Mastercard, Centenary Bank and M-KOPA Solar roll-out first of its kind energy solution in Uganda

QR payments solution launched to help provide simple and affordable payments for people and businesses in Uganda

KAMPALA, Uganda, 25 October 2018 -/African Media Agency (AMA)/- Mastercard in partnership with M-KOPA Solar and Centenary Bank, celebrated the first ‘pay-as-you-go’ QR transaction this week, officially launching the initiative, which provides a simple and inexpensive way to power the homes and businesses of Ugandans. M-KOPA, which already provides affordable, safe and clean energy to three million people in East Africa has launched Mastercard’s Quick Response (QR) payment technology in Uganda to facilitate and extend the reach of its groundbreaking pay-as-you-go solar program. 

Ajay Banga visiting small shop to witness pay-as-you-go QR transaction

The launch of the program took place in Entebbe and was attended by Ajay Banga, president and chief executive officer of Mastercard, who made a special visit to Uganda to be part of the milestone ceremony.

Shop owner conducting pay-as-you-go QR payment for electricity

Ajay Banga, Jesse Moore and small shop owner

 

 

 

 

 

 

 

 

 

 

 

Many off-grid homes in Uganda are located in remote locations, where social and financial services are hard to reach. This partnership is aimed at helping these homes become healthier, wealthier and more connected. Across Africa 625 million people lack access to electricity, relying on kerosene, candles and batteries for power. These can be hazardous and bad for the environment. Solar has emerged as an important source of disbursed power generation but has traditionally required large, up-front investment.

“Access to basic necessities like electricity can unlock a better future for consumers on an individual basis and also help spur economic growth and empowerment for the country as a whole. The Mastercard QR technology helps provide new levels of payment flexibility and affordability and will have a real impact on the daily lives of thousands of consumers in Uganda. Digital technology is the ideal vehicle for promoting greater energy inclusion as it reduces the cost of delivery, increases efficiency and productivity thus opening up access to benefits and experiences that were previously unthinkable,” says Raghav Prasad, Division President of Sub Saharan Africa at Mastercard.

 

Nick Hughes, Co-Founder and Chief Product Officer, M-KOPA Solar says, “M-KOPA has proven that our flexible financing model, underpinned by IoT systems and telemetry, is a scalable and efficient way for millions of people to acquire life-changing services and products. For example, 94% of our customers report an improvement in their children’s ability to do homework after taking our basic lighting product. M-KOPA’s partnerships – including integration with the Mastercard QR payment platform – are opening up even more productive asset-financing services and infrastructure. ”

Centenary Bank’s Managing Director, Mr. Fabian Kasi highlighted that, “This tripartite partnership shall go a long way in enhancing our bank’s efforts geared towards promoting the use of clean and safe energy by our customers in the various communities we serve”.

He added, “The mode of payment is an affordable solution for our customers, many of whom live in rural areas with little or no access to electricity and other necessities including structured financing which this campaign addresses.”

Distributed by African Media Agency (AMA) on behalf of Mastercard.