Kampala, Uganda – Pesapal Uganda Limited, a leading digital payments solutions provider, has been granted a Payment Service Provider – Class A (Medium Electronic Money Issuer) License by the Bank of Uganda.
The license, issued under License No. PSP 20/23, empowers Pesapal Uganda Limited to offer enhanced services, including digital disbursement and real-time settlement of funds. This milestone is expected to enable businesses to operate more efficiently, driving economic growth and development.
As a Class A Medium Electronic Money Issuer, Pesapal Uganda Limited is authorized to issue electronic money and handle a moderate volume of transactions. This licensing category is considered medium risk, indicating that the issuer is authorized to handle a moderate volume of electronic money transactions.
To obtain and maintain this license, Pesapal Uganda Limited has demonstrated compliance with various requirements, including capital requirements, risk management, and consumer protection. The company must also comply with all relevant regulations, including anti-money laundering (AML) and combating the financing of terrorism (CFT) requirements.
According to Pesapal, the company’s mission is to connect people to what matters most to them by delivering financial services that drive growth. The achievement is a testament to the company’s commitment to empowering Ugandan enterprises with innovative solutions that foster growth and success.
The National Payments Systems Act, 2020, and the National Payments Systems Regulations, 2021, provide a regulatory framework for the development and operation of payment systems in Uganda. The license granted to Pesapal Uganda Limited demonstrates the company’s compliance with these regulations and its commitment to providing secure and reliable payment services.
With this license, Pesapal Uganda Limited is poised to play an increasingly important role in Uganda’s digital payments ecosystem, driving financial inclusion and economic growth.
