dfcu Bank, a financial institution in Uganda, has announced a partnership with Pesapal, a well-known secure payment service provider. The collaboration aims to introduce Merchant Acquiring services, making it easier for dfcu Bank’s customers to make card and mobile money payments.
The primary goal of this partnership is to meet the increasing demand for digital payment solutions. As more individuals and businesses worldwide embrace electronic payments, this move will offer a variety of transaction options to cater to their needs.
The shift towards digital transformation and the growing preference for electronic payments are evident in Uganda and other parts of the world. Businesses that do not adapt to electronic payment services may risk losing customers and revenue to competitors who offer these solutions.
According to the quarterly financial stability review, digital payments in Uganda have shown significant growth, with a 22.02 percent increase in the year ending in 2022. The number of digital payment transactions also increased from 2.74 million in 2021 to 3.34 million in 2022.
In 2021, dfcu Bank announced a campaign to achieve its digitalization objectives. One of the key objectives was delivering banking services to customers in real time with the help of technology.
This partnership with Pesapal will allow dfcu Bank to expand its payment processing and acceptance capabilities. Merchants who join Pesapal will be able to accept card payments and mobile money from dfcu Bank customers.
Pesapal is well-regarded for its secure and efficient digital payment solutions. They provide an all-in-one digital payment platform that offers a wide range of payment options, both online and at physical merchant locations.
Faridah Nalubega, the Manager of Cards & Money Transfers at dfcu Bank, expressed that this collaboration with Pesapal will enable more businesses to accept and process electronic payments using Cards (Visa/Mastercard) and Mobile Money (MTN and Airtel).
Nalubega stated, “With this partnership, our goal is to leverage Pesapal’s infrastructure to enable faster, more convenient, and reliable payment processing for our customers across the country.”
She also mentioned, “We will work with various businesses to help them develop and acquire the necessary infrastructure to accept and process payments using Pesapal as the intermediary. The demand for electronic payments has made business owners realize the importance of having these services available at their points of operation.”
Maureen Namoma, Pesapal’s Country Manager, emphasized their commitment to simplifying payments. She stated, “This move is a commitment to our customers and a promise of enhanced services as we build towards a more accessible financial future.”
“Partnering with dfcu Bank will allow us to meet the immediate needs of thousands of Ugandan customers. We expect that both businesses with physical locations and those operating online will see the rewards of integrating our offering into their services.”
This partnership is the latest addition to dfcu Bank’s customer-centered solutions, which include instant issuance of Visa Debit Cards, Smart ATMs with Cardless Deposit functionalities, and a selection of Credit Cards.
dfcu Bank remains committed to building, investing in, and providing partnerships, products, and services that will transform the lives and businesses of Ugandans.