BY S D KASULE
Equity Bank Uganda, Mastercard and the Innovation village, have joined hands in a partnership that holds the promise of bringing financial accessibility to ordinary farmers and other digitally underserved individuals, communities, and businesses across the nation.
This collaboration highlights the aspirations of ordinary Ugandans for financial inclusivity.
The partnership is looking forward to making financial services a reality for every Ugandan, irrespective of their background or location. The memorandum outlines initiatives like Financial Inclusion Cards which will be issues by Equity Bank through leverage Mastercard’s Community Pass solution. These cards will function both online and offline, allowing individuals to securely and digitally save and spend their money.
The Mastercard Community Pass is a suite of platform services designed to promote digital inclusion and offer a commercially sustainable approach to promoting the delivery of essential services like agriculture, micro-commerce, aid, and healthcare in remote and underserved communities.
Crucially, this collaboration also brings the improved access to credit, to individuals and businesses, by the use of this card, which would, which would otherwise be difficult, there by fostering economic growth and development among within this group of society.
The other part of this partnership is the community Pass credentials that will be issued as a functional form of identity, for members of who belong to a given group which is working together. This will simplify and enhance access to multiple services in a secure, privacy, as well as a cost-effective manner.
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Digital Acceptance Footprint, Equity Bank Uganda, in collaboration with technology companies in the country, will work on building a robust Community Pass digital acceptance footprint, further expanding digital services’ accessibility.
Daniel Huba, Vice President of SSA Market Development, Community Pass, at Mastercard, expressed his enthusiasm for the partnership, highlighting its potential to drive digital visibility, financial inclusion, and credit-building opportunities for marginalized and underserved populations. He stressed Mastercard’s belief in technology’s power to foster financial inclusion.
He says “Through this collaboration, marginalized and underserved populations are set to gain access to digital solutions for their daily transactions.”
Kenneth Onyango, Executive Director Commercial Banking at Equity Bank, shared his excitement about the partnership and its alignment with Equity Bank’s customer-centric commitment. He emphasized the significance of collaborating on forward-looking payment solutions for excluded communities.
Additionally, Equity Bank Uganda will collaborate with Innovation Village to facilitate the implementation of the financial inclusion agenda through the Digital Economy Program. This partnership underscores a dedication to fostering growth and promoting financial inclusion by leveraging digital infrastructure and shared platforms.
“This means that even in remote areas, individuals and communities will have access to essential digital services, bridging the gap between urban and rural financial accessibility.” Onyango said.
Japheth Kawanguzi, the CEO of innovation village, says this collaboration is not just a corporate goal; it’s a shared responsibility. It calls upon all stakeholders, including Ugandans themselves, to come together to create a world where financial services are truly accessible to all, where no one is left behind in the pursuit of a brighter financial future for themselves and their families.
“In a nation where the aspiration for financial inclusion runs deep, this partnership between Equity Bank Uganda and Mastercard represents a beacon of hope, a promise of better days ahead for ordinary Ugandans striving for a more financially inclusive future.” He added.