We are excited to share some fantastic news: Wakandi has just reached a significant milestone in our journey to transform financial services across Africa. After two years of hard work and dedication, we proudly announce that we have obtained Uganda's Payment Systems Operator (PSO) license!
Wakandi Now Joins an Elite Group
This license, granted by the Bank of Uganda, officially enables Wakandi to operate advanced payment systems in Uganda. We can offer even more secure and innovative solutions to help individuals and businesses transfer money and make payments. This is a game-changer, not only for Wakandi but also for the communities we serve across Uganda.
Paul Mubiru Kiwanuka, Country Director in Uganda, in front of the Central Bank
Why does this matter?
- Bridging the Formal and Informal Economies: Uganda’s economy is primarily driven by informal businesses, many of which do not have access to the traditional banking system. With the PSO license, Wakandi is positioned to provide digital financial services that link informal businesses with the formal economy. This will enable individuals and small businesses to participate in the broader financial system, opening up new growth opportunities.
- Driving Digitalization: The PSO license allows Wakandi to expand its digital payment solutions, helping drive the digitalization of financial services in Uganda. By offering seamless, cashless payment systems, we’re making it easier for people and businesses to adopt digital tools, enhancing efficiency and reducing cash handling costs.
- Access to Affordable Credit: One of the most critical challenges for small businesses and individuals in Uganda is accessing affordable credit. By providing reliable digital payment infrastructure, Wakandi helps create financial data that can be used to assess creditworthiness in the informal sector. This lays the groundwork for offering affordable credit to millions previously excluded from traditional financial services.
- Promoting Financial Inclusion: Our mission has always been to make financial services accessible to everyone, particularly those excluded from the traditional banking system. The PSO license allows Wakandi to extend financial inclusion by offering easy-to-use payment services and giving more people access to the formal financial sector. This is especially important for small businesses, which form the backbone of Uganda’s economy.
What is next for Wakandi?
This is just the beginning! With the PSO license, Wakandi can now expand its services across Uganda, offering digital payment solutions that can improve the daily lives of millions. From enabling smooth transfers to supporting informal savings groups and microfinance institutions in managing their finances, we are committed to driving financial inclusion, economic growth, and access to affordable financial services.
We couldn’t have achieved this without the support of our incredible team, partners, and investors. Thank you for believing in our vision and being part of this journey.
As we continue to innovate and grow, we remain focused on one mission: to bring world-class financial services to everyone in Uganda and beyond, bridging the gap between the formal and informal economies.