Uganda: Banks go regional

  1. Posted on Friday 4 January 2008 - 07:36
    Chris
    Image of Chris
    Diamond Trust Bank (DTB) in partnership with Kenya Commercial Bank (KCB) has introduced a single transaction tariff across its East African operations, in an effort to facilitate commercial activities by its merchant customers who routinely travel for business across the region.

    According to DTBExecutive Director George Mashashi, if one customer in Uganda was crediting an account in Kenya, the receiver does not to pay any fees.

    "We now have one single tariff such that we apply a single charge on one money transfer transaction," he said.

    This is the first such innovation in the banking industry in Uganda and might provide a measure of relief for exporters and Importers in Uganda who make frequent payments to their Kenyan or Tanzanian suppliers.

    The single tariff will only apply to transactions originating from and destined for DTB. "We can't extend the service to payments done out DTB because we can't control other banks' operations," he said.

    But even then service proves practicable and draws good response from the customers, other banks may adopt it.

    KCB currently has a service where its customers can withdraw and deposit money at any KCB branch in the region at local rates.

    "A customer can deposit money in Kampala and withdraw the money in Mombasa," KCB Uganda General Manager Sammy Itemere was quoted in the media. "Business men in the region will do not need to travel with money," he said.

    Kenya Commercial Bank (KCB) Uganda which started operations last month plans to spend $17 million in the short term to realise its expansion dream in the country. The bank plans to open 15 branches.

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