Multinational financial payments system Mastercard has announced the opening of an office in Kampala to serve the Ugandan market, marking a significant milestone in its expansion across East Africa.
This move according to officials, underscores Mastercard’s dedication to fostering financial inclusion and accelerating digital transformation in the region.
With Uganda’s economy projected to grow at 6.2% by 2025, the country is poised for sustained expansion.
Mastercard’s physical presence in Kampala aims to enable deeper collaboration with local stakeholders to deliver tailored solutions that address the unique needs of Ugandan consumers and businesses, contributing to this growth.
Mastercard’s efforts align with the government’s ‘Digital Uganda Vision,’ a transformative initiative to harness digital technologies for national development.
As part of this commitment, Mastercard and the Ministry of ICT & National Guidance have signed an MoU to accelerate the adoption of digital solutions that enhance government services and drive financial inclusion.
Last year, in compliance with the National Payment Systems Act 2020, Mastercard was granted a Payment System Operator (PSO) License by the Bank of Uganda.
This license endows 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.
“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,” said Shehryar Ali, Senior Vice President and Country Manager for East Africa and Indian Ocean Islands at Mastercard.
Mastercard continues to drive financial and digital advancement in Uganda.
Key initiatives include hosting the Community Pass Customer Summit to advance digital and financial advancement and collaborating with the Uganda Bankers Association to further these objectives.
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.
