Partnership empowering farmers with digital and financial support unveiled

PHOTO:L-R: Patrick Muhumuza, Head of Operations at SchoolPay Uganda; Eric Nana Agyei Kwabena, Founder/CEO at Mobipay AgroSys Ltd; Charity Atukwatsa, Head of Operations at Service Cops Ltd; Kenneth Onyango, Executive Director Commercial Banking at Equity Bank Uganda; CK Japheth, Team Lead at Innovation Village; Stellah Lugalambi, Executive Director at Hamwe; and Ricardo Pareja, Global Head of Sales, and Markets at Community Pass during the event at Serena Hotel On Tuesday

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Farmers and businesses operating within the agriculture value chain are set to benefit from a groundbreaking collaboration between Mastercard Inc, Innovation Village, and Equity Bank.

This strategic partnership aims to facilitate market access, job opportunities, and financial support, fostering digital and financial inclusion throughout Uganda.

The three entities formalized their commitment through a memorandum of understanding signed at Serena Hotel on Tuesday.

 Ricardo Pareja, Global Head of Sales, and Markets at Mastercard Inc, expressed the organisation’s ambitious goal of reaching at least 1.5 billion people by the end of 2025, citing Uganda as a well-prepared and receptive country for Mastercard's initiatives.

"Uganda has been our focal point, which is why we have joined forces with Innovation Village and Equity Bank to develop digital ecosystem solutions that empower women and youth to access financial services using various technological tools, especially in payments," Pareja stated.

He  highlighted the Community Pass as a key component designed to bridge the gap between the unbanked and formal financial services, offering secure and convenient solutions.

 Pareja underscored the significance of Innovation Village's digital infrastructure, which will empower numerous startups to leverage common resources for accessing job opportunities, markets, and income-generating activities. He emphasized the importance of digitizing Uganda's informal economy, where more than 95% of economic activity currently occurs, making it invisible in the formal sector.

 Through the Community Pass platform, Mastercard is committed to connecting individuals in underserved, remote, and often offline communities to digital solutions for everyday transactions. Pareja said, "This partnership holds immense potential to enhance digital visibility, promote financial inclusion, enable credit-building opportunities, and provide marginalized and underserved populations with access to digital services. We firmly believe that technology will drive financial inclusion and empower individuals, enabling consumers and small businesses to thrive in the digital economy."

 Equity Bank plans to leverage Mastercard's Community Pass solution to issue financial inclusion cards, serving as both online and offline storehouses of value. This innovation will enable individuals to securely and digitally save and spend their funds.

Kenneth Onyango, Executive Director of Commercial Banking at Equity Bank, outlined the bank's goal of reaching over 100 million customers through its financial inclusion and digital banking initiatives, simplifying access to a wide range of services and facilitating access to credit for individuals and businesses.

 Onyango emphasized that this collaboration aligns seamlessly with the bank's strategy of promoting financial inclusion, stating, "We are delighted to elevate our strategic partnership with Mastercard through this agreement, as it provides an opportunity to collaborate on cutting-edge payment solutions for underserved communities, perfectly aligning with our customer-centric commitment."

 Equity Bank will also partner with Innovation Village to facilitate the implementation of the financial inclusion agenda through the Digital Economy Program. Agriculture, as a sector, stands to benefit significantly from this collaboration, as many farmers have yet to fully harness the potential of the value chain.

 CK Japheth Kawanguzi, Team Leader at Innovation Village, lauded the partnership's potential to create an ecosystem that recognizes and rewards entrepreneurs for their innovations. By leveraging shared digital infrastructure, this program aims to develop innovative solutions that bring critical financial and related services closer to communities. Additionally, the platform will empower innovators to expand their reach, reduce costs, and explore new revenue opportunities.

Ultimately, this collaboration will streamline operations for agro-dealers and SMEs, eliminating many of the traditional bottlenecks previously faced by farmers.