MTN and Airtel were one of many fintech companies to have been given permits by the Ugandan government to operate financial services in the country.
The move followed Uganda adding the National Payments Services act earlier this month (March 5), reported ITWeb.
Fintech companies “are advised to regularise their operations as provided for under Section 7" of the 2020 National Payment Systems Act, if they are operating without a licence.
Uganda gave licenses to fourteen companies in total including Airtel Mobile Commerce Uganda, MTN Mobile Money Uganda, Interswitch, Pegasus, Micropay and Wave.
Commercial banks such as Stanbic Bank Uganda are now officially e-money providers. Furthermore, the following companies have been granted Payment System Operators, Payment Service Providers and Issuers of Payment Instruments permits Chipper Technologies, Future Link Technologies EzeeMoney, Guiness Tech and Agent Banking Corporation.