By Our Reporter
Transferring cash or making payments across borders is often a lengthy, tedious and costly process. Absa Bank Uganda, however, wants to change that with their new digital solution — the NovoFX app.
Launched in Uganda recently, the NovoFX app is aimed at easing international payments as customers can initiate cross-border payments through their mobile phones at their comfort and convenience.
To get started, download and install the NovoFX app via the Apple Store or Google Play. The app is only 35MB in size and should be compatible with most smartphones.
Once the customer has the app on their mobile phone, tap to open it. When it loads (takes a few seconds), the user will be asked to select their country in a dropdown menu before they can proceed.
Next, they will have to enter their Absa internet banking username and password to log in.
A one-time pin will be sent to the registered cell phone number associated with the bank account, which will then be entered to complete the process.
Once logged in, you are ready to transact. You can send money abroad by choosing from a range of currencies to make payments to friends, family or a company abroad. You can send money in over 11 currencies including Uganda Shillings, Kenya Shillings, US Dollars, British Pounds, Euros, Swiss Francs, Japanese Yen and more.
All this is done through a very responsive and easy to use interface.
The app offers live exchange rates for every transaction, allowing users to choose the best rates.
If required, users will be prompted to upload the relevant documents during the transaction flow. These can be uploaded from the mobile device storage or the cloud.
The app also allows customers to choose who will pay transactional fees and taxes. This way, the sender can choose to pay all the fees, share the fees with the beneficiaries or let the beneficiary pay all the fees.
Currently, the user needs to have a personal account with Absa Bank Uganda and also be registered for Internet Banking because these are the credentials required to sign-in to the NovoFX app. On the other hand, the beneficiary doesn’t need to have the app to receive the money but must possess a bank account where the funds are received.
However, customers without a personal account with Absa bank can still access the exchange rates on the app using the dropdown side menu. Here, users can also get a brief overview of the app, contact options and a feedback form among others.
With the app, users can send money from their local country to any country across the globe except those on the sanctions list like Iran and North Korea. You can transact up to UGX 100 million or its equivalent daily, however, every transaction is limited to Ugx 50 million or it’s equivalent.
The beneficiary will receive the funds within the same day if the transaction is made during working hours, otherwise, it may take longer.
The NovoFX app is designed for business people dealing in imports, guardians with beneficiaries abroad as well as individuals shopping from abroad.