EBO SACCO LAUNCHES VERVE CARDS
By Twesigye Aggrey
EBO Sacco in partnership with Inter switch Uganda’ has launched Verve Cards to be used by it’s clients across all the Sacco branches with in the Region to access their Savings and pay bills through various Commercial banks in Uganda.
Launching this Initiative yesterday (Thursday) at the Sacco’s head office in Bwizibwera-Rutooma Town Council ,Robert Mugume the Chief Executive Officer (CEO) EBO Sacco revealed that in a bid to promote financial inclusion and digitalizing their services and Products the Sacco decided to take on this Bold move.
He adds that through this initiative they expect to reach out to many of their clients both existing and potential clients.
“This is actually in line with our mission which is to provide sustainable quality financial services that promote improved livelihood of rural and urban members of our Institution”Mugume explained.
Mugume asserts that EBO Sacco is now gearing a transformation process where they are supposed to be regulated by Bank of Uganda ,and in line with that the Sacco’s CEO says they are working hard to digitalise their services.
He says verve cards will be issued to every EBO Sacco client and they will be used across all commercial banks that are transformed of Inter switch.
“This means all ATM’s in Uganda whether in Central, Western, Eastern, Northern you can use this card to access your account and do any transaction that you want ,either deposit withdraw or check your balance , paying bills or even topping airtime”he explained.
Mugume further adds that the Sacco has managed to create close to 500 quick tellers across the Region where by EBO Sacco clients will be in position to access all the Sacco services without trekking long distances to the Sacco branches.
Speaking during the launch ,Beingana the coordinator EBO Sacco notes that the Verve Card initiative originates from the Sacco’s mandate and mission of digitalizing their services.
“This is one of our strategic plan and we are implementing it,so that is how we are giving birth to this new product “Beingana explained.
He adds that this initiative will go a long way to bring services closer to their clients through accessing their accounts , transactions , withdrawing money, paying loans and balance inquiry.
He thanked the Sacco Board for this visionary idea as it will save their clients from trekking long distances to Sacco branches across the Region.
In his remarks ,Peter Kawumi the Inter Switch country Director says this initiative will address payment challenges to simplify processes for entities like Sacco’s and Commercial banks which will in turn ensure quality and efficacy in the financial sector.
He says inter switch has partnered with several commercial banks that include Centenary Bank,Post bank,DFCU bank, Housing Finance bank, Opportunity Bank,Finance Trust Bank ,Cairo Bank, Tropical Bank,KCB, Diamond Trust Bank,NCBA,and UBA to give access to all of it’s customers to their accounts across all ATM’s.
“An EBO Sacco Customer today can go and get a card from an EBO sacco branch and have access to their money in the savings account from over 650 ATM’s right across the country”Kawumi explained.
Kawumi further revealed that inter-switch is yet to land a partnership deal with Stanbic bank, Equity bank and ECO bank.
He adds that through this Initiative EBO Sacco has now patterned with over 100 businesses in Mbarara to give access to members of EBO Sacco to their money and to allow them to deposit.
Kawumi pledged commitment to support EBO Sacco as it takes on this bold step and commended the Sacco’s Cooperation towards achieving this golden goal.
EBO Sacco is situated in Bwizibwera-Rutooma Town council Mbarara District and apparently the Sacco has 12 branches across the region with a maximum membership of over 80.000 members.
With a loan portfolio of UGX.49 billion EBO sacco has grown to be ranked the best Sacco in the whole of Western region.