Absa Bank Uganda has announced the introduction of NovoFX, a mobile application that allows the bank’s retail customers to make cross-border payments in different currencies with ease from their mobile phones.
The application has an intuitive interface that allows Absa retail customers to initiate money transfers across the world in Uganda Shillings, Kenya Shillings, US Dollars, British Pounds, Euros, Swiss Francs, Japanese Yen and more at very competitive rates.
“Payments and cash transfers across borders have in the past been a lengthy, tedious and costly process. The future is digital, and Absa continues to be a beacon of customer-centric innovations that ensure convenience and affordability in the digital financial services sector. NovoFX is testament to this,” said David Wandera, Head of Markets at Absa Bank Uganda.
The application is available to customers on both Android and iOS operating systems. It joins the growing list of digital solutions offered by Absa as part of its drive to remain a pioneering digitally-led bank.
According to statistics from the 2018 Bank of Uganda Personal Transfers Survey, personal transfers are estimated at shs4.9 trillion equivalent to 4.0 percent of GDP with 32% of all transactions within Africa while other destinations for transfers include the United Arab Emirates and Europe.
“NovoFX is part of Absa’s response to Africa’s growing adoption of mobile and digital banking solutions, all of which has been magnified by the Corona Virus pandemic and our collective efforts to reduce traffic in the branches,” Wandera added.
Previously, this process would entail visiting a forex bureau to get a competitive foreign exchange rate, then to a bank branch to fill a Telegraphic Transfer (TT) form, negotiate a transfer rate then wait 2-4 working days for the transaction to be completed end-to-end, depending on the bank.
With NovoFX, this process has been greatly eased as customers can initiate cross-border payments through their mobile phones from the comfort of their homes, places of work or places of leisure.
With the global COVID-19 pandemic, banks and other financial service providers are attempting to limit the number of customers who are physically visiting branches in an effort to encourage social distancing and curb the further spread of the Corona Virus.
As a result, digital financial services have become all the more relevant by offering cheaper and more convenient platforms through which customers can access financial services.
“This application is one of the many ways through which we are adapting to the growing demands of all our stakeholders, especially given the current times. Our success on this front is an added testament to all we still have to offer as a leader in the digital banking revolution,” Wandera concluded.