By Namugerwa Martha

Centenary Bank has partnered with Mastercard on a multi-pronged approach to digitising Uganda’s economy in support of the National Financial Inclusion Strategy.

Following the recent signing of a strategic partnership agreement focused on boosting financial inclusion in the East African market, the two partners on Wednesday further strengthened their partnership by signing a Commercial Banking Agreement (CBA), which will see the rollout of a broad suite of digital payment solutions.

While signing the agreements at the Annual Bankers’ Conference in Kampala, Fabian kasi the managing director of centenary bank said that the partnership aims to transform the country into a prosperous African economic powerhouse, where businesses can grow and people are able to prosper.

“We are committed to delivering solutions that meet the diverse needs of people, especially those living in rural areas. Part of this commitment is working alongside partners that share our vision, and Mastercard will work with us to diversify our services and solutions,” Kasi explained.

He added that as the largest commercial microfinance bank in the country, with over 1.4 million customers, they are committed to delivering solutions that meet the diverse needs of people, especially those living in rural areas.

“Part of this commitment is working alongside partners that share our vision, and MasterCard will work with us to diversify our services and solutions,” Kasi added.

Kasi further added that the Centenary-Mastercard groundbreaking strategy seeks to address five major drivers of financial inclusion: accessibility of financial services, credit infrastructure, and digitisation of financial services, appropriate and innovative financial products and consumer financial protection.

Additionally, Chris Bwakira, Mastercard vice-president and area business head for East Africa, said the partnership is part of the Mastercard commitment to financially empower 100 million people in Africa by 2020.

“We have made significant strides this year in Uganda, with our recent agreement with the Uganda Bankers’ Association and the work we are doing through the Mastercard Labs for Financial Inclusion,” Bwakira said.

Mastercard is a technology company in the global payments industry. Mastercard operates the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories.

Mastercard products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone.

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