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The growth and evolution of 24/7 banking such as internet and mobile banking is now a reality. There is however a big chunk of the economy that is still cash-based.
According to the Bank of Uganda, the number of internet-based fund transfers grew by 51.6% from UGX46.7 million in 2021 to UGX70.8 million transactions in 2022. The value of money moved via Internet banking nearly tripled, growing from UGX4.5 trillion to 12.5 trillion, a whopping 176% growth.
Mobile banking (excluding mobile money) users also jumped from 1.4 million to 1.7 million and the number of transactions also grew from 25.3 million to 42.6 million transactions, moving UGX16.1 trillion in 2022, a 55.3% rise from the UGX10.4 trillion moved in 2021.
Regardless, while the value of digital money moved overtook the amount of cash in circulation, cash still remains a major mode of transaction. The net value of banknotes in circulation for example increased by UGX477 billion, from UGX6.6 trillion as of June 2022 to UGX7.1 trillion in June 2023, while that of coins increased by UGX9.9 billion from UGX206 billion to UGX216 billion.
But with most banks closing between 4-5 pm and working for a limited number of hours on weekends, and closed on public holidays, how do banks extend the benefits of technology to enhance customer experience and provide extended banking hours for clients still transacting in cash especially those working outside official banking hours?
To solve this challenge, I&M Bank Uganda has innovated a 24/7 digital self-service hub, known as the I&M Digital Pod.
The pod is a 24/7 one-stop point where clients can self-serve, without having to go inside the banking hall regardless of the time and or day of the week. The first pod is located at the bank’s Kingdom Kampala Main Branch on Nile Avenue but more will be rolled out in the near future.
Inside the pod, of course, there is a smart ATM that can over and above normal cash withdrawals, also accept cash deposits of up to UGX100 million. For deposits of between UGX100 million and UGX1 billion, there is a cash deposit machine, where you can deposit safely and privately. The pod is monitored by CCTV and guarded by armed security, 24/7. Besides, the Kingdom Kampala Building itself is gated and securely manned.
For digital banking, the pod has a number of digital devices where clients can log into their accounts securely to make all sorts of transactions such as RTGS, EFT, TTs, bill payments, internal transfers etc.
For clients wishing to transact from their own mobile devices, either via the web or the I&M Fastpay App, there is free Wi-Fi.
By February 2024, there will be further upgrades to allow for online account opening and loan applications. There will also be a number of information boards showing the product and services portfolio as well as forex rates of the day.
It will also have a direct phone line to the customer service desk to answer and resolve any queries 24/7.