Mastercard Inc. and Equity Bank Uganda have signed a memorandum of understanding (MoU) aimed at improving financial inclusion for digitally excluded individuals, communities and businesses in Uganda.
The Colorful ceremony took place at Kampala Serena Hotel early this week.
According to a joint statement, Equity Bank Uganda intends to leverage Mastercard’s Community Pass solution to: Issue financial inclusion cards that will serve as an online and offline store of value, enabling individuals to securely and digitally save and spend, Issue Community Pass credentials as a functional form of identity that simplifies and enables access to multiple services in a secure.
“In addition, Equity Bank Uganda intends to use Mastercard’s community pass solution in a privacy-first and cost-effective way, enable access to credit for individuals and businesses and build a Community Pass digital acceptance footprint in partnership with technology companies in Uganda,” reads the joint statement in part.
The joint statement in addition says; Mastercard Inc. Community Pass is a set of platform services that enables digital inclusion and provides a commercially sustainable approach to scaling delivery of agriculture, micro-commerce, aid, and healthcare services.
The statement adds that; through Community Pass, Mastercard Inc. is working to connect individuals in underserved, remote and frequently offline communities to digital solutions for life transactions.
“We are honored to partner with Equity Bank Uganda to expand access of financial services to excluded communities in Uganda,” said Daniel Huba, Vice President of Sub Saharan Africa (SSA) Market Development, and Community Pass, at Mastercard Inc.
“This partnership holds significant promise to drive digital visibility, financial inclusion, and enable credit building opportunities and access to digital services for marginalized and underserved populations. At Mastercard, we believe in the power of technology to drive financial inclusion and empower individuals”, he added.
According to Mr. Huba, the Community Pass is designed to bridge the gap between the unbanked and formal financial services, providing secure and convenient solutions.
“These products will better enable consumers and small businesses to participate and thrive in the digital economy, “he further pointed out.
Kenneth Onyango, the Executive Director, Commercial Banking, Equity Bank Uganda, said they are pleased to scale up the Bank’s strategic partnership with Mastercard through this agreement.
“The opportunity to collaborate on futuristic payment solutions for excluded communities is part of our strategy. Our partnership with Mastercard is timely and aligned to our customer-centric commitment,” he said.
Mr. Onyango said Equity Bank will also undertake a partnership with Innovation Village to facilitate the implementation of the financial inclusion agenda through the Digital Economy Program.
Saul Weikama, the Digital Economy Practice Lead at Innovation Village, said this partnership underscores their unwavering commitment to fostering growth and promoting financial inclusion through the Digital Economy Program.
“By leveraging digital infrastructure and a shared platform, we are dedicated to aligning solution providers with financial institutions and industry leaders, with a clear focus on transforming the communities that serve as Africa’s engine for innovative solutions, “said Weikama.
Mastercard Inc. is a global technology company in the payments industry, whose mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible.
Using secure data and networks, partnerships and passion, Mastercard innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. Their decency quotient, or DQ, drives mastercard culture and everything to do inside and outside of the company.
With connections across more than 210 countries and territories, Mastercard is building a sustainable world that unlocks priceless possibilities for all.
Equity Bank Uganda began its operations in 2008 and is regulated by Bank of Uganda. The Bank has its Head Office in Kampala and a network of 50 branches, over 7000 Equi Duuka agents, 6,500 Agents and 52 ATMs spread across the country and serving close to 2 million customers.
Equity Bank Uganda is a subsidiary of Equity Group Holdings Plc, a financial services company listed at the Nairobi Securities Exchange, Uganda Securities Exchange, and Rwanda Stock Exchange.
In addition to Equity Bank Uganda, the Group has banking subsidiaries in Kenya, Rwanda, Tanzania, DRC, South Sudan, and a Commercial Representative Office in Ethiopia; with additional non-banking subsidiaries engaged in the provision of investment banking, custodial, insurance agency, philanthropy, consulting, and infrastructure services.
Equity Group is the largest bank in the region with assets of USD 12 billion. It is also the largest bank in terms of deposits, with a market capitalization of USD 2 billion and a customer base of over 15 million.
The group has 337 branches, 56,772 agents, 32,269 merchants, 697 ATMs and has widely adopted digital banking channels.
The Innovation Village is a Launchpad for leading entrepreneurs and innovators working to solve the most pressing challenges using technology.
“Every day, we devise avenues to leverage innovation, entrepreneurship and technology to deliver lasting solutions to challenges in the world”, said Mr. Weikama.
He adds that The Innovation Village Primary goal is to create a destination that grows companies that matter and are centered on solving the biggest industry and community challenges.
“We do this by converging Network, Talent, Capital and Physical Assets leading Uganda and the region into industry 4.0”, he added.
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