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Inter-bank ATMs to increase to 100

By Vision Reporter

Added 28th June 2007 03:00 AM

Bankom plans to roll out 100 Automated Teller Machines (ATMs) and Point of Sale terminals in 800
locations countrywide.

Bankom plans to roll out 100 Automated Teller Machines (ATMs) and Point of Sale terminals in 800
locations countrywide.

By Sylvia Juuko

Bankom plans to roll out 100 Automated Teller Machines (ATMs) and Point of Sale terminals in 800
locations countrywide.

“The first phase is the 20 ATMs in prime locations before the end of August this year. The second phase will be an additional 20 before the end of December,” Charlotte Kaheru, the managing director of Bankom, explained.

Bankom is an electronic payment systems provider licensed by the central bank to handle electronic financial payments and local switching for financial institutions.

Kaheru said that with the Point of Sale terminals, Bankom was working in partnership with several banks in line with their strategies.

“Like the Automated Teller Machines, we intend to be in over 800 locations countrywide – and in these, people will be able to purchase goods and services – and also draw money from the machine like it’s an ATM,” she explained.

The move will increase the usage of electronic payment systems.

Banks, which are connected to Bankom’s network include Nile, dfcu, Cairo International, Orient and Commercial Microfinance.

Kaheru said Bankom plans to become a VISA third party processor this year.

“Within the next three to six months, we should have become VISA-certified. Currently, VISA transactions cost about sh5,000 and we hope to see the costs drop to sh2,000,” she said.

Kaheru said they would link international banks to Bankom’s network via the VISA services.

“We are in a dialogue with the international banks. What you would find is that they would rather go the VISA route because that is what most international banks have globally. So when we launch the VISA, we will be able to work with international banks,” she added.

Bankom plans to initially roll out services simultaneously to Kampala, Jinja, Mbale and Mbarara and later to the rest of the country.

Inter-bank ATMs to increase to 100

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