Post Bank Uganda Launches Smart ATMs

Smart Automated Teller Machines (ATMs) have been launched by Post Bank Uganda (PBU), a Government owned financial institution to help customers access financial services, such as withdrawing and depositing money without going to the banking halls.

While launching the Smart ATMs at Post Bank Uganda Head Office in Kampala, Henry Musasizi, the Minister of State for Finance, last Friday said the Government is committed to supporting Post Bank to reach accepted International Banking Standards.

“I am looking forward to making use of the new smart ATM technology to effect transfers of money for people in my Rubanda East Constituency. This will be much cheaper than mobile money transfers which most Members of Parliament use to frequently transfer millions of shillings to people in their Constituencies, particularly during weekends”, he said.

Minister Musasizi explained that this innovation will kill many birds with one stone, including making Bank financial transactions more attractive to moderately educated people, especially in upcountry communities. He stressed that being low on cost and conveniently accessible will naturally attract many community members, including those with bad attitudes because they perceive banking as a burden on themselves.

He pointed out that the fact that PBU is the most accessible throughout the country because of its 52 branches, the 400 agent banking locations and the 60 ATM points that have specifically been set up to amplify uptake for this new technology, means the smart ATM innovation is going to attract more Ugandans into opening up bank accounts, thereby deepening financial inclusion which is a key aspiration of the Government.

Post Bank Managing Director, Julius Kakeeto, said the Bank’s digital journey started two years ago. Kakeeto said 90 per cent of withdrawal or deposit-related transactions were being done inside the banking halls, which resulted in long queues that create delays and inefficiency.

“Those seeking to deposit money with Post Bank will initially be able to deposit up to about $9500 in one go. The same will be enlarged as time goes by”, he said.