At a Press Conference held on Thursday 14th February 2019, at its Charlotte Street Offices in Central Freetown, the United Bank for Africa (UBA) officially launched its latest product, the POS CASHBACK system. This system will avail customers the opportunity to withdraw cash from agents across the country, other than the ATM.
Speaking on the new product, Country Treasurer, Clement Yeboah, sitting in for the Managing Director said that POS means POINT OF SALE. This product, he said is “{bringing banking to your doorstep”. This process of banking, he stressed, removes the limitations of the ATM, which is mainly the problems faced with technology often rendering the server unavailable. With this new product, the customer will be able to cash money from any of the bank’s agents across the country. UBA, he stressed, is the leader in all innovative banking systems in the country.
Explaining the process involve in withdrawal of money from this system, David Musa, Head of Digital Banking, said that customers can withdraw from their accounts from agents of the bank, adding that the said agents are in all major supermarkets and hotels in the country. To access this service, customers should have a POS card which has an agreed limit between the customers and the bank. This card can then be inserted into a POS machine (a portable machine to facilitate payment) found in any of the agents’ offices. They will then select from the menu what they want to do and enter the amount of money they want to withdraw plus their Personal Identification Number (PIN). After approval by the machine, a receipt is then supplied by the machine, which should be signed by the customer and a copy given to the agent. The customer can easily walk home with whatever amount he had requested. He will therefore have no need to be in any queue or visit any ATM machine for this transaction.
Furthermore, it was disclosed that the service will be available in every part of the country where their customers operate. There does not necessarily need to be any presence of the bank for the transaction to take place. The bank is presently extending its services to other areas in the country as it gets more agents.
