The Independent Uganda: You get the Truth we Pay the Price
Kampala, Uganda | THE INDEPENDENT | Equity Bank Uganda in partnership with the United Nations Capital Development Fund has intensified its drive for financial inclusion in Uganda by unveiling a new program called Mobile Money for the Poor (MM4P) that will ride on agency banking targeting refugees.
The two partners recently showcased the technology, process and applicability of this solution at the Kampala Serena Hotel.
The product that is already working in other East African Community Countries uses biometric card solutions to secure electronic cash transfer from donors and other well wishers to refugees.
The bank’s Executive Director, Anthony Kituuka, said refugees would benefit from the program by borrowing a leaf from markets like Kenya where a program – the National Hunger Safety Net with 420,000 beneficiaries have so far received Ksh4.79bn. Uganda has about one million refugees mainly from South Sudan and the Democratic Republic of Congo.
The targeting of refugee clientele is an awesome strategy! This must be what Getto President would call 21st-century economics! My economics is more 20th. I would put the emphasis on a growing sector of Uganda’s economy rather than people fleeing from neighbouring Sudan or Congo for safety in Uganda.