MICROCAPITAL BRIEF: Mastercard, Financial Sector Deepening (FSD) Uganda Partnering on Digital Payments for Agriculture, Education, Health and Trade

Mastercard, a US-based payment processing company, and Financial Sector Deepening (FSD) Uganda, an NGO funded by the UK Department for International Development, recently entered a memorandum of understanding to createfinancial products intended to expand financial inclusion within Uganda. The partners aims to build digital payment solutions focused on the agriculture, education, health and trade sectors. Mastercard and FSD Uganda also plan to explore areas such as customer protection and education as well as to engage the Ugandan government to make the financial environment more investment-friendly.

The mission of FSD Uganda is to support innovation, participate in research and promote policies that improve financial inclusion within the country. The FSD Network includes Access to Finance Rwanda; Nigeria’s Enhancing Financial Innovation and Access; Ethiopia’s Enterprise Partners; FSD Kenya; FSD Moçambique; FSD Tanzania; FSD Uganda; FSD Zambia; FinMark Trust, which is active in Southern Africa; and FSD Africa, which works across sub-Saharan Africa.

Mastercard, founded in 1966 and headquartered in the city of Purchase, New York, is a financial technology company operating in 210 countries.

By Ryan Gauthier, Research Associate