LUSAKA, Zambia, July 1, 2022 /PRNewswire/ — UnionPay International (UPI) today proudly announces a new partnership with National Association of Savings and Credit Unions (NASCU), the apex organisation for all financial cooperatives in Zambia, to issue UnionPay debit Card. This new partnership empowers rural and urban savings groups, village banking, and other forms of cooperative society members to aid savings and investments. These groups’ earnings primarily depend on agricultural activities, mining, small and medium enterprises (SMEs).
The NASCU Chief Operating Officer, Mr. Febian Mubuyaeta reiterated that most cooperatives in both rural and urban areas in Zambia depend mainly on doing cash business. The partnership between NASCU and UnionPay provides support to all forms of savings groups, village banking, and other multipurpose cooperatives involved in pooling members’ savings deposits and shares to finance their loan portfolios.
“We are thrilled to combine efforts with NASCU to ensure Zambian populations have easy, secure, and convenient payment access to their funds that help them accomplish their goals”, stated Mr. Asad Burney, Head of UnionPay International African Branch.
The program’s target is to be extended to reach a million members in three years. Currently, more than 90% of merchants in Zambia accept UnionPay cards. These cardholders can also use their UnionPay cards conveniently in 180 countries and regions.