UnionPay International and PostBank Uganda reinforce partnership enhancing digital financial inclusion in Uganda
KAMPALA, Uganda, July 22, 2022 /PRNewswire/ — 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.”
About PostBank Uganda
PostBank Uganda (PBU) is a public company limited by shares and formed under the Public Enterprises Reform and Divestiture Statute of 1983 and the Uganda Communications Act, 1997. It was incorporated under the Companies Act in 1998 and is owned by the Government of Uganda with 100% shareholding.
At the end of 2021, PostBank received a license from Bank of Uganda to operate as a tier 1 deposit taking financial institution.
PostBank boasts of 50 branches, 400 Post Agents countrywide, and over 60 smart ATM’s across Uganda.
About UnionPay International
UnionPay International (UPI) is a subsidiary of China UnionPay focused on the growth and support of UnionPay’s global business. In partnership with more than 2500 institutions worldwide, UnionPay International has enabled card acceptance in 180 countries and regions, with issuance in 75 countries and regions . UnionPay International provides high-quality, cost-effective, and secure cross-border payment services to the world’s largest cardholder base, and ensures convenient local services to a growing number of global UnionPay cardholders and merchants.
With over 180 million UnionPay cards issued outside mainland China, UnionPay has expanded its acceptance network to 180 countries and regions in recent years. At present, UnionPay cards are widely accepted in Africa across all sectors, effectively meeting the diverse purchasing needs of UnionPay cardholders visiting and living on the continent. UnionPay cards have been issued in more than ten African countries, including Kenya, Tanzania, Uganda, Ghana, South Africa, Madagascar, and Mauritius.