craft Silicon, a Kenyan-based software company on Monday launched an inter-bank transfer system that in the interim will enable Centenary Bank and Finance Trust Bank customers to make real time money transfers ranging from Shs500,000 to Shs5m.

Speaking at the launch of the Instant Interbank Transfer system in Kampala, Mr Kamal Budhabhatti, the Craft Silicon chief executive officer, said there was need to leverage on new technology in order to promote conventional banking that is both convenient and less costly to customers.

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