Uganda Banker’s Association (UBA) has signed a strategic partnership agreement with MasterCard to develop a framework that will strengthen the local financial services sector in Uganda.
The agreement is based on promoting financial inclusion through capacity building initiatives, financial literacy and awareness programmes, anti-fraud and anti-counterfeit initiatives including cyber security among others.
“We are happy to associate with MasterCard Electronics our technology partners and Credit Bureau solutions,” UBA Executive Director Wilbrod Owor said at the signing of the partnership agreement at Serena Hotel.
Owori cautioned the government to have fiscal discipline to avoid ‘crowding out of the private sector that is brought about by the continuous borrowing s by the government of Uganda’.
Chris Bwakira, the Vice President and Area Business Head, East Africa at MasterCard noted that the partnership will help both organizations work towards “accelerating the financial inclusion of the unbanked in Uganda” adding that the risk of fraud is placed on banks because they keep people’s money.
Additionally, the partnership will allow research and policy development initiatives to further boost the sectors growth, he said.
Meanwhile, the UBA will hold annual Bankers conference on July 19, 2017 at Serena Hotel where Bank chiefs will meet to discuss the future of Banking in Uganda.
Established in 1981, the UBA is an umbrella organization for licensed commercial banks supervised by Bank of Uganda, among them all 23 licensed Commercial Banks and the Uganda Development Bank (UDB)