EBO Financial Services is the most recent addition to the Interswitch Verve Cards network after the SACCO adopted Verve Cards to help digitize members’ transactions last week.
The Partnership with Interswitch was launched on Thursday 14, July in Mbarara confirming a double deal with EBO where SACCO Members will be able to transact with Verve Cards on all Verve enabled ATMs in the country and also be able to transact with Quickteller agents across the country.
While speaking at the launch, EBO SACCO CEO Mugume Joseph Kazooba said that the objective of the SACCO is simplifying ways how their clients can access financial services.
“Some of the Objectives of going digital for EBO SACCO is to promote savings collection amongst its clientele in the most accessible efficient and transparent way, to increase membership and make it more convenient to clients to access their accounts at any time without coming to the branch” said Mugume.
Founded in 1995 as a rotational village saving scheme as Ebirungi Biruga Omutuutu (EBO) and registered as SACCO in 2002, EBO SACCO is one of the largest Savings and Credit organizations in western Uganda, considered one of the top 10 SACCOS in the whole of Uganda.
With its main branch in Bwizibwera, Mbarara District, the SACCO currently has more than 80,000 members and has spread to 12 branches in Bwizibwera Branch (Head Office), Mbarara City Branch, Kashaka Trading Centre Branch, Igorora Town Council Branch, Ibanda Branch, Rubindi Branch, Ishongororo Branch, Kinoni Branch, Kabwohe Branch, Kazo Branch, Mwizi Branch and Rushere Branch. By 2021, the SACCO had a loan portfolio of UGX 31 Billion, and total assets of UGX 35 Billion.
Interswitch maintains that is goal as one of the leading Fintech companies in Africa is to increase high technology solutions that connect and empower individual businesses and communities.
“Simplifying access to financial services is at the heart of what Interswitch does. As a technology company we are on a mission to create high technology solutions that connect and empower individual businesses and communities. Today we have launched more than one solution from our portfolio of products; the first is the debit card which will allow EBO SACCO customers to access funds from over 600 ATMS across the country. the second and new solution is the cardless withdraw and deposit service which now allows SACCO members to access financial service within their immediate vicinity through our quickteller agents countrywide” Peter Kawumi the Country General Manager Interswitch East Africa (U) Ltd said.
Having celebrated 10 years of existence in Uganda just a year ago, Interswitch has managed to amass a network of 21 financial institutions on its Verve Cards Network. Interswitch is also popular with its payment service provider – QuickTeller, which allows agents to pay bills, make URA and KCCA Payments, Quickteller also allows agents to transact Airtel and MTN Mobile Money, Airtime, data and prepaid calls bundles purchase among others.
With the addition of EBO SACCO, Quickteller agents will now help in performing transactions on behalf of financial institutions like depositing and withdrawing.
With its integration to the Verve Cards network, EBO SACCO growth towards the dream of achieving a Banking Status will soon be realized.