Kenyan-based digital payments company Pesapal has obtained a payment system operator license from the Bank of Uganda (BOU).
The authorization by Uganda’s banking industry regulator gives the firm the momentum to scale its cashless transactions in the country of over 45 million people.
“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.
Pesapal is a digital financial services company that enables a simple, convenient, and secure way for individuals and businesses to make and accept payments.
Through the platform customers can shop or pay for goods and services while also allowing merchants the chance to receive payments via online links, invoicing page or on your website. Pesapal also accepts debit/credit card and mobile money payments via their point-ofsale (POS) machine (Pesapal Sabi).
The company has been at the forefront of the digital payments revolution in Africa for over a decade leveraging technology to make financial services affordable, convenient, and secure.
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.”
The authorization, he said, gives Pesapal a license to 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.
“Consumers, in any context – shoppers, tourists, visitors, and businesses can make multi-currency transactions (UGX, USD etc.), from any scheme (Visa, Mastercard, American Express etc.) – either online, in a 3-D Secure environment, or in-store, using the Pesapal POS machine, seamlessly,” he explained.