MFS Africa, a pan-African digital payments platform has been granted three licenses by the Central Bank of Uganda. With the licenses, the company will be able to broaden and deepen its offering in Uganda. The PSP (Payment Service Provider), PSO (Payment Systems Operator), and IPI (Issuer of a Payment Instrument) licenses obtained will allow MFS Africa to provide a broader range of services.
The digital payment gateway has been driving the next stage of this revolution, giving millions of digital stores of value access to more options, connections, and interoperability. Also, the full-service digital payments network of the organization connects over 400 million mobile money wallets, 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.
What MFS Africa Stakeholders are saying
Speaking on the development, Doreen Lukandwa, VP of Global Enterprises at MFS Africa says, “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. This milestone symbolizes our commitment to securing the necessary regulatory oversight designed to protect the interests of enterprises and other partners who serve consumers in Uganda.”
MFS Africa’s flagship SME product, Beyonic, is a new offering from the group that will launch in Uganda now that the company has a PSP license. The IPI license will also be used by Beyonic for its virtual card offering.
According to Daniel Maison, Beyonic’s Head of SME Growth, the acquisition of the licenses comes at a time when the continent is experiencing unprecedented growth, particularly in the fintech sector. “Small businesses are the lifeblood of African communities and the engine of the African economy.” Beyonic’s primary goal is to promote the growth of these businesses, and Beyonic improves the way these businesses pay and gets paid by providing a centralized financial tool.”
Additionally, at the grass-roots level, Africa is a melting pot for entrepreneurship and innovation. As a result, inclusion and scaling have become critical in hastening development. MFS Africa is reaffirming its acute awareness of the region’s and continent’s vast potential by bringing this solution to Uganda. Creating an environment for this by providing fast, secure, and trustworthy services that enable small and large businesses to quickly scale, drive operational excellence, and access capital will only yield fruitful results.