Mastercard, a global leader in payment solutions, has inaugurated its inaugural office in Uganda, underscoring its commitment to expanding financial inclusion and accelerating digital transformation across East Africa.
This strategic move aligns with Uganda’s projected economic growth of 6.2% by 2025, positioning the country for sustained development, according to FF News.
By establishing a physical presence in Kampala, Mastercard aims to foster deeper collaboration with local stakeholders, delivering tailored solutions that address the unique needs of Ugandan consumers and businesses.
This initiative is in harmony with the government’s ‘Digital Uganda Vision,’ a transformative plan to leverage digital technologies for national development.
In support of this vision, Mastercard has signed a Memorandum of Understanding (MoU) with the Ministry of ICT & National Guidance to accelerate the adoption of digital solutions that enhance government services and promote financial inclusion.
In compliance with the National Payment Systems Act 2020, Mastercard was granted a Payment System Operator (PSO) License by the Bank of Uganda last year.
This license authorizes Mastercard to provide essential services such as settlement and clearing operations within Uganda, further enabling the company to act as a payment system operator for domestic transactions.
“Mastercard has a long-standing commitment to Africa, and the opening of our office in Uganda reinforces our dedication to this vibrant market. By being on the ground, we can better collaborate and drive the adoption of digital payment solutions that promote economic growth and financial inclusion. We are committed to leveraging our global expertise and innovative capabilities to advance payment technologies in this market. I would like to express my sincere gratitude to our extensive network of partners in both the public and private sectors for their support in helping us build a more connected digital world,” said Mark Elliott, Division President for Africa at Mastercard.
Shehryar Ali, Senior Vice President and Country Manager for East Africa and Indian Ocean Islands at Mastercard, added, “Uganda presents immense opportunities for digital innovation. Our new office aims to serve as a hub for developing and implementing payment solutions that cater to the evolving needs of Ugandan consumers and businesses. We will continue to collaborate with our stakeholders and new players in the FinTech space and beyond as we contribute to a connected and inclusive digital future for all.”
The opening of the Kampala office is part of Mastercard’s broader strategy to expand its footprint across Africa, with existing offices in Cairo, Casablanca, Johannesburg, Lagos, Nairobi, Port Louis, and Accra.
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