Equity Uganda – Interswitch tie-up opens access to 650 ATM locations

June 8, 2023 in Business, Companies, Financial Services by Editor

Interswitch Uganda Country Manager Peter Kawumi and Equity Uganda Managing Director Anthony Kituuka at the launch of a partnership linking their cash vending platforms

Convergence between independent bank switch operator Interswitch and regional lender Equity bank, will increase access for Equity cardholders, to nearly 700 ATM locations countrywide. Equity and Interswitch announced the integration of their platforms June 7, with the latter opening its 650 ATMs to Equity’s customers.

The development is a big win for both parties, with integrated payments and transaction processing provider Interswitch adding a big lender to its portfolio of 17 banks linked to its switch, while for Equity bank, which currently operates 50 branched countrywide, the tie-up with Interswitch instantly expands its service footprint to more than 650 cash dispensing locations.

“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. Firstly, the cost of transacting at ATMs and merchant locations has been significantly reduced,” said Interswitch Country Manager Peter Kawumi.

He explained that the cost of withdrawal for Equity Bank customers at Interswitch enabled ATMs, as well as customers of other financial institutions at Equity Bank ATMs, would shrink by 60pc as a result of the tie-up.

Equity bank Uganda ATM machines will now also accept customer bank cards of other local participating banks and institutions on the Interswitch network. Equity bank also becomes 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.

Speaking during the launch, Equity Uganda Managing Director Anthony Kituuka said the new partnership with Interswitch would “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.”

Equity operates 50 brick and mortar branches in Uganda as well as 7000 Equi Duuka agents and over 6500 merchants.

“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,” Kituuka added