Mastercard officially opened its first office in Kampala, Uganda, on Wednesday. This move marks a pivotal step in the company’s strategy to broaden its reach in East Africa, a region ripe with potential for digital financial services.
Mastercard’s commitment to financial inclusion and digital transformation was highlighted by key stakeholders at the inauguration ceremony.
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Mastercard opens office in Kampala
Mark Elliott, Division President for Africa at Mastercard, expressed the company’s dedication to the African market, stating, “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,”.
Uganda’s economy is projected to grow at 6.2 per cent by 2025, poised for sustained expansion. To support this growth, Mastercard’s Kampala office collaborates with local stakeholders to provide customised solutions for Ugandan consumers and businesses.
Shehryar Ali, Senior Vice President and Country Manager for East Africa and Indian Ocean Islands at Mastercard said, “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,”
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Mastercard expands its footprint in East Africa
Mastercard signed a Memorandum of Understanding (MoU) with Uganda’s Ministry of ICT & National Guidance in conjunction with its office opening. This partnership will accelerate the adoption of digital solutions that enhance government services and promote financial inclusion.
Additionally, Mastercard has received a Payment System Operator (PSO) License from the Bank of Uganda, allowing it to provide essential services like settlement and clearing operations within the country.
Mastercard’s initiatives in Uganda include hosting events like the Community Pass Customer Summit and collaborating with local banking institutions such as the Uganda Bankers Association. These efforts aim to drive economic growth through improved access to digital payment solutions.
As Mastercard establishes its presence in Kampala, it will join other major cities across Africa, including Cairo, Casablanca, Johannesburg, Lagos, Nairobi, Port Louis, and Accra, where it already operates offices.