American international money transfer company Mastercard has taken a significant step in expanding Uganda’s digital finance landscape by opening its first-ever office in Kampala.
This milestone marks a new phase in Mastercard’s commitment to fostering financial inclusion and accelerating digital transformation across the country.
Shehryar Bakht Ali, the Senior Vice President and Country Manager for East Africa and Indian Ocean Islands at Mastercard, emphasized Uganda’s potential for digital innovation.
“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,” he noted.
The establishment of a physical presence in Uganda underscores Mastercard’s strategic focus on deepening collaboration with local stakeholders to create tailored financial solutions.
With Uganda’s economy projected to grow at 6.2% by 2025, Mastercard is positioning itself to support this expansion through digital payment systems that enhance accessibility and efficiency.
Mark Elliott, Division President for Africa at Mastercard, reaffirmed the company’s dedication to Uganda’s financial ecosystem.
“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.”
Mastercard’s initiatives align with the government’s ‘Digital Uganda Vision,’ a national strategy to leverage digital technology for economic development.
To this end, Mastercard has signed a Memorandum of Understanding (MoU) with the Ministry of ICT & National Guidance to accelerate the adoption of digital solutions that enhance government services and drive financial inclusion.
In addition, Mastercard has secured a Payment System Operator (PSO) License from the Bank of Uganda, allowing it to provide key services such as settlement and clearing operations within the country.
This regulatory approval strengthens Mastercard’s role in Uganda’s financial sector, enabling secure and efficient transactions that will benefit businesses and consumers alike.
Mastercard continues to champion digital financial growth in Uganda through various initiatives, including hosting the Community Pass Customer Summit and partnering with the Uganda Bankers’ Association to drive industry-wide adoption of digital payments.
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, Dakar, and Accra, Mastercard is reinforcing its leadership in shaping Africa’s digital payment ecosystem.
Mastercard’s entry into Uganda signifies a transformative shift towards an inclusive and digitized financial system, bridging gaps in access to financial services and enabling economic growth through innovative digital solutions.