Mastercard has officially launched its first office in Uganda, a huge milestone in the company’s expansion across East Africa. The move is expected to boost financial inclusion, accelerate digital transformation, and contribute to Uganda’s economic growth, which is projected to reach 6.2% by 2025.
The new office, located in Kampala, will serve as a hub for collaboration with local stakeholders, including the government, private sector, and technology innovators, to develop tailored digital payment solutions that address the unique needs of Ugandan consumers and businesses. This initiative aligns with the country’s ‘Digital Uganda Vision,’ which seeks to harness digital technologies for national development.
Mark Elliott, Division President for Africa at Mastercard, emphasized the company’s commitment to the continent, 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.”
Shehryar Ali, Senior Vice President and Country Manager for East Africa and Indian Ocean Islands at Mastercard, echoed similar sentiments, highlighting 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.”
As part of its commitment to Uganda’s financial ecosystem, 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. Additionally, the company has obtained a Payment System Operator (PSO) License from the Bank of Uganda, allowing it to provide essential financial services such as settlement and clearing operations within the country.
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Mastercard is also engaging in key initiatives to foster digital and financial inclusion. This includes hosting the Community Pass Customer Summit and collaborating with the Uganda Bankers Association to advance modern payment solutions. By promoting non-cash payment systems, the company aims to reduce the costs, risks, and inefficiencies associated with cash transactions, thereby enhancing economic activity in Uganda.
Beyond financial services, the establishment of Mastercard’s office in Uganda is expected to have positive social and economic implications. The move will likely lead to job creation and skill development, particularly for the country’s youth, as Mastercard expands its local workforce.
The Kampala office marks an important step in Mastercard’s broader strategy to strengthen its presence in Africa, joining its existing offices in Cairo, Casablanca, Johannesburg, Lagos, Nairobi, Port Louis, and Accra. Mastercard’s entry is expected to play a crucial role in shaping the future of digital payments in the country, especially with Uganda’s growing economy and increasing adoption of digital financial services.