Airtel Mobile Commerce Receives Two Payment Service Licenses From Bank of Uganda

Airtel Mobile Commerce Receives Two Payment Service Licenses From Bank of Uganda

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By Spy Uganda

Kampala: Bank of Uganda, has granted Airtel Mobile Commerce Uganda Limited two payment services licenses which include; Payment Service Provider (Class A) License, and the Payment Systems Operator License (Electronic Money Systems).

This follows the enactment of the National Payment Systems (NPS) Act, 2020 on 4th September 2020 and the gazetting of the NPS Regulations on 5th March 2021. This means Airtel Mobile Commerce will now conduct all Airtel Money services in Uganda while Airtel Uganda focuses on providing voice and data services to its customers.

The licenses were issued in line with Section 9 of the NPS Act, 2020 and Regulation 3 of the NPS Regulations. Airtel Mobile Commerce Uganda is a fully owned subsidiary of Airtel Africa plc.

Mr. Manoj Murali, Managing Director Airtel Uganda confirmed the news to journalists during a media roundtable on Wednesday 26th May 2021 at Kampala Serena Hotel. “We now have been issued with licenses under the National Payment Systems Act by Bank of Uganda,” Mr Manoj said.

During the event, Mr. Manoj commended the media in Uganda for promoting the growth of the telecommunications industry and urged them to continue playing a vital role in empowering customers with the right kind of information that allows them to make informed decisions.

For its support towards the Covid 19 pandemic, Airtel was a few days ago named The Most Admired Brand For Being Helpful During the pandemic by Brand Africa. This award comes on the heels of the recent FinTech Innovation Award the company won for its continuous innovation under the Airtel Money services that has accelerated financial inclusion in Uganda.

According to the Airtel Africa Plc financial results for the year ended 31 st March 2021, Airtel Africa continues to post strong revenue growth, increased profitability and cash flow.

Airtel Africa’s financial performance for the year has been strong, with reported growth of 13.6% to $3,888 million in underlying revenue while underlying EBITDA grew by 18.3% to $1, 792 million. “Our customer base grew by 6.9% to 118.2 million, with increased penetration across mobile data (customer base up 14.5%) and mobile money services (customer base up 18.5%),” the report reads in part.

The combination of bringing connectivity to underpenetrated mobile markets and improving financial inclusion through banking the unbanked, across Airtel territories of operation, together provide Airtel with a sizeable runway of sustainable profitable growth potential, and one it remains very confident of delivering.

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