In a bid to expand access to credit card services in Uganda, Absa Bank Uganda has unveiled two new credit card digital innovations named ‘Buy Now, Pay Later’ and ‘Credit Card-Initiated Payments’.
Buy Now Pay Later will enable customers to make payments off their credit cards and choose flexible repayment plans at reduced interest rates.
On other hand, the Credit Card Initiated Payments will allow customers to move money from their credit cards into their personal accounts and Mobile Wallets to enable them draw cash or pay for goods and services incase POS services are not available.
Michael Segwaya, Executive Director and CFO, of Absa Bank Uganda says the new product offering is a testament to Absa dedication to constant innovation of providing high-quality and affordable banking services to Ugandans.
He notes that this is a pioneer innovation, a first-to-market solution which builds on the bank’s existing range of affordable and convenient digital financial services.
He further added that this product is structured to offer convenience to the customers whose consumption habits continue to shift with an increasing trend towards convenience, modern lifestyle, holistic experiences and value offerings.
The credit card offerings are in response to a shift and preference for digital payment systems among the population driven by the movement towards cashless transactions.
