Interswitch 'could cut costs for commercial banks in Uganda'
Interswitch has encouraged commercial banks in Uganda to reduce their costs by integrating its service more widely.Interswitch has encouraged commercial banks in Uganda to reduce their costs by integrating its service more widely.
The organisation offers facilities that enable businesses to engage in real-time transactions electronically.
According to Akeem Olawal, director of payment infrastructure and processing at the body, this system could ensure that banks' clients are able to be served at any outlet of a commercial bank in the country, East African Business Week reports.
This means people will have the option of using certain services even if they are not in close proximity to a branch of their usual bank.
Mr Olawal is therefore keen to see Ugandan commercial banks embrace Interswitch on a wider scale, so their services can be more closely connected.
This would ensure commercial banks do not always need to establish branches in certain locations and invest in infrastructure such as ATMs.
Mr Olawal argued that financial services providers would therefore be able to drive down the cost of doing business.