When I&M Bank entered into the Ugandan market in 2021 after acquiring a 90% stake in Orient Bank Limited, there were mixed feelings among its customers and the general public. Recently, social media has seen complaints about significant delays in getting ATM cards, with some customers waiting for over five months!
Eye Media Uganda was drawn to a Twitter post on October 17, 2023, by a user named PLAY01 AURA. In the post, PLAY01 AURA pleaded with I&M Bank Uganda to give him his ATM card after waiting for three months.
Link: https://twitter.com/play01music/status/1714314871758626948?t=oqLRV1lsQuiOthnMgggszQ&s=19
To draw more attention to the issue, another customer, Susannah Ibale, quoted the post and revealed that she had been waiting for her card since May 2023! Susannah also expressed frustration at the lack of a clear timeline from the bank and reclined to trying again in November.
Link: https://twitter.com/sunannah/status/1714326186472464851?t=gJjxOx56dECQR57lbQ9C6g&s=19
In response to Susannah, I&M Bank Uganda stated that they are in the final stages of upgrading to Mastercard and would notify her as soon as the card is available for pick-up at the branch.
Link: https://twitter.com/imbankug/status/1714330933766095055?t=oZLFZOMxuteti0ECf306DQ&s=19
In its response to Susannah, I&M Bank Uganda did not refute Susannah’s claim that she had been waiting for her ATM card since May.
This prompted Eye Media Uganda to investigate further, revealing numerous similar complaints from customers. Some of these customers are new account holders who applied for ATM cards, while others had cards that expired and were no longer working.
WHY IS AN ATM CARD A BIG DEAL?
One may ask, why is an ATM card such a big deal to customers like PLAY01 AURA and Susannah Ibale? To answer this question, Eye Media Uganda spoke to a banker from a competitor bank who shed light on the matter.
Banks primarily serve customers through physical branches with limited operating hours. Outside of these hours, customers rely on alternative channels for banking services, and ATM cards are a crucial part of this. ATM cards enable customers to make withdrawals at ATMs, payments at point-of-sale (POS) machines in supermarkets and hangouts, and online payments.
WHAT DOES I&M BANK UGANDA HAVE TO SAY ABOUT THIS?
In search our for answers, we were referred to I&M Bank Uganda’s call center at 0800144551, but the response was similar to what Susannah Ibale received – customers would be notified when the cards are ready for pickup.
From an anonymous insider source at I&M Bank Uganda, we discovered that the issue is complicated! When I&M Bank entered the market and rebranded following the acquisition of Orient Bank Limited in 2021, they continued using Orient Bank-branded cards. According to experts in the banking field, this posed a compliance issue as the bank continued carrying a non-existent brand.
We also discovered that there have been several postponements in transitioning from Visa to Mastercard this year, something that has added to the ATM card delivery delays.
This situation raises two critical questions:
1. How long must I&M Bank Uganda customers wait to receive their cards?
2. Where is the Bank of Uganda in all this?
