By Mark Kawalya
Equity Bank Uganda and Mastercard have formalized an agreement to advance financial inclusion among Uganda’s digitally excluded people, communities, and businesses. The partnership was formalized by a memorandum of understanding (MoU) that demonstrates a convergence of goals, with both parties utilizing technology to close the income gap faced by underserved and underrepresented groups.
The partnership makes use of Mastercard’s ground-breaking Community Pass solution as Equity Bank sets out on a mission to:
- Issue financial inclusion cards that act as both online and offline value stores, providing a safe digital platform for saving and spending.
- Offer Community Pass credentials as a flexible form of identity, streamlining and enabling access to a variety of services in a secure, privacy-focused, and affordable manner.
- Create a digital acceptance footprint for Community Pass by collaborating with ICT firms in Uganda.
- Streamline access to credit for both individuals and businesses.
The Community Pass from Mastercard is one of a number of platform services designed to promote digital inclusion. It provides an effective and financially feasible approach for enhancing the delivery of services in the agricultural, micro-commerce, aid, and healthcare sectors. Community Pass emerges as a beacon of financial empowerment since it is designed to connect people in underserved, distant, and frequently offline regions to digital transaction solutions.
“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,” said Daniel Huba, Vice President of SSA Market Development, Community Pass, at Mastercard, in a statement expressing his admiration for the alliance.
With its secure and practical solutions, Community Pass aims to close the financial services gap for the unbanked.
The collaboration on cutting-edge payment solutions is in line with their strategy and dedication to customer-centricity, according to Elizabeth Mwerinde, Executive Director of Public Sector and Social Investments at Equity Bank.
Equity Bank is also prepared to join forces with Innovation Village in addition to its cooperation with Mastercard to advance the cause of financial inclusion through the Digital Economy Program.
Digital Economy Practice Lead at Innovation Village Saul Weikama expressed a firm commitment to promote financial inclusion and spur growth through the Digital Economy Program, saying, “By leveraging digital infrastructure and a shared platform, we are dedicated to aligning solution providers with financial institutions and industry leaders.”