The Observer (Kampala)
Joseph Kimbowa
7 December 2011
Centenary bank has signed partnerships with international financial institutions that allow customers to open up accounts in euros, dollars, and pounds, and transact on those accounts outside Uganda.
Centenary bank is currently corresponding with Citibank Kenya, Citibank New York, Sparkasse Aachen of Germany and National Westminster bank in the United Kingdom. In these banks, customers only have to mention their full account name and number plus the branch where the account is domiciled to be able to transact on them.
The partnership represents Centenary bank’s increased attention to high-end clients, after consolidating its presence with low-end retail customers.
Currently, Centenary is in negotiations with Germany’s Deutsche bank and Ivory bank in South Sudan to allow their customers have easy access to their accounts when they visit these places, according to management.
When this is done, people will just have to present their credentials in these specific banks and then withdraw any amount.
“The foreign exchange rate is very fragile, if people get accounts in various currencies, it will be easy for them to make transactions when they visit such destinations”, added Omara.
Centenary boasts of 1.2 million customers, one of the highest in the country, according to management. They have 40 branches around the country, with 86 ATMs and 13 service centres.
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