NASCU ANNOUNCE THE UNIONPAY INTERNATIONAL PRINCIPAL MEMBERSHIP FOR SACCO MEMBERS IN ZAMBIA
- Mwanangombe Akakandelwa
Lusaka, Zambia, 1st December 2020 – The National Association of Savings and Credit Unions (NASCU), the apex organisation for all financial cooperatives in Zambia, today announces the partnership with UnionPay International; UnionPay International is the leading Card Payment organisation in the world. The partnership will promote usual international operations in relation to 179 countries and regions, of UnionPay global network all over the world composed of more than 2300 partner institutions, more than 52 million merchants, 2.9 million automated teller machines, In addition, more than 8.4 billion cards has been issued in more than 61 countries and regions.
The secured principal membership extends NASCU’s financial inclusion program to reach all cooperative society members, savings group and village banking members. Within this environment, NASCU has introduced a secure, efficient, and transparent electronic accounts
structure to deliver savings, transacting and loan accounts to members of savings cooperatives.
NASCU continues to align activities and engage in partnerships that can support over 5 million transactable Zambians, who are financially underserved; all in line with Zambia’s National Financial Inclusion Strategy 2017 to 2022.
“Our partnership with UnionPay International is geared at extending the scope of our services and products to savings, village banking groups and cooperative society members, allowing for affordable financial services to better their lives,” Mr. Febian Mubuyaeta, Chief Operating Officer stated. “NASCU has engaged with various partners to build an ecosystem that provides beneficial financial tools for every earning bracket and for all transaction types. UnionPay International with its scale and unmatched experience, further completes NASCU’s ability to support our members. We believe, our issuing of UnionPay from January of 2021 will benefit Zambia greatly through this empowering agreement.”
UnionPay International is a subsidiary of China UnionPay focused on the growth and support of UnionPay’s global business. UnionPay International offers high quality of cross-border payment services, competitive and secured services to card owners worldwide and ensures convenient and swift local services to an increasing number of merchants and customers of UnionPay cards.
The National Association of Savings and Credit Unions (NASCU) www.nascu.co.zm is read under the Cooperative Societies Act No. 20 of 1998. NASCU makes policy interventions in a variety of areas that regulate savings and credit unions business, gives technical advice to members on taxation among other services, and participates in national budget planning.