dfcu Bank has announced a partnership with Pesapal, a renowned secure payments service provider, to introduce Merchant Acquiring Services that will facilitate seamless card and Mobile Money payments for the bank’s customers.
The partnership is expected to address the increased demand for digital payment solutions and give customers more electronic payment solutions to facilitate a variety of transaction needs.
The rise in digital transformation and increasing adoption of electronic payments among Ugandans and the world over indicate a growing preference for these services amongst both individuals and businesses.
Businesses which do not offer electronic payment services stand the risk of losing business and revenue to those who have adapted their operations to meet their customers’ needs.
According to the quarterly financial stability review, digital payments in Uganda have witnessed significant growth, with a 22.02 percent increase for the year ending in 2022.
The number of digital payment transactions also saw an upward trend, rising from 2.74 million in 2021 to 3.34 million in 2022.
When dfcu Bank announced a campaign committed to fulfilling its digitalization agenda in 2021, the financial institution noted that delivering banking services to its customers in real time with the help of technology would be one of its key objectives.
The partnership with Pesapal will allow dfcu to provide another payment processing and acceptance solution to its clients, by enabling merchants who sign onto Pesapal to accept card payments and mobile money from dfcu customers.
Pesapal is renowned for its secure and efficient digital payment solutions and offers an all-in-one digital payment platform for businesses and customers to access a wide array of payment options, whether online or at physical merchant outlets.
Commenting on the partnership, Faridah Nalubega, the Manager – Cards & Money Transfers at dfcu Bank noted that the collaboration with Pesapal would enable more businesses to accept and process electronic payments from individuals using Cards (Visa / Mastercard) and Mobile Money (MTN and Airtel).
“With this partnership, our goal is leverage Pesapal’s infrastructure to enable even faster, more convenient and reliable payment processing for our customers wherever they are transacting, across the country,” said Nalubega.
“We will work with various businesses to support them in developing and acquiring the necessary infrastructure to accept and process payments with Pesapal as the intermediary. We believe that the demand for electronic payments has awakened business owners to the necessity of having these services available at their points of operation,” she added.
Pesapal’s Country Manager, Maureen Namoma, said their core focus is on simplifying payments.
“This move is a commitment to our customers and a promise of enhanced services as we build towards a more accessible financial future,” she observed.
“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 comes as dfcu’s latest addition to a range of 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 continues to build, invest in and provide partnerships, products and services which will transform the lives and businesses of Ugandans.