The National Association of Savings and Credit Unions (NASCU), the apex organisation for all financial cooperatives in Zambia, on 27 June, 2022, announced the successful implementation and testing of UnionPay International Debit Card.
In 2021, UnionPay International entered into an agreement with NASCU as part of the its Financial Inclusion Program to introduce safe, secure, efficient and transparent electronic systems to help Cooperatives and Credit Union members access their savings, transacting and loan accounts.
The deployed products and services around the UnionPay International solutions shall be availed to all cooperative society members, including savings and village banking groups in alignment with Zambia’s National Financial Inclusion Strategy 2017 to 2022, – which aims to increase financial inclusion from 59 percent to 80 percent – by enabling more people and businesses to access digital payments and formal financial services.
“It is truly exciting to be part of an initiative using the best technology from strategic partners. After various discussions and evaluations, NASCU partnered with UnionPay International as their platform enhances NASCU’s strategy to include all cooperative societies in the drive to digitise cooperative activities and their respective access to cooperative focused financial services and business enabling tools and services.” says Febian Mubuyaeta, Chief Executive Officer of NASCU. “All NASCU’s line of business applications are guided by best practice recommendations from the Registrar of Cooperatives at the Ministry of Small and Medium Enterprise Development. This cost-effective payment platform shall change the way we as co- operators have engaged with each other, developing our communities and enabling our fellow members to empower themselves, with secured savings, affordable loans and a trusted environment to transact.”
NASCU having successfully completed testing of the card products shall commence card issuance to members, focused on developing a modernised and inclusive financial cooperative environment in Zambia. With UnionPay International card products and the additional services, cooperatives will be able to securely operate and deliver products that are competitive with any savings and lending solution on the market.