Global fintech group Mastercard yesterday announced a partnership with Zambia’s National Association of Saving and Credit Unions (Nascu), which will see the introduction of a secure payment system to streamline and automate payments to its savings and credit co-operative members.
The partnership aims to drive financial inclusion by extending formal financial products and services to under-served members of co-operatives.
Under this agreement, Nascu will introduce a secure, efficient and transparent electronic payment system to streamline and automate payments including payroll, loans, and disbursements to its savings and credit co-operative members.
It will also issue 1.5 million Mastercard contactless debit payment cards to its members over the next five years, providing them with a convenient electronic payment tool to receive and make safe and simple payments for everyday commerce activities.
The initiative is seen as a fundamental building block in developing a modernized and inclusive payments ecosystem in Zambia. With Mastercard’s wide acceptance footprint, cardholders will be able to securely transact around the world.