Absa Bank Uganda, in its commitment to enhancing access to credit card services in Uganda, has introduced two new digital credit card innovations: ‘Buy Now, Pay Later’ and ‘Credit Card-Initiated Payments.’ ‘Buy Now, Pay Later’ allows customers to make credit card payments and select flexible repayment plans at reduced interest rates, while ‘Credit Card-Initiated Payments’ enables customers to transfer funds from their credit cards to their personal accounts and Mobile Wallets, facilitating cash withdrawals or payments for goods and services when point-of-sale services are unavailable.
Michael Segwaya, the Executive Director and CFO of Absa Bank Uganda, expressed, “This innovative product offering underscores our dedication to continuous innovation, providing high-quality, cost-effective banking services. It represents a pioneering solution, the first of its kind in the market, building upon our existing range of convenient and affordable digital financial services.”
Segwaya added, “This product is designed to provide convenience to our customers, aligning with evolving consumption patterns characterized by a growing preference for convenience, modern lifestyles, holistic experiences, and value-oriented offerings.” These credit card innovations come in response to the increasing trend toward digital payment systems in Uganda, as more people embrace cashless transactions.