In a move set to transform the digital finance landscape across Africa, the UnionPay Africa Regional Council has appointed Mr. Premchand Mungar, Chief Executive of SBM Bank (Mauritius) Ltd as its new Chairperson during its meeting held on Thursday 25 July 2024. Mr. Mungar, who also serves as the Chairperson of the Mauritius Bankers Association Limited, brings a wealth of experience and visionary leadership to this pivotal role. His appointment is set to significantly boost UnionPay's strategic initiatives across the continent, driving innovation and expanding financial inclusion throughout Africa.
“I am honoured to be appointed as Chairperson of the UnionPay Africa Regional Council. I look forward to working with the Council to advance digital payment solutions that foster financial inclusion and drive economic growth across Africa. Our longstanding partnership with UnionPay at SBM Bank has consistently demonstrated the transformative impact of innovative financial solutions. I am committed to continuing this legacy and leveraging UnionPay’s cutting-edge technologies to drive substantial advancements in the financial landscape of the continent,” says Mr. Premchand Mungar, Chairperson of the UnionPay Africa Regional Council.
The UnionPay Africa Regional Council plays a crucial role in promoting and expanding the use of UnionPay’s payment services across Africa. The Council focusses not only on enhancing financial inclusion but also on supporting economic development and fostering innovation in digital payment solutions.
“SBM has been a strategic partner of UnionPay, contributing significantly to our broader mission of driving economic growth and enhancing financial accessibility,” states Mr. Asad Burney, Head of UnionPay International Africa Branch. “Mr. Mungar's expertise in banking and finance, coupled with his demonstrated leadership capabilities, make him the ideal candidate to lead our initiatives in Africa. We are confident that under his chairmanship, UnionPay will continue to expand its presence and elevate the digital payment ecosystem across the region, ultimately contributing to a more inclusive financial future for all,” added Mr. Burney.
Mr. Mungar's new role as Chairperson of the UnionPay Africa Regional Council highlights the strong and evolving relationship between these two organisations. SBM Bank (Mauritius) Ltd has been at the forefront of embracing innovative financial solutions and fostering collaborations that enhance the banking experience in Mauritius. Back in 2014, SBM Bank revolutionised the digital ecosystem by becoming the first bank to launch UnionPay debit and prepaid cards on the Mauritian market.