The new partnership between Interswitch and Equity Bank aims to provide faster and more affordable banking services to Equity Bank customers in Uganda.
Through this collaboration, Equity Bank’s customers will have access to over 650 Interswitch-enabled ATMs belonging to 17 local banks in Uganda.
This arrangement mirrors Interswitch’s operations in Nigeria and Kenya, allowing Equity Bank’s ATMs to accept bank cards from other local participating banks and institutions on the Interswitch network.
Equity Bank also becomes an acquirer for Verve cards, expanding its portfolio of accepted cards at all Point-of-Sale (POS) machine locations and ATMs throughout the country.
With approximately 250,000 Verve card holders in Uganda, this partnership aims to enhance accessibility and convenience for customers.
The Country General Manager for Interswitch Uganda, Peter Kawumi, emphasized that this partnership signifies a shift in service quality and competitive advantage.
By joining the Interswitch network, Equity Bank benefits from an ecosystem that includes other financial institutions and their consumers in Uganda and across the region.
One significant benefit is a reduction in transaction costs, with withdrawals for Equity Bank customers at Interswitch-enabled ATMs and customers of other financial institutions at Equity Bank ATMs decreasing by over 60 percent.
Mitchell Elegbe, Founder/Group Managing Director of Interswitch Group, reiterated the commitment to making payment more accessible, convenient, and affordable for Africans.
The partnership with Equity Bank contributes to the interoperability efforts of Uganda’s financial industry and banking sector, reducing restrictions across inter-bank payment channels.
This collaboration also showcases Interswitch’s capacity to support the expansion plans of partners in Nigeria and other countries into different regions.
Anthony Kituuka, Equity Bank’s Managing Director, expressed delight and pride in the bank’s growth and expansion in Uganda over the last 15 years.
With 50 branches, 7,000 Equi Duuka agents, and over 6,500 merchants, the partnership with Interswitch will enhance the existing network and improve customer service by meeting their financial needs more effectively.
The strategic partnership between Interswitch and Equity Bank demonstrates their dedication to fostering innovation and improving the availability and affordability of banking services for customers in Uganda
