With the constant advancements in technology, mobile phones have become a one-stop center where one can use the phone to do a thousand things using a mere finger.
Absa bank recently announced that it had not been left out on the move to digitalize the world when they introduced the NovoFX mobile application.
“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 a testament to this,” said David Wandera, Head of Markets at Absa Bank Uganda during the launch.
He explained that NovoFX is a mobile application that allows Absa bank Uganda’s retail customers to seamlessly make cross-border payments across multiple currencies at a fixed foreign exchange rate up to the tune of shs100 million a day.
Whereas in the past one had to visit a forex bureau to look out for a competitive foreign exchange rate, then proceed to a bank branch to fill a Telegraphic Transfer (TT) form, negotiate a transfer rate then wait up to 4 working days for the transaction to be completed end-to-end; with the NovoFX application, this has been made simple.
How to use the application?
The NovoFX mobile application is available on the Google play store and IOS app store that after downloading it, the user is required to select the country where they will be making a transaction.
Users should have registered an internet banking account in a particular country before signing up by registering their Absa internet banking username and password.
Upon registration, users are asked to log in with the same credentials after which, a One Time Pin (OTP) will be sent to their phone numbers to complete the process.
For now, the mobile application is available in Botswana, Seychelles, South Africa, Uganda, and Zambia.
The new mobile application by Absa bank Uganda allows a user to send money from their local currency to any country, except those under sanction like North Korea, Syria, Sudan, Cuba, Iran, and Crimea.
The application currently allows one 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.
In the event, one needs to upload documents during the international transaction, the mobile application allows the user to upload from their phone or Dropbox as well as allowing one to capture photos using their phone camera.
Unlike the physical forex bureau where there a fixed exchange rate for the day, with the NovoFX app the exchange rates are competitive and are not static.
This means one can wait for a favorable exchange rate before making a transaction.
The Absa bank officials say the application eliminates the need for customers to visit bank branches and money transfer or global remittance premises to initiate cross- border payments and transactions in line with measures put in place to prevent the spread of the COVID-19 pandemic.