News Column

Centenary Bank Joins Nigeria's Interswitch Network

February 20, 2014

Julius Businge

Centenary Bank has joined Interswitch East Africa's network that has 280 ATMs through which the bank's customers can transact any time.

Interswitch East Africa, a subsidiary of Interswitch Transactional headquartered in Nigeria operates a network that links different banks to enable their customers share Automated Teller Machines (ATMs) and Points of Sale (POS) services.

Fabian Kasi, Centenary Bank's managing director said at the launch of the partnership on Feb.20 in Kampala that the partnership will further boost the bank's strategy of making it easy for customers to access banking services which are critical for Uganda's economic growth prospects.

"This is a milestone for us," he said.

Interswitch's Chief Executive Officer, Olumuyiwa Asagba said Centenary's joining on the switch will enable its customers transact in areas where the bank has no service.

He said they will be adding other players in the sector going forward. Uganda has 26 commercial banks, 13 belong to the Interswitch family.

Asagba said they will be partnering with other switches across the East African Region so they can reach out to a wider population.

Governor of the Central Bank of Uganda, Emmanuel Tumusiime Mutebile described the partnership as a "great milestone" for Uganda's banking sector.

Mutebile said the partnership will make a substantial contribution to the integration of the electronic payment system across the banking industry in Uganda.

He added that such innovations are already delivering huge benefits for customers in terms of speed, reliability and costs of making payments.

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Source: AllAfrica

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