By Mark Kawalya
Mastercard has expanded its presence in East Africa by opening its first office in Uganda. This is in line with the company’s commitment to boost financial inclusion and digital transformation in the country and aligns with Uganda’s projected economic growth of 6.2% by 2025. It also reflects the country’s increasing role in the regional digital economy.
The new Kampala office represents a significant step in Mastercard’s strategy to strengthen engagement with local stakeholders. By establishing a direct presence, the company aims to develop solutions that address the specific needs of Ugandan businesses and consumers. This will support economic development and improve access to financial services for a broader segment of the population.
Mark Elliott, Mastercard’s Division President for Africa, talked about the impact of this expansion. “By being on the ground, we can better collaborate and drive the adoption of digital payment solutions. This will promote economic growth and financial inclusion.” His words resound with the firm’s broader goal of creating a more interconnected digital economy that benefits everyone. This initiative aligns with a larger goal of creating a more integrated digital financial network.
Mastercard’s efforts complement Uganda’s ‘Digital Uganda Vision,’ a government-led initiative focused on using digital technology to advance national development. The company has formalized its commitment by signing a Memorandum of Understanding (MoU) with the Ministry of ICT & National Guidance. This agreement signifies a joint effort to expand digital financial solutions across various sectors.
Additionally, Mastercard has secured a Payment System Operator (PSO) License from the Bank of Uganda. This will allow it to facilitate financial settlement and clearing processes within the country. This authorization is expected to enhance transaction efficiency and support a more seamless digital payment infrastructure.
Shehryar Ali, Senior Vice President and Country Manager for East Africa and Indian Ocean Islands at Mastercard, underscored Uganda’s potential 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.”
Beyond establishing its office, Mastercard is also advancing financial literacy through initiatives like the Community Pass Customer Summit. Collaborations with industry stakeholders, such as the Uganda Bankers Association, further reinforce its role in driving innovation and fostering a resilient financial ecosystem.
The Kampala office launch is part of Mastercard’s broader strategy to expand its footprint across Africa. With existing offices in cities such as Cairo, Johannesburg, Lagos, Nairobi, and Accra, the company continues to deepen its market presence and develop localized partnerships to support digital financial growth throughout the continent.
