Mastercard and Financial Sector Deepening (FSD) Uganda have inked a memorandum of understanding (MoU) to develop financial services and solutions to provide Ugandans access to formal financial services.

The agreement will lead to Mastercard, Mastercard Labs for Financial Inclusion, and FSD Uganda to launch secure and simple digital payments solutions in order to meet their target in the key sectors such as education, agriculture, trade and health.

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Under the agreement, the two partners will work on protecting consumers, driving engagement with government surrounding policy, carrying out research and partnering with other critical stakeholders to share knowledge and expertise around financial inclusion.

The partners will also focus on customer education and awareness building; engagement with the Ugandan government regarding policies for investments in financial services and information technology.

“The solutions developed by Mastercard and FSD Uganda will close the gaps and build on the education pilot, eventually linking to other initiatives not only in education but also in agriculture, trade and health,” Mastercard said in its press statement.

Mastercard vice president and area business head of East Africa Chris Bwakira said: “Digital payments have played an important role in connecting Ugandans to financial services securely and seamlessly: 53 out of every 100 Ugandan adults have transacted because of mobile money solutions, for instance, which shows us that the ability to include people in the economy is driven by innovative digital solutions.

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“Mobile penetration sits at 65 percent and continues to grow rapidly, illustrating that as businesses, we should be targeting solutions that are convenient for citizens and that are easily accessible and available on platforms that they have adopted and use regularly.”

FSD Uganda executive director Jacqueline Musiitwa added: “Uganda takes building a more inclusive economy extremely seriously, as evidenced in the recently launched National Financial Inclusion Strategy 2017-2022. Strategic partnerships between organisations with the same values such as FSD Uganda and Mastercard, are an important step on the journey towards creating a country where financial services are accessible, affordable and beneficial to all.”