Mastercard and Equity Bank partner to foster financial inclusion in Uganda
Mastercard and Equity Bank Uganda have signed an MoU aimed at improving financial inclusion for digitally excluded individuals, communities, and businesses in Uganda.
Under the agreement Equity Bank 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. The bank will also issue Community Pass credentials as a functional form of identity that simplifies and enables access to multiple services in a secure, privacy-first and cost-effective way.
Additionally, the bank intends to enable access to credit for individuals and businesses as we as build a Community Pass digital acceptance footprint in partnership with technology companies in Uganda
Mastercard Community Pass is a set of platform services that enables digital inclusion and provides a commercially sustainable approach to scaling the delivery of agriculture, micro-commerce, aid, and healthcare services. Through Community Pass, Mastercard is working to connect individuals in underserved, remote and frequently offline communities to digital solutions for life transactions.
“We are honoured to partner with Equity Bank to expand access to financial services to excluded communities in Uganda,” said Daniel Huba, Vice President of SSA Market Development, Community Pass, at Mastercard.
“This partnership holds significant promise to drive digital visibility, and 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. 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.”
Elizabeth Mwerinde, Executive Director of Public Sector and Social Investments at Equity Bank Uganda said. “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.”
Equity Bank will also undertake a partnership with Innovation Village to facilitate the implementation of the financial inclusion agenda through the Digital Economy Program.
“This partnership underscores our unwavering commitment to fostering growth and promoting financial inclusion through the Digital Economy Program,” said Saul Weikama, Digital Economy Practice Lead at Innovation Village. “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.”
