MFS Africa has been granted three licences by the Central Bank of Uganda.
The licenses will see the company extend its offering in Uganda.
The licenses obtained – PSP (Payment Service Provider), PSO (Payment Systems Operator), and IPI (Issuer of a Payment Instrument) – will allow MFS Africa to offer a more robust range of services.
MFS Africa has been providing access to more options, connections, and interoperability to millions of digital stores of value.
The organization’s full-service digital payments network connects over 400 million mobile money wallets, over 200 million bank accounts, and over 200 000 agents in Nigeria to enable cross-platform and cross-border payments for remittance companies, mobile network operators, banks, non-bank financial institutions, and global merchants.
Beyonic, MFS Africa’s flagship SME product, is a new offering from the group and will be launching in Uganda now that the company holds a PSP license.
Beyonic will also leverage the IPI license for its virtual card offering.
The National Payment System Act requires all PSPs to undergo a rigorous license application process in order to provide payment services in Kenya.
Doreen Lukandwa, VP of Global Enterprises at MFS Africa says, “As the largest digital payments hub on the continent, MFS Africa rails provide our partners access to innovative, convenient, secure, affordable, and compliant solutions to help our enterprise customers navigate multiple currencies, regulatory requirements, domestic and cross-border payments, treasury services, and expeditious settlement across numerous African countries. This cmilestone symbolizes our commitment to securing the necessary regulatory oversight designed to protect the interests of enterprises and other partners who serve consumers in Uganda.”
Daniel Maison, Head of SME Growth for Beyonic, says that the acquiring of the licences comes at a time when the continent is experiencing unprecedented growth, particularly when it comes to fintech. “Small businesses are the engine of the African economy and the lifeblood of communities. Beyonic’s primary goal is to promote the growth of these businesses, and by providing a centralised financial tool, Beyonic improves the way these businesses pay and get paid.”