UGANDA – eTranzact Global Limited, a Nigerian payment technology solutions provider, has significantly stride in its business growth by venturing into the Ugandan market.
This move follows the company’s receipt of an operational license from the Central Bank of Uganda, marking a pivotal moment in its expansion efforts.
In April 2024, the Bank of Uganda bestowed two distinct licenses upon eTranzact Global Limited under the provisions of the National Payment Systems Operator Act of 2020.
The first license authorizes the company to function within Uganda as a Payment Systems Operator, specifically catering to Small Funds Transfer, Clearing Systems, or Switch operations.
The second license designates eTranzact as a Payment Service Provider Class A, which includes the role of a Small Electronic Money Issuer.
Armed with these licenses, eTranzact Global Limited is set to commence operations in Uganda under eTranzact Platform Limited, Uganda. The company is poised to introduce a suite of payment solutions and services tailored to the needs of Ugandan enterprises and the general populace.
eTranzact will offer advanced digital payment platforms, comprehensive mobile banking solutions, and efficient electronic fund transfer services.
These innovations are expected to enhance the financial landscape in Uganda by offering secure, convenient, and accessible payment options for all users.
eTranzact Global Limited is a key player in the Nigerian market and has a presence on the stock exchange. The company’s reach extends beyond Nigeria, as it operates in several other African nations, including Ghana, South Africa, Cameroon, the Democratic Republic of the Congo, and Liberia.
Valentine Obi, the Group CEO and Founder of eTranzact has expressed that the company’s latest expansion into Uganda clearly indicates its unwavering dedication to broadening its international presence.
“This move aligns with the company’s strategic objectives to foster financial inclusion throughout Africa. By extending its services to Uganda, eTranzact is not just a new market but also expanding its vision of providing accessible financial services to a wider audience,” she said.
Uganda’s performance on the Global Innovation Index is a testament to the country’s potential and progress in ICT. Uganda is ranked 114th globally, which highlights the need for continued development and investment in this area.
However, within the category of least developed countries, Uganda stands out as one of the top 10, indicating that despite the challenges, the country is making significant strides in innovation and ICT development.
The commitment of eTranzact Platform Limited to support the Digital Uganda Vision aligns with the country’s aspirations to advance ICT and innovation.
By providing cutting-edge payment solutions and services, eTranzact aims to contribute to the digital infrastructure essential for economic growth, investment attraction, and the overall progress of Uganda’s ICT sector.
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