Centenary Bank, a commercial microfinance bank in Uganda, has signed a commercial banking agreement (CBA) with MasterCard to launch a diverse set of digital payment solutions in the country.
Under the agreement, MasterCard will provide relevant payment solutions including Masterpass QR, payment card solutions such as debit, prepaid, and credit as well as premium solutions.
MasterCard believes that the agreement will enable both partners to work collectively to digitise Uganda’s economy in support of the National Financial Inclusion Strategy.
The latest agreement stems from the recent strategic partnership deal on boosting financial inclusion in the East African market.
MasterCard noted that the introduction of both agreements will further assist in delivering on Uganda’s National Vision 2040, which aims to transform the country into a prosperous African economic powerhouse.
MasterCard vice president and area business head for East Africa Chris Bwakira 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.
“We are pleased to be part of this transformation journey in Uganda, and there is still much to be done to ensure we don’t only provide access but that together we also ensure usage of financial tools that will assist Ugandans to have a financial history giving them the power to build a stronger future for themselves and their families.”