MasterCard has teamed up with the Uganda Banker’s Association (UBA) to develop a framework that will strengthen the local financial services sector while driving forward financial inclusion goals.

The strategic partnership will support Uganda’s National Vision 2040, which aims to transform the country into a prosperous African economic powerhouse. It will focus to develop and grow the National Payment Ecosystems in the country.

Both partners will work together to tackle anti-fraud and anti-counterfeit initiatives such as cyber security; migration of payment cards to EMV; promotion of financial inclusion through capacity building initiatives and financial literacy and awareness programmes.

Furthermore, MasterCard and UBA will co-operate for research and policy development initiatives to further boost the sectors growth.

MasterCard vice president and area business head for East Africa, Chris Bwakira, said that the partnership will help both organisations work towards accelerating the financial inclusion of the unbanked and underbanked in Uganda.

Bwakira added: “This partnership is part of our commitment to financially empower 100 million people in Africa by 2020.

“The collaboration with our partners, such as the Uganda Bankers Association, is key to achieving this vision and to support the country’s growth and sustainable development goals of ending poverty and promoting equality for all.”