Equity Bank Uganda to open a virtual branch in Zombo

Equity Bank customers can do banking through an agent near them: this includes withdrawal, deposits, among other services.

Zombo – January 13, 2022: According to Tech Funnel, an ambitious technology media web property, virtual banking (VB) refers to the act of accessing banking institutions and their functions online without having to make a physical appearance at the banking hall.

It entails making various banking services available via extensive use of IT without the need for the physical walk-in.

TF further states that with VB a customer can make account inquiries, get loans, pay bills online, and even withdraw and deposit money whenever the customer pleases. “It is sometimes also referred to as remote banking, Internet banking, online banking, and phone banking.”

And with many banks now moving to reduce numbers of physical branches due to high maintenance costs or because of the rapid emergence of technology, Equity Bank Uganda say next month, Zombo district and West Nile sub-region will have their first virtual branch.

The branch is part of the bank’s evolution and adaptation to new technology in the 21st Century.

Importantly, the decision to have a virtual branch is to support the growing needs and demands of the communities, especially farmers and business groups in Zombo, Equity Bank’s Business Growth and Development Manager, Ronald Mugabi told TND News in an interview.

“I was in Paidha and I managed to interact with some people in town. I saw that need and my team has assured me between February to March 2022 we can either have a virtual branch here to handle this calling. It is my first time in Zombo but with the business opportunities, I have seen it is really important to have an outlet here to handle that,” Mugabi added.

To establish a branch, he said you must identify the market need. “So one of the activities is that we are on the ground, we are seeing how many people are

crying for our need. Between February and March, a virtual branch will be there to support this need.”

Asked how the VB will work for a remote community, he explained: “As of now, as a bank, we have already established a platform where you can open an account minus coming to the branch.”

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“If you dial *247# on any line you have you will have an account opened for Equity Bank. It asks you for your NIN number then you get your account. That is one of the initiatives the bank has done.”

According to Mugabi, they also have agency banking. “If we have an empowered agency that can do shs500m a day that one can handle the demand within Zombo.”

He further explained that with VB, you don’t need to go to a banking hall for account opening. “You don’t need to come to the branch – it’s your phone – you have the account.”

Equity Bank customers can do banking through an agent near them: this includes withdrawal, deposits, among other services.

Growth and Development Manager further said through the agent physical branches are ceasing to be a way to go with digital banking.

The bank has 43 branches across the country.