PostBank launches affordable money transfer service

PostBank Uganda last week unveiled a safe easy and affordable money transfer system called Speedie money transfer.

This solution targets both local and international customers using Speedie international.

This follows the surge in prices on money transfers.

The bank said customers can save up to 50% on transfer charges with Speedie money transfer and one does not require to have a bank account.

The service, said the bank, will come in handy for people that are price sensitive and want to send money to family members, business associates and parents sending fees for their children.

The executive Director ICT & Operations Hajjat Safina Wabuna said "PostBank is a socially oriented bank 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 will start from as low as Shs 293.

How it works:

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.

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.