Tropical Bank Expands Reach 300-Fold Through Interswitch Agent Partnership

Tropical Bank Limited is set to dramatically increase its accessibility across Uganda following a new strategic partnership with Interswitch Uganda. This collaboration effectively transforms approximately 21,000 Quickteller agent locations, already integrated into local communities, into Tropical Bank service points.

This move is poised to provide formal financial services to over three million Ugandans who currently live far from traditional bank branches. Customers can now perform essential transactions such as deposits, withdrawals, fund transfers, and bill payments at familiar neighborhood shops and markets where they already conduct daily business.

The initiative directly addresses Uganda’s persistent financial inclusion challenges. With only 38 percent of adults holding formal bank accounts, barriers like distance and high costs hinder many, particularly in rural areas. By leveraging Interswitch’s extensive agent network, Tropical Bank bypasses the substantial capital investment required for building new branches, thereby expanding its reach exponentially.

Moris Seguya, Interswitch Uganda Country General Manager, emphasized the goal of making financial services convenient and accessible. “Through the Quickteller agent network, we are bringing banking services closer to communities and helping more people participate in the formal financial ecosystem,” Seguya stated.

For Tropical Bank, jointly owned by the Ugandan government and the Libyan Foreign Bank, this partnership offers immediate penetration into high-traffic, underserved regions, aligning with the Bank of Uganda’s push towards a less cash-dependent economy. Abdulaziz M.A. Mansur of Tropical Bank highlighted the enhanced customer convenience, stating, “We’re offering secure, reliable, and convenient banking through Quickteller agents across Uganda.”

Beyond individual convenience, the partnership offers critical benefits to small and medium enterprises (SMEs) and informal traders. The ability to accept bank transfers at agent points reduces reliance on cash and its associated security risks. Furthermore, consistent use of these agents helps individuals build transaction histories, which is vital for accessing future credit and loans.

The service is now live across all 21,000 Quickteller locations nationwide, with no additional registration needed for existing Tropical Bank customers. Agent banking, formally licensed by the Bank of Uganda in 2017, has seen steady growth as a model for extending financial services through third-party retail points.

This significant expansion underscores the effectiveness of leveraging established networks to integrate cash-heavy sectors into the formal banking system. It represents one of the most substantial increases in bank agent points in Uganda this year.

Source: Daily Monitor (Uganda)