New interbank transfer system launched

L-R: The CEO Craft Silicon Kamal Budhabhatti, Centenary Bank MD Fabian Kasi, Director Commercial Banking at Bank of Uganda Benedict Ssekabira and the ED Finance Trust Bank Dennis Kakeeto exchange MoU during the Interbank transfer launch at the Sheraton hotel. PHOTO BY RACHEL MABALA

What you need to know:

  • Interbank transfer, Mr Budhabhatti said, is the next chapter in the evolution of banking because it allows “instantaneous transfer of funds from one bank to another through highly advanced technical innovations.

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.

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