What you need to know:
- While mobile money leads market adoption—utilised by 66 percent of adults—only 9 percent actively use internet or mobile banking. Central bank records indicate that debit card transactions reached Shs561.5 billion across more than 3.8 million active cards, yet volume remains far behind mobile money, where transaction values reached Shs263 trillion in the first seven months of 2026 alone.
- For Bank of India Uganda, which commenced operations in June 2012 as a wholly-owned subsidiary of Bank of India—one of India’s largest public sector banks—the card issuance is a foundational move toward digitizing a commercial customer base built primarily on personal banking, corporate services, and foreign exchange.
What does it mean when a bank that has operated in Uganda for 14 years without ever issuing a debit card suddenly hands one to all its customers? For Bank of India Uganda and payments technology firm Interswitch, it is a key test of whether the country’s long-promised cashless economy can finally move beyond mobile money and into everyday card transactions.
Interswitch has announced that Bank of India Uganda Limited will introduce its first-ever Verve debit card, making Verve the exclusive card scheme for the financial institution. The deal moves Bank of India customers, who previously relied solely on branch visits, onto card-based payments and cash withdrawals for the first time.
Under the partnership, cardholders gain immediate access to cash withdrawals at over 800 Interswitch-enabled ATMs and can pay for goods and services at more than 20,000 merchant locations nationwide. Existing customers can obtain the card directly from any Bank of India branch, with no prior card history required.
Moris Seguya, the Country General Manager at Interswitch Uganda, noted that the move strengthens the country’s card acceptance network while improving convenience for banking clients.
“This partnership brings card payments to Bank of India customers for the first time, while expanding access to Verve across Uganda,” Mr Seguya said. “Our focus is on making card payments accessible, reliable, and easy to use, supported by infrastructure that can scale with the needs of banks and their customers. Every new issuer strengthens the wider Verve network by increasing acceptance and giving more customers access to card-based payments.”
For Bank of India, establishing its first card programme on existing payments infrastructure enables customers to access their accounts beyond traditional brick-and-mortar locations.
Srikant Ashok Wikhe, the Managing Director of Bank of India Uganda, emphasized that the transition aligns with the institution’s long-term digital ambitions.
“Partnering with Interswitch to issue Verve debit cards to our customers is a natural step in our journey towards a more digital, customer-centred bank,” Mr Wikhe said. “For us, this goes beyond innovation. It is about making sure our customers have access to financial services that work efficiently, reliably, and right across Uganda.”
Mr Wikhe added that the extensive network will offer clients a new level of convenience wherever they are located across the country, describing the partnership as just the beginning of their strategic digital shift.
The development supports Interswitch’s strategy to scale its issuer base across the region. Interswitch Uganda reports having distributed more than 700,000 Verve cards locally. Recent agreements with Pride Bank, Equity Bank, KCB Uganda, and Ecobank Uganda have similarly connected those institutions to Interswitch’s national network of ATMs and point-of-sale terminals.
Verve, a subsidiary of the Interswitch Group, positions itself as a Pan-African alternative to global schemes like Visa and Mastercard. The brand has issued over 100 million cards continent-wide and maintains acceptance across 13 African countries, alongside global online processing capabilities through merchants like Google, Netflix, Spotify, Facebook, and TikTok.
The timing of the rollout comes as Uganda remains a heavily cash-reliant market despite rapid growth in alternative channels. Data from Visa indicates that roughly 66 percent of transactions in the country are still conducted in cash. Meanwhile, Bank of Uganda figures show that formal financial inclusion rose to 68 percent of adults in 2023, up from 58 percent in 2018, with overall inclusion reaching 81 percent.
While mobile money leads market adoption—utilised by 66 percent of adults—only 9 percent actively use internet or mobile banking. Central bank records indicate that debit card transactions reached Shs561.5 billion across more than 3.8 million active cards, yet volume remains far behind mobile money, where transaction values reached Shs263 trillion in the first seven months of 2026 alone.
For Bank of India Uganda, which commenced operations in June 2012 as a wholly-owned subsidiary of Bank of India—one of India’s largest public sector banks—the card issuance is a foundational move toward digitizing a commercial customer base built primarily on personal banking, corporate services, and foreign exchange.
Financial analysts note that such infrastructure integrations are critical for institutions seeking to lower the cost of physical cash handling and branch expansion. The central bank has consistently encouraged digital payment adoption, including proposed limits on large cash withdrawals to spur the adoption of electronic channels.