eTranzact Global Limited, a prominent provider of payment technology solutions originating from Nigeria, has recently made a significant stride in its business growth by venturing into the Ugandan market. This move comes on the heels of the company securing an operational licence from the Central Bank of Uganda, marking a pivotal moment in its expansion efforts.
In April 2024, the Bank of Uganda, under the provisions of the National Payment Systems Operator Act of 2020, bestowed upon eTranzact Global Limited two distinct licences. The first licence 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 licence designates eTranzact as a Payment Service Provider Class A, which includes the role of a Small Electronic Money Issuer.
Armed with these licences, eTranzact Global Limited is set to commence operations in Uganda under the name 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. Among the offerings, eTranzact will provide 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 not only a key player in the Nigerian market but also has a presence on the stock exchange, being a publicly traded entity. The company’s reach extends beyond Nigeria, as it operates in a number of other African nations, including Ghana, South Africa, Cameroon, the Democratic Republic of the Congo, and Liberia. This geographical spread underscores eTranzact’s role as a significant contributor to the financial technology sector across the African continent.
Valentine Obi, the Group CEO and Founder of eTranzact, has expressed that the company’s latest expansion into Uganda is a clear indication of its unwavering dedication to broadening its international presence. Moreover, 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 entering a new market but also bringing its vision of providing accessible financial services to a wider audience. This initiative is poised to empower individuals and businesses in Uganda with innovative financial tools, thereby contributing to the overall economic growth and financial empowerment within the continent.
Valentine Obi, the Group CEO and Founder of eTranzact, has conveyed a strong sense of confidence in the company’s advanced payment solutions. He believes that these solutions, which are founded on the forefront of technological innovation, will equip businesses with the essential tools for convenience and security that are paramount in the current digital age. The company’s state-of-the-art payment systems are designed to meet the evolving needs of the digital economy, ensuring that businesses can operate efficiently and securely in the digital marketplace.
In addition, John Apea, a Board Member of eTranzact Platform Limited, Uganda, and the CEO of eTranzact Ghana Limited, has articulated the company’s commitment to aligning with the Ugandan government’s digital aspirations. eTranzact Platform Limited is poised to play a supportive role in the realization of the ‘Digital Uganda Vision,’ a strategic initiative by the Ugandan government aimed at leveraging digital innovation to drive sustainable development and eradicate poverty.
Apea’s remarks underscore eTranzact’s intention to contribute to Uganda’s digital transformation by providing payment solutions that not only enhance financial transactions but also foster the broader goals of economic progress and social upliftment through digital technology.
The Digital Uganda Vision (DUV) represents a comprehensive national framework designed to consolidate and enhance all existing strategies, policies, and plans related to Information and Communication Technology (ICT) within Uganda. The primary objective of the DUV is to create a cohesive and unified strategy for the development of ICT across the nation. This involves a coordinated approach to executing projects, ensuring that all initiatives are harmonized and synergistic.
A key goal of the DUV is to synchronize ICT investments across various sectors, thereby improving Uganda’s standing on global ICT indices. Such improvements are crucial for the country as they serve to make Uganda more attractive to international investors, signaling a robust and forward-thinking ICT environment.
Uganda’s performance on the Global Innovation Index is a testament to the country’s potential and progress in the field of ICT. Globally, Uganda is ranked 114th, 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 that is essential for economic growth, investment attraction, and the overall progress of Uganda’s ICT sector.