The move will see the acceptance of payment cards in 23 ATM locations and 200 POS terminals in the country effective immediately following the country’s positive economic development and steady political outlook shows .
“The focus on acceptance and easy-to-access solutions is key to driving financial inclusion in Uganda,” says, Chris Bwakira, Vice President and Area Business Head for East Africa, Mastercard. “Uganda is of immense strategic importance to Mastercard and we will continue to invest in infrastructure to enable safe and secure payment options.”
By opening acceptance in Uganda, Mastercard and Orient Bank are ensuring that consumers and tourists coming into the country are able to pay and draw for money using their Mastercard at ATMs and POS terminals.
Financial inclusion is essential to ensuring the economic growth of Uganda and the partnership aims to successfully integrate the country into the global financial system. Furthermore, the partnership falls directly in line with Bank of Uganda’s Strategic Plan 2012 to 2017 to improve financial inclusion through innovation.
“As the needs of our customers change, we are adapting through innovation and partnerships such as the one with Mastercard to provide them with convenient services. Through these strategic partnerships, we are able to accelerate the drive for financial inclusion and economic well-being across Uganda,” said Julius Kakeeto, Orient Bank Managing Director.
Mastercard is accepted in 51 of 54 markets on the continent which is indicative of the company’s commitment to acceptance in Africa. Other countries that have seen significant acceptance growth since 2015 are Algeria, Ethiopia, Malawi, Republic of Congo, Somalia and Zambia.
Q1 of 2016 saw Mastercard’s ATMS increase by 8.2%, compared with the same period in 2015, while POS terminals increased by a substantial 16.7%. Currently Mastercard payment solutions are available in over 210 countries worldwide totaling over a million Merchants. This is a true testament of the Mastercard commitment to its acceptance growth strategy.
Acceptance is important in providing positive social and economic impact as local citizens get access to safe and secure means of transacting, while companies get to conduct their businesses beyond the constraining and risky cash environment. Mastercard is dedicated to improving the payments sector in Uganda by better integrating the country’s economy with economies elsewhere in the world.