IFC, ABC Partner to Increase Rural Financial Inclusion in Uganda
International Finance Corporation (IFC), a member of the World Bank Group, last week announced an agreement to a value of $1.9 million with Agent Banking Company of Uganda (ABC) for the development of a shared agent banking network to increase access to affordable financial services and improve financial inclusion for the broader population in Uganda.
Over two and a half years, IFC will support ABC to roll out a shared agent network infrastructure for supervised financial institutions to accelerate the expansion of financial services in the country, with emphasis in rural areas. The shared platform allows for processing of financial transactions including cash deposits, withdrawals, money transfers, payments, and will facilitate the process of opening new bank accounts electronically. A common agent network is more cost-efficient than for each bank to set up proprietary networks, as the ABC network will be open to participation by financial institutions.