In June this year, Interswitch East Africa (U) Limited was officially licensed by the Bank of Uganda in accordance with the National Payment Systems Act, 2020, and its implementing Regulations of 2021.
Consequently, all the flagship services offered by Interswitch Uganda are now recognized and licensed by the Central Bank.
The ‘Payment System Operator’ (Large Funds Transfer) license was granted for the Switching and Payment Gateway services. Secondly, a ‘Payment Service Provider’ - Class A (Medium Electronic Money Issuer) license which covers electronic money issuance for the agent-based payments and collections services operating under the Quickteller Paypoint brand was granted, and finally the ‘Issuer of a Payment Instrument’ - Class A (Payment Cards) license was granted for the Interswitch Pan-African card scheme, Verve.
In Uganda, Interswitch East Africa (U) Limited has collaborated with several partners to work towards having a safe and regulated financial services ecosystem and strongly holds that regulation of payments services goes a long way to fortify the operations of innovators in the financial services sector. Regulation of the Financial Technology payment sector will accelerate the achievement of the Government of Uganda, Bank of Uganda, and Interswitch Group’s congruent goal of greater financial inclusion.