Stanbic Bank Uganda has unveiled a new money transfer service on their Agent Banking platform to allow both banked and unbanked population to send and receive money on any mobile number using agents.
John Kaweesi, the Head of Alternate Channels at the bank said: “The new agent money transfer service is simple, secure and is done in real-time. The best part of this transaction is that you don’t need to have a bank account or be registered for mobile banking to send money and withdrawing the cash is absolutely free for the recipient.”
The Stanbic new agent banking solution will allow customers to send money to any beneficiary with a registered telephone number, who can withdraw it at any of their 2,700 agent outlets across the country.
It uses a voucher sent to the receiver’s mobile phone by SMS and a PIN sent to the sender’s mobile phone by SMS. Once the sender shares the PIN with the receiver, the receiver can withdraw cash from any of the agent outlets.
Agent banking is a low-cost self-service channel where the bank has recruited third party providers to offer banking services on its behalf.
Kaweesi said they have understood their customer needs by providing low-cost self-service channels. In this way, they are able to safely put their customers in control of their overall banking experience -anytime and anywhere and equate this experience to walking into a branch.
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