Uganda Registration Services Bureau (URSB) and Stanbic Bank Uganda Limited have this afternoon signed a Memorandum of Understanding that will create a closer and collaborative working relationship amongst the two institutions. The partnership is aimed at providing access to digital platforms by URSB to Stanbic Bank which will improve the clients’ experience while accessing services of both entities.
The signing of this MoU indicates commitment by URSB and Stanbic Bank to integrate ICT systems and provide timely digital solutions through secure platforms to commercial banks. Stanbic Bank has been identified as a pilot of the integration and the success of this project will delight clients and improve their interaction with services provided by URSB and the Bank.
The purpose of the MoU is to establish a working relationship between Stanbic Bank as a pilot financial institution and URSB in the area of Know Your Customer (KYC) verification including searches on company details, business names registered, verification of registered marriages, among others plus utilizing the integrated systems. The success of this pilot project will enable roll out of the same with other commercial banks.
To facilitate easy management of the partnership, Stanbic shall designate staff to work with URSB to access search facilities on the business and marriage registers. URSB on the other hand will ensure direct access to the existing Application Programming Interface (API) and provide search results generated to Stanbic.
Speaking at the MOU signing, Patrick Mweheire Stanbic Bank’s CEO said the partnership with URSB will go a long way into improving accuracy of information for their customers. He added “We thank the leadership of URSB for facilitating, supporting and enabling this unique private-public sector collaboration which should become a model for our market. Stanbic re-states its support to URSB towards the achievement of mutual goals.”
Bemanya Twebaze, the Registrar General, on behalf of URSB welcomed Stanbic Bank and noted that it was the first commercial bank to collaborate through an MoU with URSB. “At URSB, we are not just looking at strategic and innovative ways to add value to our service offering for our clients, but also to create strong partnerships with valuable stakeholders who will enable us deliver on our mandate better. I welcome Stanbic onboard and assure you and your team of our commitment to this understanding”
The MoU signing happens at such a time when URSB is exploring and implementing a number of digital solutions that will improve the clients’ interaction with their services and is aligned with its ICT mantra of All Digital All Online by 2020.