Mastercard strengthens its footprint in East Africa by launching its first office in Uganda, advancing digital payments, fostering financial inclusion, and collaborating with key stakeholders to drive economic growth.
Mastercard Establishes First Uganda Office to Boost Financial Inclusion
Mastercard has officially launched its first office in Uganda, a landmark move in its ongoing expansion across East Africa. This strategic decision reinforces the company’s commitment to accelerating digital transformation and financial inclusion within the region. With Uganda’s economy projected to grow by 6.2% by 2025, Mastercard’s presence in Kampala aims to facilitate deeper collaboration with local stakeholders to develop tailored financial solutions that address the unique needs of Ugandan consumers and businesses.
Aligning with Uganda’s Digital Vision
Mastercard’s initiatives closely align with the Ugandan government’s ‘Digital Uganda Vision,’ an ambitious strategy to leverage digital technology for national development. In support of this vision, Mastercard has entered into a Memorandum of Understanding (MoU) with the Ministry of ICT & National Guidance to enhance the adoption of digital solutions that improve government services and promote financial inclusion across the country.
Regulatory Approval Strengthens Mastercard’s Operations in Uganda
In adherence to Uganda’s National Payment Systems Act 2020, Mastercard obtained a Payment System Operator (PSO) License from the Bank of Uganda last year. This regulatory approval empowers Mastercard to provide essential payment services, including settlement and clearing operations within Uganda, enabling the company to act as a domestic payment system operator and further strengthen the country’s digital financial ecosystem.
Commitment to Financial Inclusion and Digital Innovation
Mastercard has long been dedicated to driving financial inclusion across Africa. Establishing an office in Uganda enables the company to work closely with public and private sector partners to enhance digital payment adoption and economic development.
“The launch of our Uganda office reaffirms our commitment to this dynamic market. Being on the ground allows us to collaborate effectively and accelerate the adoption of digital payment solutions that drive financial inclusion and economic growth. We appreciate our vast network of partners for supporting us in building a more connected digital economy.” – Mark Elliott, Division President for Africa, Mastercard
“Uganda presents vast opportunities for digital innovation. Our new office will serve as a hub for developing and implementing payment solutions that meet the evolving needs of consumers and businesses. We remain committed to working with stakeholders, fintech players, and industry leaders to foster an inclusive digital future.” – Shehryar Ali, Senior Vice President & Country Manager for East Africa and Indian Ocean Islands, Mastercard
Driving Digital and Financial Innovation in Uganda
Mastercard continues to spearhead digital and financial transformation initiatives in Uganda. Among its recent efforts:
- Hosting the Community Pass Customer Summit to advance digital and financial literacy.
- Partnering with the Uganda Bankers Association to promote financial accessibility and efficiency within the banking sector.
- Enhancing financial technology (fintech) collaborations to introduce innovative payment solutions tailored to Uganda’s evolving digital economy.
Mastercard’s Broader Expansion Strategy in Africa
The establishment of Mastercard’s Kampala office is part of a larger expansion strategy aimed at strengthening its presence across Africa. The company already operates in several key locations, including Cairo, Casablanca, Johannesburg, Lagos, Nairobi, Port Louis, and Accra. Uganda’s inclusion in this network highlights its growing significance in Africa’s digital transformation journey.
Conclusion: Strengthening Uganda’s Digital Economy
The launch of Mastercard’s first office in Uganda marks a critical step toward enhancing digital payments and financial inclusion in East Africa. By aligning with government initiatives, securing regulatory approvals, and partnering with key industry stakeholders, Mastercard is poised to transform Uganda’s digital economy. With an emphasis on fintech collaboration, innovation, and economic empowerment, Mastercard’s expansion sets the stage for a more connected, inclusive, and digitized financial ecosystem in Uganda and beyond.
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