Issue 10, March 2009

Do you own an ATM card? Does this card belong to dfcu Bank, Cairo International Bank, Global Trust Bank, Finance Trust or Fina Bank? If your answer was yes to both questions, then you must already know that you can now access your cash at all the above mentioned institutions’ ATMs using your card. Even better, you can also withdraw cash using your card from the Bankom-owned SmartPoint^TM. If your answer was no, then you can advise your bank to join the Bankom Interbank Switch.

How the Interbank ATM Network Expands

The interbank switch that links commercial banks and other Financial Institutions expands in three ways;

·            Expansion of Bankom’s independently-owned SmartPoint^TM network

·            Partner FIs adding new ATM machines onto their networks

·            New partners with ATMs joining the Bankom network

SmartPoint^TM Now At Select Centres Near You

Bankom officially launched its independently owned SmartPoint^TM ATMs on the third of March. The machines, incorporating the latest in technology and customer-friendly features are easy to use and strategically located in areas where partner bank customers can easily access their hard-earned money. Looking for an ATM?  Bankom’s ATM network includes the following touch points at the moment:

      dfcu Bank branches in Kampala (10 ATMs), Arua, Gulu, Lira, Kitgum, Pader and Mbale

      Cairo International Bank at Greenland Tower on Kampala Road

      Global Trust Bank branches in Mukono, Nateete and Owino (2 ATMs coming soon at the new HQ)

      Finance Trust branches on Bombo Road, Entebbe and Mbarara

      Angenoir Discotheque on 1^st Street Industrial Area

      Good Price Supermarket in Ntinda after Rock Catalina

      The Kobil petrol station in Kibuye

      The Engen petrol station in Bunga

      The Cairo International Bank branch in Kikuubo

      Coming soon: Hoima, Wandegeya, Ndeeba, Dokoro, Paidha and Isingiro

All these ATMs are available to member-bank customers at a fraction of the price that other switches such as VISA charge for transactions on member ATMs.

Bankom at BFI Expo

The Banking, Finance and Insurance Expo will be held on 24th - 26th March 2009 at Lugogo Main Exhibition Hall, and brings various constituents of Uganda’s banking, Finance and Insurance industry to display their ability and progress.  Bankom takes part with a prominent Booth and a public presentation that will be made on the final day (www.bfi-expo.com)

dfcu Bank Soars

Despite the current global economic crisis and the cut-throat competition in the banking sector, the bank posted positive growth registering a large increase in profitability from last year. According to its audited financial statement, the bank realized over Shs.13 billion citing branch network growth and increased deposits. The bank boasts over 20 branches having opened six locations last year.   The good performance is partly attributed to successful conversion of formerly mortgage centers into fully fledged bank branches.

GTB Makes its Presence Felt

Global Trust Bank is set to open more branches after having fully integrated the Commercial Microfinance (CMF) brand this month.  MD Richard Byarugaba said the bank was established on the principles of quality and professionalism.  It will no doubt extend these attributes to its already existing clientele that ranges from private security firms to the State House.

Banking On Boarders

KCB opened its Lira and Gulu branches to kick-start its money transfer business across the border in South Sudan. The branches provide banking and financial services to the booming border traders using KCB’s Bizflex solution which facilitates money transfers and forex transactions in the region. Since KCB’s inception a year ago, 11 branches are operational countywide as well as stations in Kenya, Rwanda, South Sudan, Tanzania and Zanzibar and soon in Burundi. The completion of the Temenos system upgrade will reinforce the regional bank as all regional offices will be inter-connected on one banking platform.

Equity - “Justice with Mercy”

This is how the Chief Justice, Benjamin Odoki defined the word equity, during the Equity Bank’s magnificent launch at the Serena hotel on 30^th of March, that attracted over 2,000 guests.  The bank with roots in Kenya that merged with the popular MDI known as UML has already hoisted its flags at all the latter’s branches.   Both Charles Nalyaali, UML co-founder and now Equity Bank Uganda MD, and James Mwangi Equity Group CEO made eloquent and moving speeches on their similar history and promise of an African-driven transformation from poverty to prosperity through vision and self-belief. Uganda now has 22 operational banks with the recent emergence of Pan-African bank – Ecobank.

Centenary Bank Moves To Curb Competition

They are not standing by and watching.  Four more branches are to be opened in Masindi, Jinja, Mubende and Bwaise to counterbalance competition threats from new market entrants. The move follows the recent unveiling of the Kapchorwa and Ntungamo locations. After the planned expansion, the bank will have 36 branches and 65 ATM locations.

The Money Transfer Craze

After the overwhelming success of Safaricom’s M-Pesa mobile money transfer in Kenya, telecom giant MTN Uganda also launched its own service dubbed ‘MobileMoney’ further cementing their dominance on the local market. MTN subscribers are now able to send money through MTN agents by use of SMS. Libyan-owned Rwandatel also announced the launch of a similar service in Kigali as part of their $45 million investment strategy in the country.  Zain Kenya also launched a similar but cross-border service that will link several countries under the regional telecom giant.

Western Union Goes Mobile

Vodafone, Safaricom and The Western Union Company are partnering to pilot a cross-border mobile money transfer service between the United Kingdom and Kenya. The service will enable customers to send cross-border remittances from select locations directly to Safaricom mobile subscribers in Kenya. The initiative uses Western Union's trusted global "hub" for processing cross-border remittances, and builds on Vodafone's M-PESA system, a mobile money transfer service in Kenya offered by Vodafone and sister company Safaricom. Safaricom has attracted more than 4 million customers since its launch in March 2007.

UK Bank Joins Mobile Fund Remittance Fray

NatWest now allows its Polish Welcome Account customers to send money back to Poland using mobile devices.  The introduction of commission-free international mobile-phone payment transfers between customer accounts in the United Kingdom and PKO BP accounts in Poland is a first for a U.K. bank. To make a money transfer, customers use the NatWest Mobile Phone Banking service on their mobile phones. Customers can sign up for the service using a secure Web site. The international money transfer service is automatically available, once the customer has completed the enrollment and security process.

Houses At 20% Cost

Stanbic Bank launched a building finance scheme that enables Ugandans acquire loans for construction of houses through real estate developers. The bank finances the construction up to 80% of the market value with a loan repayment period of up to 20 years.

New Bank Branches:

Dfcu bank Mbarara

Fina Bank Mbarara

KCB Ben Kiwanuka Street

KCB Hoima

Centenary Bank Ntungamo

Centenary Bank Kapchorwa

Diamond Trust Bank Arua

Housing Finance Mbarara

Housing Finance Kikuubo

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