Equity Bank Uganda Limited (EBUL) and the United Nations Capital Development Fund (UNCDF) have signed a partnership agreement to enable secure electronic cash transfer to refugees.
Dubbed the ‘Mobile Money for the Poor’ (MM4P), the transactions will drive financial inclusion for the refugees, using their biometric cards.
‘Equity Bank is the first to go to market with this innovative solution in Uganda delivering last mile distributions and enabling a transition from humanitarian response to development,’ Equity Bank Uganda indicated at the applicability showcase held at the Serena Hotel today.
‘Equity Bank is giving refugees the tools they need to increase their resilience and the development partners’ efficient and transparent solutions for cash transfers. This system will be scaled using the agency banking model, currently launched with support from UNCDF,’ the release adds.
Meanwhile, EBUL sister bank, the Equity Bank in Kenya is currently running a program called the ‘National Hunger Safety Net program with 420,000 beneficiaries with total funds disbursed at 4.79 billion Kenya shillings, partnering with among other organisations the UN, World Bank, UNCDF and Financial Sector Deepening.