Absa Uganda has emailed clients, to announce changes to how it handles payments of Ugx10 million or more. Musa Jallow, the banks retail banking director said in an email that payments will only be processed after a successful callback confirmation.
The measure is likely a new anti-money laundering and fraud prevention measure.
“Please expect a confirmation callback from the bank on all payment instructions equal to or greater than UGX 10 million delivered physically to our branches through an agent or via email for processing,” Jallow said.
“We encourage you to continue using our digital banking channels; Absa Mobile Banking App, Online Banking, CashSend, Chat Banking and iATMs, to make transactions securely and conveniently without callback,” he added.
He added that all would be made on either 0313210100 or 0417125100.
Elsewhere, Absa Group 2022 headline earnings increased 27% to R11 billion (Ugx2.5 trillion) in the first half of the year as revenue increased, demonstrating a continued strong recovery from the global economic downturn in 2020.
Absa Uganda was recently granted leeway by the Bank of Uganda to test some of its innovations in a regulatory sandbox. The bank also donated Ugx60 million to Uganda Red Cross to strengthen the disaster response capacities towards families affected by floods in Eastern Uganda