Cross-border payments platform, MFS Africa has acquired three new payment licences in Uganda.
The Central Bank of Uganda approved the PSP (Payment Service Provider), PSO (Payment Systems Operator), and IPI (Issuer of a Payment Instrument) licences for the company on Sunday.
Over the years, MFS Africa has emerged as one of Africa’s leading payments interoperability hubs, by acquiring a number of startups—three on the continent, and one outside Africa.
Now, with these new licenses, the company will be able to extend its offerings in Uganda.
The PSO licence authorises the company to offer cashless transactions. while the PSP licence allows them to accept cash deposits or withdrawals and execute payment transactions.
The IPI licence, on the other hand, allows the company to offer its users instruments like cheques and credit/debit cards which MFS Africa will use through its flagship product Beyonic.
Doreen Lukandwa, VP of Global Enterprises at MFS Africa said, “This milestone symbolises our commitment to securing the necessary regulatory oversight designed to protect the interests of enterprises and other partners who serve consumers in Uganda.”