Interswitch, Centenary Bank partner to deepen financial inclusion

KAMPALA - Centenary Bank and digital payment giant Interswitch have partnered in a bold new move aimed at extending banking services to millions of Ugandans, especially in underserved and remote communities.

Interswitch Uganda on Tuesday announced a strategic partnership with Centenary Bank to enhance convenience and accessibility for its customers.

Through this collaboration, Centenary Bank customers can now access a wide range of banking services at over 20,000 Quickteller agent locations across Uganda.

Quickteller is a sub-brand and product of Interswitch, which operates an extensive agent network that facilitates various financial transactions, including bill payments, mobile money services, and now, agency banking for Centenary Bank customers.

According to Morris Seguya, Interswitch Uganda, Country General Manager, the partnership reflects their dedication to providing seamless digital and physical financial solutions that meet the evolving needs of customers.

“We are excited to collaborate with Centenary Bank to deliver innovative services through the Quickteller platform,” he said.

This collaboration enables Centenary Bank customers to conveniently perform essential banking transactions, such as deposits, withdrawals, and account openings, at Quickteller agent locations.

By leveraging Quickteller’s widespread network, Centenary Bank and Interswitch Uganda are bringing banking services closer to communities, particularly in underserved and unbanked areas.  

This partnership underscores both organisations’ commitment to expanding financial inclusion and improving access to services and accessibility in Uganda.

“Partnering with like-minded institutions, such as Interswitch, with whom we have worked before and continue to work with in such ventures, helps us to achieve our goals. Centenary Bank and Interswitch have a long-standing relationship that has and continues to make strides in the financial inclusion space through services under digital banking channels. This has created a great impact in bringing services closer to our customers across the country,” Fabian Kasi, the Managing Director of Centenary Bank, said.

With this partnership, Centenary Bank customers can enjoy secure and convenient access to banking services at any Quickteller agent location, even outside standard traditional banking hours.

Such efforts speak to Uganda's National Financial Inclusion Strategy 2023-2028, which is making significant strides toward its goal of broadening access to financial services.

According to the latest Finscope Survey 2023, the country has achieved a commendable 81% financial inclusion rate, a promising indicator of progress.

According to the Bank of Uganda (BoU), access to formal financial services such as savings, loans, and payments can raise the standard of living and welfare of low-income populations.

In Uganda, access to formal financial services has increased substantially to 66% over the last decade. The country still has a long way to go; therefore, promoting financial inclusion is a priority.