Slow business in Uganda and what the owners rather see as one of the ways of promoting its digital banking platform, Standard Chartered Bank has closed its branches in Mbarara and Gulu.
The bank recently also closed its Mbale branch some time back in a move many analysts said signaled bad business despite the town being one of the busiest in the country.
Clients will now have to make use of the digital technology that the Bank has introduced.
The Chief Executive Officer of the bank, Albert Salt-son said the Bank has invested heavily in technology, and this will enable customers carry out their transactions at their convenience.
Services include online banking and the mobile wallet.
Saltson he adds that the bank will grow the digital platform as it shuts down more branches in future.
Meanwhile, The Ugandan shilling was slightly stronger on Wednesday, boosted by a slowdown in appetite for dollars, from both manufacturers and banks.
Commercial banks quoted the shilling at 3,645/3,655, stronger than Tuesday’s close of 3,655/3,665.