Stanbic Bank Improves the Agent Banking Platform with a New Money Transfer Service

Stanbic Bank Uganda (SBU) has unveiled a new money transfer service on their Agent Banking platform to allow both banked and non-banked population to send money and receive money on any mobile number using agents. This is in a bid to promote safety and convenient transfer of funds this festive season.

John Kaweesi, the Head of Alternate Channels SBU 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 of 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 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, “We have understood our customer needs by providing low-cost self-service channels. In this way we are able to safely put our customers in control of their overall banking experience -anytime and anywhere and equate this experience to walking into a branch.”

Stanbic Bank continues to be a trendsetter in the growth of digital innovations in the financial sector and increasing use of technology to facilitate convenient banking. The new agent money transfer solution aims at simplifying banking processes and enhancing financial inclusion within the unbanked population.

“Our Agent Banking platform is built close to our digital solution with a cross functionality built off mobile banking. We also want to let our customers know that they can safely access their money at affordable rates 24/7 through our agents,” Kaweesi said.

New developments in digital financial technologies have helped to reduce the cost of accessing financial services. “In these tough times where the pandemic is ravaging, Stanbic Bank would like to encourage all of you to take up our digital banking platform while carrying out transactions and sending money to your loved ones during this festive season,” Kaweesi said.