Post Bank Uganda and NY-based Map

Post Bank Uganda has announced an agreement with New York based Map International to create a multi-component financial services system for connecting the consumer, banks, service providers, merchants, retailers and even mobile operators. The aim of the project is to modernise the banking services and provide financial inclusion to the residents of rural areas. Currently, around 90% of the 5 million-strong Ugandan population does not have access to a bank and for Sub Saharan Africa (SSA) the figure is one in five. Uganda Telecom will provide the infrastructure, the banking platform and operational support to the project. Once in place, the system has the potential to revolutionise not only the banking and retail business, but the entire Ugandan economy.