UnionPay International and PostBank Uganda Ltd have announced an extension of their ongoing collaboration to further enhance digital financial inclusion in Uganda.
The partnership between PostBank Uganda and UnionPay International was established in 2018 with a core objective of improving access to financial services and ultimately, financial inclusion of the previously unbanked or underbanked people of Uganda.
“UnionPay International is delighted to build on the successes achieved through this partnership. We look forward to the exciting times ahead, especially now that PostBank has attained Tier One Commercial Bank status. Over one million PostBank customers will now have access to convenient and cost-effective payment services thanks to this partnership,” said Mr. Asad Burney, Head of UnionPay International Africa branch.
In the past three years, PostBank has connected over 30,000 SACCO (Savings and Credit Cooperative Organization) members to digital banking. Thanks to the partnership between UnionPay International and PostBank Uganda, over one million customers can now access intelligent, convenient, and cost-effective payment products and services locally and internationally.
“We will continue to grow our product offerings to ensure financial inclusion beyond the retail space. Agriculture is an area in which most of our Ugandan target population have their livelihood”, said Mr. Julius Kakeeto, the Managing Director PostBank Uganda, adding that, “The digital financial services space will expand the opportunities for all our stakeholders, such as product distribution channels, markets access locally and internationally, real-time information on prices. And this is just the tip of the iceberg.”
Kakeeto concluded that, “Uganda has plans to facilitate agricultural products exports into China. Therefore, we intend to leverage the opportunities the UnionPay partnership brings to position ourselves as a leader in this space.”