Rinchi
TechInAfrica – The National Association of Savings and Credit Unions (NASCU) announces a partnership with MasterCard to support financial integration in Zambia through its formal financial products and services. The financial integration targets underserved population within the members of cooperatives.
Through the agreement, NASCU provides an electronic payment system that is secure, efficient, and transparent. The electronic payment system will be implemented on the automate payments, such as payroll, loans, as well as disbursements streamlined to its savings and credit cooperative members. Moreover, about 1.5 contactless of MasterCard’s debit card payments will be issued to its users within the next five years, serving them with a convenient payment for daily transactions.
The Managing Director of NASCU, William Kanyika, said: “We are pleased to partner with our customers and provide them with the benefits of their livelihoods. By cooperating our payments system, we can better understand our cooperative members’ behavior and needs, in turn allowing us to deliver better quality products and services in support of the government’s financial services to every citizen in the country.”
The project is also an initiative to support Zambia’s National Financial Inclusion Strategy 2017 – 2022, aiming at boosting financial integration from 59% to 80%. The project also an initiative to modernized integrated payments ecosystem in the country.
Speaking about its partnership with NASCU, the Division President of MasterCard Southern Africa, Mark Elliot, said: “Savings and Credit unions provide a vital role in connecting the underserved to financial services and the formal economy. This collaboration with NASCU represents a major step forward in our strategy to create a cashless society and build an inclusive financial sector that supports the socio-economic development of the country.”
