US-based Mastercard, a multinational payment card services corporation, has established its first office in Kampala, Uganda, demonstrating its dedication to boosting digital transformation and financial inclusion throughout East Africa.
Uganda’s economy is projected to grow at 6.2% by 2025, and Mastercard says its physical presence in Kampala will enable deeper collaboration with local stakeholders to deliver tailored solutions that address the unique needs of Ugandan consumers and businesses.
Go deeper with GlobalData
Mark Elliott, division president for Africa at Mastercard highlighted that the new office reflects the company’s “commitment to Africa.”
“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,” he said.
Elliot also expressed his appreciation for Mastercard’s “extensive network of partners in both the public and private sectors” and their support in building a “more connected digital world.”
According to Shehryar Ali, senior vice president and country manager for East Africa and Indian Ocean Islands at Mastercard, the 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.”
Ali added that the company would continue to work with stakeholders in the fintech space in order to develop Uganda’s digital financial infrastructure.
Mastercard has also signed a Memorandum of Understanding (MoU) with Uganda’s Ministry of ICT and National Guidance to accelerate the adoption of digital solutions in government services and drive financial inclusion.
The company has also been granted a Payment System Operator (PSO) Licence by the Bank of Uganda, enabling it to provide essential services such as settlement and clearing operations within Uganda. Mastercard participates in key initiatives in the country such as hosting the Community Pass Customer Summit and collaborating with the Uganda Bankers Association.
The opening of the Kampala office is part of Mastercard’s broader strategy to expand its footprint across Africa, with existing offices in Egypt, Morocco, South Africa, Nigeria, Kenya, Mauritius and Ghana.
