Police embraces e-banking

Tuesday, 20th April, 2010
By David Mugabe

MEMBERS of the Police force will no longer need to go to the bank to withdraw money to carry out transactions, thanks to a new e-banking initiative.

MAPSwitch Uganda, providers of electronic financial services, plans to extend its branchless banking service to the force. Roscoe Nsubuga, the managing director, said the service enables clients to withdraw money, transact business, buy airtime or check their account balances using an electronic device at specific access points.

The roll out of the service to the Police force comes after a successful launch in the military. It is, however, currently only open to PostBank customers although negotiations are on to bring other banks on board. The Police force has over 30,000 servicemen and women. The mobile banking platform has already benefited over 57,000 UPDF soldiers, who belong to the Wazalendo military savings and credit cooperative organisation (SACCO).



“In the past, all the money they (soldiers) saved was written in a book. But now even their wives armed with a personal identification number can locate and check their balance,” Nsubuga said in an interview.


MapSwitch has already signed an agreement with ministry of finance and PostBank to roll out the service. Bank customers are given biometric cards that captures their bio-data, including finger prints, photos and signatures.

The technology is a big boost to Uganda’s unbanked masses of about 80%. Sector experts say by eliminating all the paperwork and processes required in formal banking, MAPSwitch is boosting the financial system.


Source: http://www.financialtechnologyafrica.com/