THE FEATURE THAT MAKES IT UNPRECEDENTED IS THE FACT THAT THE CUSTOMER WILL BE ABLE TO WITHDRAW OR DEPOSIT MONEY WITHOUT HAVING TO PHYSICALLY MOVE WITH THEIR ATM CARD.

PostBank Uganda, a fully owned commercial bank by the Government of Uganda, on Thursday, August 4^th at Lugogo took digitization in banking to a whole new level by unveiling ATM cardless banking codenamed the smartATM.  This goes a long way to demonstrate the fact that the $4M injected in technology in the last two years was worth the spend.

The smart ATM will be rolled out to all customers across the country in what can be described as one of the life-changing innovations resulting PBU’s deliberate effort to deepen digitization as a way of increasing the bank’s competitiveness on the market.

Julius Kakeeto, PBU’s Managing Director, said that when he took over the leadership in 2019 that had a lot of potential amidst many challenges among which was limited digitization. About 90% of withdraws or deposit-related transactions were being done inside the banking halls, something that resulted into long queues among other aspects of inefficiency. Customers seeking to deposit or withdraw their money would take half of their day queuing up trying to access service at the bank counters. The bank ended up having the longest queues in the market and that gave it a bad reputation and deterred some would-be customers.Even when ATM services were available, customers would apply and wait for 6 months before getting them.

The PBU customer will only be required to walk to the ATMMachine with his/her mobile phone, initiate the transaction from phone and then use the resultant token id to withdraw up to ugx.3m in one transaction.

Kakeeto is optimistic that the smart ATM technology that has been launched is not only unprecedented on the market but will also make banking convenient and also cheaper for all PBU customers regardless of where they live or operate from. The feature that makes it unprecedented is the fact that the customer will be able to withdraw or deposit money without having to physically move with their ATM card.

The PBU customer will only be required to walk to the PBU ATM machine with their mobile phone, initiate the transaction from phone and then use the resultant token ID to withdraw up to UGX.3M in one transaction. You will need to follow the prompts, select your PBU account before proceeding to input the amount of money you desire to withdraw. You will then be required to enter the PIN number into the phone whereupon you receive a voucher or an SMS reflecting a One Time Password (OTP). This OTP is all a customer will be required to use (input it into the ATM machine) and then be authorized to withdraw.Those seeking to deposit will initially be able to deposit up to UGX.30M in one go.

Priscilla Akora, PBU’s Marketing Manager, explained that whoever wishes to benefit from the new ‘smart ATM’ technology will have their account promptly opened up (for the case of new customers) and their smart ATM will be issued on that same day. Old customers desiring to take up the same will have their smart ATM cards issued within just hours after applying for the same.

Akora also explained that the unveiling of the smart ATM only consolidates their digitization journey which began two years ago and previously manifested through the unveiling of innovations like PostApp, PostMobile and PostAgents.

PBU operates 52 branchesand the highest number of ATM access locations in Uganda. The branches are found in  Amolatar, Anaka, Arua, Bombo, Bugolobi, Bukedea, Bweyale, City Branch, Entebbe, Fort Portal, Forest Mall, GuluHoima, Iganga, Jinja, Kabale, Bishop Stuart, Kakiri, Kampala Rd, Kamwenge, Kanungu, Kapchorwa, Kasese, Kayunga, Kitgum, Kotido, Kyazanga, Lacor, Lira, Makerere, Masaka, Masindi, Mbale, Mbarara, Moroto, Mubende, Mukono, Nakasongola, Ndeeba, Ntungamo, Pakwach, Soroti, Usafi, Wandegeya, William Street, Yumbe, Kagadi,Butogota, Kamdin, Rushere, Ishaka, Kihihi and Manafwa.

PBU intends to unveil many other innovations as their digitization journey continues with the overall aim of lowering the cost incurred by Ugandans to access and enjoy efficient banking services.