Financial services provider MFS Africa has been granted licenses to operate in Uganda as a PSP (Payment Service Provider), PSO (Payment Systems Operator), and IPI (Issuer of a Payment Instrument).
The new development allows the company to widen its portfolio even as it seeks to leverage technology in offering financial services.
MFS has been in operation since 2009 offering a wide range of services to digital stores and individual customers. The organization’s full-service digital payments network connects over 400 million mobile money wallets, over 200 million bank accounts, and over 200 000 agents in Nigeria to enable cross-platform and cross-border payments for remittance companies, mobile network operators, banks, non-bank financial institutions, and global merchants.
Commenting on this development, Doreen Lukandwa, VP of Global Enterprises at MFS Africa said, “As the largest digital payments hub on the continent, MFS Africa rails provide our partners access to innovative, convenient, secure, affordable, and compliant solutions to help our enterprise customers navigate multiple currencies, regulatory requirements, domestic and cross-border payments, treasury services, and expeditious settlement across numerous African countries.
The company said in a statement that it will pay more efforts to use innovation for service delivery. “By bringing this solution to Uganda, MFS Africa is reaffirming its acute awareness of the vast potential the region and continent hold. Cultivating an environment for this with the offering, through fast, secure, and trustworthy services that enable small and large companies to quickly scale, drive operational excellence, and access capital, will only yield fruitful results, “ a statement from the company said.