KAMPALA – PostBank Uganda has announced a new enhancement to its digital services, with the introduction of Cardless Deposit Functionalities across the country dubbed ‘smart ATMs’.
The new cardless functionalities, launched Thursday, August 4, seek to get more Ugandans financially included through digitization and allowing customers to deposit cash at the ATM with real-time credit to the account.
Customers will also be able to make card-less withdrawals and withdraw up to UGX. 3 million in a single transaction.
“We resolved to kick start a digital transformation journey that would reduce the long queues in branches and provide our customers with self-service solutions. As I speak today, only 40% of total customer transactions are happening over the counter in the banking halls. The rest of the transactions are digital and self-service,” Julius Kakeeto, PostBank Uganda Managing Director told reporters, adding that the replacement of the bank’s ATM dispensers with smart ATMs, is part of the bank’s much sought-after digital transformation journey that began in 2020.
The development follows the Bank’s recent replacement of its ATM fleet with up to 60 new Smart ATM recyclers at all its branches, which in addition to cash withdrawals and statement provisions, accepts card and Cardless deposits from customers.
Kakeeto said that the new Smart ATMs enable the use of innovative technologies that can offer customers a better service, while also reducing fraud.
“PostBank will continue with its digital journey by exploring innovations that drive financial inclusion and reduce the cost of banking,”
Presiding over the launch, Henry Musasizi, a junior minister in the Ministry of Finance lauded said the Cardless functionality is a welcome addition to the Bank’s portfolio of services and products whose value lies in making banking easy, fast, and safe for customers.
“It goes without saying that for a long time, a huge number of people, especially those in hard-to-reach areas, have been subjected to costly ways of making transactions, and with the current hike in fuel prices, the situation has not been any better. With PostBank’s Smart ATMs spread across the country, the bank’s customers, including myself, get financial inclusion. Other forms of financial progress like cashless economies are also achieve
In December 2021, PostBank was granted a Tier One licence to operate as a fully-fledged commercial bank, therefore, to stay efficient and competitive, the Bank is aggressively investing in technologies that meet customers’ evolving needs.