Payments firm Pesapal, which has been active for more than a decade, has been allowed to run its operations in Uganda.
This follows a license issuance to the company, which has been offered by the Bank of Uganda. It also follows an Act named the National Payments Systems Regulation, 2021.
This means that Pesapal will now drive cashless transactions and related benefits, including financial inclusion and convenience, by simplifying the processing of payments and expanding how what type and how fast businesses can get paid and access their funds.
Pesapal takes advantage of technology to make financial services accessible and affordable. At the same time, the payments company is empowering tens of thousands of merchants and millions of consumers in markets across Africa to thrive.
It looks forward to empowering access to convenient, and secure digital financial services that drive sustainable growth.
The firm says that it believes the formal foray into Uganda is a fitting step toward this future.
According to Pesapal Uganda Country Director Martin Barungi: “At Pesapal, we give people and businesses better ways to pay and get paid. Now, with the Bank of Uganda’s regulatory greenlight, we will be able to hunker down in our continued effort to change the face of digital financial services in Uganda as a key stakeholder of its financial ecosystem.”
“We are delighted to have received the license from Bank of Uganda as this development sets us on course to revolutionize the digital payment ecosystem with innovative, convenient and secure digital financial services,” Ms. Emmy Rono, Pesapal Uganda Country Manager noted.