Business

Bankers Body Partners with MasterCard to Deepen Financial Inclusion

Wilbrod Owor (L) the Executive Director of Uganda Bankers Association and Chris Bwakira (C) the Area Business Head for MasterCard in East Africa after signing the agreement at Kampala Serena Hotel on Wednesday

Uganda Bankers Association, stuff the body that brings together bankers in the country has Wednesday entered a partnership with global payment and technology company MasterCard to further deepen access to financial services among Ugandans.

A Memorandum of Understanding was signed between Wilbrod Owor the Executive Director of the bankers’ body and Chris Bwakira the Area Business Head for MasterCard in East Africa at press conference held at Kampala Serena Hotel.

The agreement focuses on anti-fraud and anti-counterfeit initiatives including cyber security, sildenafil promotion of financial inclusion through capacity building initiatives and financial literacy and awareness programmes.

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“The financial sector is highly risky therefore mechanisms aimed at strengthening security around financial services are very critical since we are custodians of people’s money, physician ” Owor said at the press conference.

Owor said; “Partners like MasterCard who bring a wealth of experience are very welcome and we are glad to be working with them. This way, they will provide us with insights from jurisdictions elsewhere.”

“We will develop research, literacy and also building capacity in order for the sector to be able to meet the emerging needs from the clientele.”

The collaboration looks to support Uganda’s Vision 2040 to transform the country into a prosperous economic powerhouse where businesses and people can grow.

On behalf of MasterCard, Bwakira described the development as significant which he said follows lengthy dialogue and numerous consultations with stakeholders in the market.

“We are committed to Uganda and our partnership for the long term. Our aim is to accelerate financial inclusion for the unbanked and underserved,” Bwakira said.

Further, he noted, the long term collaboration will promote agency banking initiatives and forex flows that are currently not digitized.

“In order to allow financial institutions to have access to our networks, we shall be introducing a special pricing and infrastructure to facilitate inclusiveness,” he said.

At the same event, Bwakira stressed the importance of seamless payment in the future of banking adding that the financial sector must be ready to roll out more digital solutions.

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