By Juliet Namulundu
Stanbic Bank concluded its Xmas promo organized to promote increased usage of digital channels and cashless banking by holding the second and final trolley dash for seven lucky customers at Quality Supermarket in Naalya. The winners Martin Lutaaya, Jerome Birungi, June Nyakahuma, Steve Daniel Katongole, Amos Kiyingi, Bashir Aliyu Yakasai, and Racheal Phoebe Kabejja picked shopping items worth thousands of shillings in the 60 second dash.
Speaking at the conclusion of the dash, Stanbic’s Banks Card Payments, Issuing & Acquiring Manager, Damalie Sajjabi thanked the bank’s customers who participated in the promotion.
“This is a positive sign that more and more Ugandans are appreciating the value of using credit and debit cards as opposed to cash which can be risky to carry. This is the main reason why we are rewarding and encouraging our customers to use cards as a payment alternative,” she said.
Talking about some of the bank’s other strategies and initiatives to promote the increased usage of debit and credit cards, Sajjabi noted that Stanbic already has a large Automatic Teller Machine (ATM) network with over 170 strategic locations backed up by 493 Visa enabled Point of Sale (POS) machines in all the major malls, restaurants, shops and supermarkets.
“We plan to significantly increase this number as well as further integrate our online platforms with customer accounts so clients can do all their banking at a time and place of their convenience. Our objective as a bank is to make it as easy as possible for our clients to transact by putting them increasingly in control of their overall banking experience, digital channels give us that possibility which is the reason why we have invested so much in its development,” she explained.
Credit and debit card usage increased during the promotion season. Stanbic Bank registered a growth of 70% in transactions compared to months prior to the festive season. The bank also noted that more of the outlets should engage in promoting use of credit and debit cards because the growth numbers were an indicator of a mind-set change to cashless banking.
Dr. Fred Muhumuza a development Economist said, “The growth of plastic money usage in Uganda remains low because of a number of challenges which include a lack of POS machines and ATM located almost exclusively in urban areas. It is therefore imperative for banks to promote cashless banking through a combination of awareness and development of linkages with other payment platforms such as mobile money.”
The Stanbic Xmas dash organised through the bank’s social media platforms was open to all Visa and Mastercard – Local and International debit and credit card holders as well as prepaid cards.
Nyambura is a senior journalist based in Kampala