News

Ugandan bank to add money transfer at ATMs

February 5, 2004

KAMPALA, Uganda - Nile Bank plans to begin offering money transfers via ATMs to help people send money to Uganda.

According to a report on allAfrica.com, the system will require the sender to have an ATM account with Western Union abroad and the recipient in Uganda to have an ATM account with Western Union agents in Uganda.

Nile Bank, Centenary Rural Development Bank, Micro Finance and Pride Uganda, the Western Union agents in Uganda, will have this system installed before the end of 2004, according to the report.

This system will not replace the money transaction system presently in use but will act as an alternative," said Richard Byarugaba, managing director of Nile Bank.

He said the system would allow a customer with an ATM account from Nile Bank to withdraw money from an ATM account in any bank.

"Special ATM cards will be issued for this system and one will be given a pass word," he said.