Mastercard and Equity Bank Uganda have joined forces to enhance financial inclusion for individuals, communities, and businesses in Uganda who lack access to digital services.
Equity Bank plans to utilize Mastercard’s Community Pass solution to issue financial inclusion cards, which will serve as a secure means for individuals to save and spend both online and offline.
Daniel Huba, Vice President of SSA Market Development, Community Pass at Mastercard, has expressed excitement about the partnership and its potential to drive digital visibility, financial inclusion, credit building opportunities, and access to digital services for marginalized populations.
The Community Pass credentials issued by Equity Bank will simplify access to multiple services in a secure and cost-effective manner, while also enabling access to credit for individuals and businesses.
Additionally, the partnership aims to establish a Community Pass digital acceptance network in collaboration with technology companies in Uganda.
Mastercard’s Community Pass is a platform that aims to provide digital services to underserved communities in areas such as agriculture, micro-commerce, aid, and healthcare. It seeks to connect individuals in remote and offline areas to digital solutions for their everyday transactions.
Equity Bank is excited to expand its partnership with Mastercard and work together on innovative payment solutions for excluded communities. The bank believes that this partnership is in line with its customer-centric approach.
The Bank will also collaborate with Innovation Village to support the implementation of the financial inclusion agenda through the Digital Economy Program.
Saul Weikama, the Digital Economy Practice Lead at Innovation Village, emphasized the company’s strong dedication to promoting financial inclusion and fostering growth through the Digital Economy Program.
The partnership further highlights this commitment, as it aims to connect solution providers with financial institutions and industry leaders using a shared digital platform.
The ultimate goal is to transform the communities that drive Africa’s innovative solutions and serve as the continent’s engine for progress.