Stakeholders pose for a photo at the Serena Hotel Kampala during the Mastercard Inc. and Equity Bank Uganda partnership signing event.
KAMPALA – Mastercard and Equity Bank Uganda have signed a memorandum of understanding with the aim of 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.
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
Equity Bank also intends 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.
“We are honored to partner with Equity Bank to expand access of 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, 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.”
“We are pleased to scale up our strategic partnership with Mastercard through this agreement,” said Kenneth
Onyango, Executive Director Commercial Banking, Equity Bank. “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.”
The signing ceremony took place today at the Kampala Serena Hotel.
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