News

Uganda to get national ATM switch in '04

December 16, 2003

KAMPALA, Uganda - ATM cardholders will by next year be able to use the ATM services provided by different local commercial banks, according to a report appearing on allAfrica.com.

Kwame Ahadzi, Allied Bank International Uganda Ltd managing director, said an ATM switch that would enable customers of different banks to withdraw money from the machine of any bank is expected to be operational by mid-2004.

"This is one of the steps which have been taken by local banks to popularize the banking practice among the population, so as to increase their customer bases," Ahadzi said. "Electronic banking has become one of the safest kinds of banking in our modern times, because it's reliable, fast and easy to monitor by the bankers."

Locally registered firms, including Bankom Ltd and Euronet Ltd, are working on the new system, which will be self-regulatory, according to allAfrica.

Banks currently offering ATM services in Uganda include Crane Bank, Standard Chartered Bank, Barclays Bank, Centenary Rural Development Bank, Stanbic Bank, Allied Bank, Bank of Baroda, Orient Bank and Nile Bank.