NEWS
Centenary Bank and Mastercard partner
to transform Uganda’s economy
have further strengthened their partnership by signing a
Commercial Banking Agreement which will see the roll-out of
a broad suite of digital payment solutions. This partnership
will help strengthen the National Payment Ecosystem through
the introduction of relevant payment solutions including
Masterpass QR, payment card solutions including debit, prepaid
and credit as well as premium solutions. It is clear to see why
the National Financial Inclusion Strategy is needed, according
to the 2016 Financial Inclusion Insights Survey, only 11 out of
every 100 adults in Uganda have access to a bank account.
Chris Bwakira, Vice President and Area Business Head
for East Africa, Mastercard
Centenary Bank and Mastercard have announced at the
Annual Bankers’ Conference their multipronged approach to
digitising Uganda’s economy. Following the recent signing
of a strategic partnership agreement focused on boosting
financial inclusion in the East African market, the two partners
However, 53% of adults are using mobile payment solutions to
transact. Chris Bwakira, Vice President and Area Business Head
for East Africa, Mastercard said: “We have made significant
strides this year in Uganda, with our recent agreement with
the Uganda Bankers’ Association and the work we are doing
through the Mastercard Labs for Financial Inclusion.
“We are pleased to be part of this transformation journey in
Uganda, and there is still much to be done to ensure we don’t
only provide access but that together we also ensure usage
of financial tools that will assist Ugandans to have a financial
history, giving them the power to build a stronger future for
themselves and their families.”
Africa poised to become
digital insurance leader
Oliver Bäte, CEO of Allianz SE, opened the 44th annual
Insurance Conference in Sun City, South Africa, with a keynote
address on the conference theme ‘Disrupt, Debate, Deliver’.
In his speech, Bäte addressed the profound transformation
of the insurance industry wrought by digitalisation. “We are
completely rethinking the way we serve our customers, not
least because of the competition posed by disruptors from the
fin-/insuretech space. Today’s customers will choose a product
primarily because it’s easy to use, transparent in terms of price
and quality, and personalised – and because it’s available to
them via the digital channels they want it from.
“While traditional markets, such as Europe, are struggling
with their digital transformation process, Africa is digital by
nature. By leveraging the Internet and mobile penetration,
African countries can leapfrog innovation. African customers
will rightfully demand and drive insurance innovation in Africa
as they expect offerings and channels to be fully digitalised.
This, and the fact that rules and regulations are favourable for
innovation in financial services, puts Africa in a great position
to become the digital insurance leader of the future.”
In Africa, where the Group is already present in 16 countries,
Allianz will focus its digital activities on increasing customer
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INTELLIGENTCIO
Andreas Berger, Allianz Global Corporate & Specialty Chief
Regions & Markets Officer; Delphine Traoré Maïdou, Allianz
Africa COO; Oliver Bäte, CEO of Allianz SE, and Coenraad
Vrolijk, Allianz Africa CEO
reach in key growing markets, where insurance penetration
is still low, and efficiency in markets with higher penetration.
“Insurance companies have much to offer to the African
economy. Digitalisation allows us to gain considerably better
insights into our individual and institutional customers and
thereby to better serve their needs” Bäte said in closing. n
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