By Najib Mulema

Craft Silicon in partnership with Centenary Bank and Finance Trust Bank have today at Sheraton Hotel Kampala launched Interbank Transfer yet another revolutionary banking solution.

The new product allows customers to instantly transfer money between different banks real time for instance; from Centenary Bank to Finance Trust or Finance Trust to Centenary Bank.

In Uganda Elma is the engine behind Centenary Bank’s mobile Banking platform Centemobile and Finance Trust Bank’s Trust Mobile. Customers of the two financial institutions that subscribe to their mobile banking will from today be able to carry out interbank funds transfers and it option has been added to their application menu.

Speaking at the launch, Centenary Bank Managing Director Fabian Kasi said the two banks are giving their customers convenience to carry out transactions in their reliable time and place adding that in the near future they will convince other financial institutions to join the new revolutionary banking solution.

“We are celebrating our customers and that is why we have decided to give them convenience and for us as service providers we are pleased with the new milestone,” Kasi said.

He further said the new innovation is cost effective since transactions are charged between shs1,000 to 3,000 which is far below than the usual charges.

Centenary Bank MD Fabian Kasi

The Executive Director of Finance Trust Bank Dennis Kakeeto applauded Craft Silicon for having made the innovation possible thus urging other financial institutions like Housing Finance Bank to come on board to take advantage of this venture.

“I invite those who haven’t experienced trust mobile to enjoy the vast experience and convenience to customers,” Kakeeto stated.

Finance Trust Bank,Executive Director Dennis Kakeeto

According to officials, Finance Trust Bank’s maximum transaction will be shs1million whereas for Centenary Bank it will be shs5million.

Craft Silicon, a Kenyan Software House provides customized banking solutions for financial sector in Uganda, Kenya and internationally. Founded in 1998 by CEO Kamal Budhabhatti with a core specialization on financial ERP and Electronic Payments, craft silicon has risen to become a market leader owing its success to the innovativeness and one of kind financial solutions.

“We provide our solutions to over 40 countries across emerging Africa and Asia to more than 250 customers. We hire 200 full time highly skilled technical employees based out of our own Craft Silicon Campus along Wayaki way, Nairobi. Other fully owned offices located in Bangalore India, Lagos Nigeria, Kampala Uganda and California USA,” said Kamal.