The state minister for General Duties at the Ministry of Finance, Planning and Economic Development, Henry Musasizi, has underscored the need of a cashless economy, rallying Ugandans to embrace new innovation in order to facilitate service delivery.
Musasizi explained that cashless payments have registered significant growth because of the increase in volumes of internet and mobile banking platforms which is a good thing for the country’s development.
“When these platforms are supplemented by new smart ATM mechanisms, I am confident that the journey towards achieving a cash free economy is firmly on track. The ministry pledges continued support towards ensuring that the environment within which our local banks operate is smooth, “he said.
The Minister made the remarks as PostBank Uganda launched 60 smart ATMs in a bid to get more Ugandans financially included through digitization. The function took place at Forest Mall in Kampala.
“As the government, part of our responsibilities is to ensure economic growth to which financial institutions play key roles as they provide financial services, capital for business which ensure that more Ugandans are part of the money economy, “he said.
Julius Kakeeto, the managing director at PostBank Uganda said that the replacement of the bank’s ATM dispensers with smart ATMs, is part of PostBank’s digital transformation journey that began in 2020.
He said with the smart ATMs, customers will now be able to deposit cash at the ATM with real-time credit to account, make card-less withdrawals and withdraw up to shs 3 million in a single transaction. In addition, a customer will instantly be issued a debit card upon opening an account.
“New management 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,” he said.
Kakeeto said that the smart ATMs are safe and secure and come with convenience as customers would be carrying out all transactions without the need to go to the banking hall.
