PostBank Uganda unveils a reliable, affordable money transfer system

By Catherine Apolot

PostBank Uganda has on Tuesday unveiled a safe, easy to use and affordable money transfer system called Speedie.

This solution targets both local and international customers who will be using Speedie local and Speedie international respectively.

Speedie local targets both Postbank account holders as well as non-account holders.

Hajjat Safina Wabuna, Executive Director ICT and Operations at PostBank said they are committed to changing and empowering lives for a better Uganda by providing all people with access to affordable and flexible financial products and services.

“It’s against this background that Postbank has introduced the fast, secure and affordable way to send money locally to non-account holders. Charges for sending money start from as low as UGX 293. Charges attached,” she said.

Mr. Fred Wasike, the Head of Business Growth at PostBank said, “You can save up to 50% on transfer charges with Speedie money transfer. No bank account needed. People can now enjoy affordable money transfer services especially people that are price sensitive and want to send money to family members, business associates and parents sending fees for their children,”

How the system works:

1. Over The Counter Transaction;

Sending

• The sender walks to the counter and fills in the Speedie money transfer sending form (Including the amount, recipients number and a secret code of their choice)
• The teller captures the provided customer details into the system and a token is instantaneously sent to the recipients’ phone number.
• The sender communicates the secret code to the receiver

Receiving

• Upon receiving the token, the recipient then goes to the nearest PBU branch.
• Recipient fills in the Speedie money transfer receiving form (Including the amount and the system token sent on their phones)
• The teller captures the customer details into the system and issues cash to the customer if the provided token number and secret codes are correct.

2. Via mobile app

• The customer logs into the mobile banking platform and then selects Speedie Transfer from the menu
• Under the Speedie transfer menu, the customer then drops down from the select transfer method and selects Non account Holder
• After selecting the Non account holder option, the customer then inputs the recipient details including secret code.
• The system shall then prompt the customer to make a transfer after ascertaining that the recipient details are correct.
• After making the transfer, a transaction SMS is automatically sent to both the sender and the recipient.
• Upon withdrawing money, the sender shall be notified automatically through an SMS