Uganda Registration Services Bureau (URSB) and Stanbic Bank Uganda Limited have signed a Memorandum of Understanding enhancing provision of fast and timely customer service.
The MoU provides a platform on which the financial institution will access the URSB company searches portal and database to satisfy KYC (Know Your Customer) verification of company documentation for corporate applicants.
It is expected that the online access will enable the opening of corporate bank accounts on the day of application which will ultimately increase ease of doing business in Uganda.
Bemanya Twebaze, the URSB Registrar General and Stanbic’s Chief Executive Officer Patrick Mweheire signed the MoU on behalf of their respective institutions.
Stanbic will be able to access registered business names, saving the bank billions of shillings in manual verification of business documents at URSB.
The bank will 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 by Stanbic.
Speaking at the ceremony, Mweheire said the partnership will go a long way in improving accuracy of information used by customers.
“We thank the leadership of URSB for facilitating, supporting and enabling the unique private public sector collaboration which should become a model for our market. Stanbic restates its support to URSB towards the achievement of mutual goals,” said Mweheire.
Bemanya said Stanbic was the first commercial bank to collaborate through an MOU with the URSB.
“At URSB, we are not just looking at strategic and innovative ways to add value to services we are offering our customers but also to create strong partnerships with valuable stakeholders who will enable us to deliver on our mandate,” he pointed out.
This arrangement happens at a time when URSB is exploring and implementing a number of digital solutions that will improve clients’ interaction with its services.