Pesapal, an alternative to Paypal and a provider of online and mobile payment solutions, is able now to offer its mobile payment services in Uganda. The Bank of Uganda recently granted the company a license as a payment system operator which will allow it to revolutionize the digital payment ecosystem by offering “innovative, convenient and secure digital financial services.”
Pesapal also allows users to pay bills through credit and debit cards, as well as bank and mobile money accounts. With its vision, the company aims to “provide affordable, convenient, and secure digital financial services to drive sustainable growth in Africa.” Last year, the company obtained regulatory approvals from Kenyan and Tanzanian authorities, while it is already active in Malawi, Rwanda, and Zimbabwe.
The company has formalized its operations in Uganda and other African countries as a result of accelerated digitization and the growing adoption of digital payment solutions. According to the Uganda Communications Commission (UCC), the country had 32.7 million mobile money accounts as of December 2021, representing a 76% penetration rate.
“At Pesapal, we give people and businesses better ways to pay and get paid. Now, 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,” said Martin Barungi, Country Director, Pesapal Uganda.