Bank of India introduces debit cards as interswitch expands digital payments
The partnership will allow customers to withdraw cash from more than 800 Interswitch-enabled ATMs and pay for goods and services at over 20,000 merchant locations across the country.
Officials from Bank of India and Interswitch during the partnership in Kampala. (Courtesy)
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Bank of India Uganda has partnered with Interswitch to introduce Verve debit cards for its customers for the first time since the bank began operations in Uganda in 2012, in a move aimed at expanding access to digital payments.
Announced on Wednesday, the partnership will allow customers to withdraw cash from more than 800 Interswitch-enabled ATMs and pay for goods and services at over 20,000 merchant locations across the country.
Customers will be able to obtain the cards from any Bank of India branch without requiring previous card history, giving them another way to access their money beyond traditional banking halls.
Moris Seguya, Country General Manager of Interswitch Uganda, said the partnership would expand access to card payments while strengthening the country’s digital payment network.
Bank of India Managing Director Srikant Ashok Wikhe said the initiative aligns with the bank’s ambition to become more digital and customer-centred.
“Partnering with Interswitch to issue Verve debit cards to our customers is a natural step in our journey towards a more digital, customer-centred bank,” Wikhe said.
He added that the partnership would improve convenience and access to financial services for customers across Uganda.
The deal comes as Uganda continues to encourage digital financial services, although cash remains widely used. According to Visa figures cited in the announcement, about 66% of transactions in Uganda are still conducted in cash.
Mobile money remains the dominant digital financial service, with 66% of adults using it, compared with only nine per cent who actively use internet or mobile banking.
Interswitch says it has distributed more than 700,000 Verve cards in Uganda. Its partnerships with Pride Bank, Equity Bank, KCB Uganda and Ecobank Uganda have also expanded access to its payment infrastructure.
Verve, a subsidiary of Interswitch Group, operates in more than 13 African countries and positions itself as an African alternative to international card payment schemes such as Visa and Mastercard.
The partnership is expected to give Bank of India customers greater flexibility in accessing their accounts while supporting the wider adoption of electronic payments.
However, with mobile money continuing to dominate Uganda’s digital financial landscape, expanding card access remains part of the broader effort to give consumers more payment options and reduce dependence on cash.