DETAILS: Here’s What Equity Bank-Interswitch Deal Means for Customers

Interswitch and Equity bank have entered a strategic business partnership that will give the leading commercial bank’s customers faster and more affordable access to banking services at over 650 Interswitch enabled ATMs countrywide.

Operational in Uganda since 2008, Equity Bank runs a network of 50 branches, 8,640 Equi Duuka agents, over 2,000 Merchants and 52 ATMs spread across the country and serving close to two million customers.

Equity Bank Uganda is a subsidiary of Equity Group Holdings Plc, a financial services company listed at the Nairobi Securities Exchange, Uganda Securities Exchange, and Rwanda Stock Exchange. Equity Group is the largest bank in the region with assets of USD 12 billion.

Always innovating ways to improve its customers’ experiences, Equity Bank has announced a new partnership with Interswitch, an integrated payments and transaction processing company which operates shared e-payment platforms for financial and non-financial institutions across Africa.

The partnership will allow Equity bank cards to be used on the network of over 650 Interswitch enabled ATM machines belonging to 17 local banks in the country boosting Equity’s service delivery and availing affordable access to its card services at other bank’s channels.

The deal will also enable Equity Bank Uganda ATM machines to accept customer bank cards of other local participating banks and institutions on the Interswitch network.

The development also means that Equity Bank has become an acquirer for Verve cards, adding to its wide portfolio of cards accepted by all point-of-sale machine locations and ATMs countrywide. There are approximately 250,000 Verve card holders in Uganda.

Announcing the partnership at a press launch held at Sheraton Hotel in Kampala today, Interswitch Country General Manager, Peter Kawumi, noted that the partnership is ideal and timely.  He pointed out that for the past 20 years, Interswitch has provided technology solutions to businesses to allow them provide their customers with accessible, seamless, and affordable banking services.

“This partnership demonstrates an interesting shift in the attainment of service quality and competitive advantage. By joining the Interswitch network, Equity Bank will now benefit from the entire ecosystem that includes all the other financial institutions, their consumers in Uganda and across the region. In this way, Equity Bank has achieved two key things,” explained InterSwitch GM Kawumi.

“Firstly, the cost of transacting at ATMs and merchant locations has been significantly reduced. For example, withdrawal transactions for Equity Bank customers at Interswitch enabled ATMs, as well as customers of other financial institutions at Equity Bank ATMs has now gone down by over 60% – that is a significant saving.”

Speaking during the launch, Equity Bank Uganda Managing Director Anthony Kituuka said he was delighted and proud of the financial institution’s rapid growth and expansion in the country over the last 15 years.

“This new partnership with Interswitch will support the existing network and allow us to serve our customers better and meet their financial needs right at their doorsteps. Even as the Bank continues to grow, we are committed to offering Ugandans a great customer experience with a variety of tailor-made products that speak to their financial needs,” noted MD Kituuka.

“Whether you are a farmer, a retail or wholesale trader or on transit, Equity bank services will now be accessible across 650 Interswitch enabled ATMs, allowing you to efficiently deposit funds, make withdrawals or make payments.  We are keen on growing with our customers and are looking forward to serving them better with this new partnership and as well as working with other partners and contributing to their transformation.

“The strategic partnership between Equity bank and Interswitch demonstrates the commitment of the two institutions to drive innovation and enhance the accessibility and affordability of banking services for the end consumer.”

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