New banker’s partnership to strengthen agency banking

By Daudi Zirimala

The Uganda Bankers Association (UBA) has signed a partnership with International Financial Cooperation (IFC) intended to drive financial inclusion in the country through agency banking.

According to the Managing Director UBA Wilbrod Owor Hamphrey, in this partnership IFC has injected in 1.9 million Us dollars in supporting Agent banking system, enhancing product proposition by enabling citizens access their bank accounts.

He noted that currently financial inclusion is the way to go and achieving this, Uganda bankers Association has registered 8805 approved agents across the country who can help Ugandans to open up bank accounts at anytime and starting giving out mobile money loans using bank agents in the country.

“The shared agent platform is a leading concept in the region in terms of reducing cost of doing business in the banking sector,” says Wilbrod.

Speaking at the signing of the partnership the IFC Regional Director East Africa Jumoke Jagun Dokunmu said that a third of the Ugandan population have access to bank accounts ,which is not good enough to reach financial inclusion.

She said that financial inclusion practices have a positive trajectory in Africa due to the development of digital financial services and innovations like agent banking system.

IFC will continue supporting various developments in Uganda through innovations like this to enable government achieve its goal of private sector development and prosperity to the people of Uganda said Jumoke.