Pesapal has announced that it has been granted a Payment System Operator license from the Bank of Uganda opening up the company to the Uganda market for business as it continues to expand services within the East African bloc.
The license empowers the Kenyan digital payments start-up to drive cashless transactions and other financial services in Uganda. Pesapal will now be able to provide cashless transactions, boost financial inclusion, and speed up how firms can get access their funds or get paid.
“The authorization 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,” says Martin Barungi, Pesapal Uganda Country Director. “… with the Bank of Uganda’s regulatory green light, 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.”
Pesapal Mobile, launched in March 2019, is the company’s flagship offering. The solution can be used to pay multiple bills in a single transaction, and pay for goods, services, etc. by linking a credit or debit card with the Pesapal Mobile app and completing transactions by scanning the QR code, either in-store or online.
Pesapal is aware of the high level of competition in the market and says that it will leverage technology in the country “to make financial services affordable, convenient, and secure.”
Emmy Rono, Pesapal’s Country Manager for Uganda, said, “Our approach to competition is largely focused on the widespread use of cash with a common goal of driving the shift towards a cashless economy and financial inclusion.
Over the past two years, with the outbreak of COVID-19 and ensuing restrictions on physical contact, e-payments have been widely embraced. This has become a key catalyst in the ongoing shift towards a cashless society; our role is to ensure secure and prompt transactions online.”
Pesapal’s value proposition is that end users can access- and use a secure and efficient mobile payment platform, while businesses can leverage specific advantages including a cost-effective way for collection and settlement, and tracking transactions in real-time.
The company aims to emerge as the backbone of the cashless economy.
Rono added, “We will play a catalytic role in enabling trade in Uganda by facilitating payment transactions, including e-commerce and cross-border trading. In the long term, we will introduce other payment solutions – including our payment integrations – that help organizations digitize their processes. Our aim is to provide businesses in Uganda with solutions that enhance efficiency and transparency while committing to our ultimate objective – greater financial inclusion.”
Pesapal has been at the forefront of the Digital Payments revolution in Africa for over a decade. By leveraging technology to make financial services affordable, convenient, and secure, Pesapal says it is empowering tens of thousands of merchants and millions of consumers in markets across Africa to thrive.
The company’s vision is to Empower Africa to access affordable, convenient, and secure digital financial services that drive sustainable growth.