What you need to know:
- The addition of Equity Bank to the Interswitch network brings an additional 52 ATMs
Interswitch has said it now has a cross coverage of 650 automated teller machines (ATMs) after adding 52 ATMs owned by Equity Bank on its network last week.
Speaking at the ceremony, during which the two signed a partnership in Kampala, Mr Peter Kawumi, the Interswitch country general manager, said the addition of Equity on its network comes at a time when there is an interesting shift in the way of attaining quality and competitive advantage, with focus now put on aggregating services for better delivery and cost management.
Therefore, he said, by joining Interswitch, Equity would benefit from an ecosystem of 17 financial institutions, whose customers have access to at least 650 Interswitch-enabled ATMs.
“This partnership demonstrates an interesting shift in the attainment of service quality and competitive advantage. Equity will now benefit from the entire ecosystem that includes other financial institutions,” he said, noting that the cost of interbank ATM transactions will reduce by about 60 percent.
Interswitch is an integrated payments and transaction processing company, which operates shared e-payment platforms for at least 17 banks in Uganda.
Equity has in the last five years experienced rapid growth, expanding its service offerings, including branch, agent banking and merchant network.
The bank has also exhibited significant growth in digital banking, enabling it to significantly reduce the number of transactions in banking halls.
Last month Equity indicated that at least more than 95 percent of its transactions were now conducted outside its banking halls.
Mr Anthony Kituuka, the Equity Bank managing director, said, the partnership with Interswitch will support the bank’s agenda to offer valued customer experience by building a variety of tailor-made products that speak to their financial needs.