Mastercard has taken a significant step in its mission to enhance financial inclusion and digital transformation in East Africa by opening its first office in Uganda. This strategic move is a reflection of Uganda’s promising economic landscape, projected to grow at an impressive 6.2% by 2025.
The inauguration of the Kampala office marks a pivotal moment for Mastercard as it aims to deepen its collaboration with local stakeholders. By establishing a physical presence in Uganda, the company intends to tailor its solutions to meet the specific needs of Ugandan consumers and businesses. This approach is crucial for fostering economic growth and ensuring that financial services are accessible to all segments of society.
Mark Elliott, Division President for Africa at Mastercard, emphasized the importance of this initiative: “By being on the ground, we can better collaborate and drive the adoption of digital payment solutions that promote economic growth and financial inclusion.” His words resonate with the broader goal of creating a more interconnected digital economy that benefits everyone.
Mastercard’s efforts are well-aligned with Uganda’s ‘Digital Uganda Vision,’ a government initiative aimed at leveraging digital technologies for national development. This vision seeks to harness the power of technology to improve government services and promote financial inclusion among citizens. In line with this commitment, Mastercard has signed a Memorandum of Understanding (MoU) with the Ministry of ICT & National Guidance, signaling a collaborative effort to accelerate the adoption of digital solutions across various sectors.
The company’s recent acquisition of a Payment System Operator (PSO) License from the Bank of Uganda further solidifies its position in the market. This license allows Mastercard to provide essential services such as settlement and clearing operations within Uganda, facilitating smoother domestic transactions and enhancing overall payment system efficiency.
Shehryar Ali, Senior Vice President and Country Manager for East Africa and Indian Ocean Islands at Mastercard, highlighted Uganda’s potential 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.”
This proactive approach aims not only to address current challenges but also to anticipate future demands in an ever-evolving digital landscape.
Mastercard’s initiatives extend beyond just establishing an office; they include hosting events like the Community Pass Customer Summit, which focuses on advancing digital and financial literacy. Collaborations with organizations such as the Uganda Bankers Association further amplify these efforts, creating a robust ecosystem for innovation and growth.
The opening of the Kampala office is part of Mastercard’s broader strategy to expand its footprint across Africa. With existing offices in major cities like Cairo, Johannesburg, Lagos, Nairobi, and Accra, Mastercard is committed to enhancing its presence in key markets throughout the continent. Each office serves as a strategic hub for driving local partnerships and delivering customized solutions that resonate with regional needs.
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