Mastercard and Equity Bank Uganda have signed a memorandum of understanding aimed at improving financial inclusion for digitally excluded individuals, communities, and businesses in Uganda.
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 also plans to 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, as well as enable access to credit for individuals and businesses. This is intended to 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 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.
“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. “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 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 implementation of the financial inclusion agenda 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 Saul Weikama, Digital Economy Practice Lead at Innovation Village.