The Bank of Uganda has granted global fintech company NALA both Payment Service Provider (PSP) and Payment System Operator (PSO) licences, significantly strengthening the company’s regulatory standing and expanding its role within Uganda’s national payments ecosystem.

The approvals add to NALA’s International Money Transfer Operator (IMTO) licence issued in 2024, bringing the company’s total number of active licences in Uganda to three. This positions NALA among a small group of fintech firms authorised to operate across multiple layers of the country’s regulated payments infrastructure.

Strengthening Uganda’s Regulated Payments Ecosystem

The issuance of the PSP and PSO licences allows NALA to legally provide and operate payment services and systems within Uganda, in line with the regulatory requirements set by the central bank. These approvals enable the company to deliver secure, interoperable, and real-time payment services to individuals, businesses, and financial institutions while adhering to strict operational, consumer protection, and compliance standards.

The move reflects the Bank of Uganda’s broader strategy to promote innovation in financial services while safeguarding the stability and integrity of the national payments system.

Investment in Local Infrastructure and Digital Payments

With the new licences in place, NALA plans to scale its investment in API-driven and interoperable payment infrastructure to support Uganda’s rapidly expanding digital economy. The company is targeting areas such as merchant payments, collections, disbursements, and transaction processing, with systems designed to meet global standards while remaining locally regulated.

NALA’s infrastructure is also expected to support faster and more affordable cross-border transactions, particularly for diaspora remittances and international business payments. These improvements could help increase foreign currency inflows, support local enterprises, and contribute to broader economic growth.

In addition, the company aims to empower Ugandan startups and fintech developers by providing payment APIs that enable local businesses to build scalable, pan-African products with access to global payment networks.

Leadership Commitment to Uganda

NALA Founder and Chief Executive Officer Benjamin Fernandes described the approvals as a major milestone for the company’s long-term presence in Uganda. “Securing both the PSP and PSO licences is a major milestone for us. We are investing over USD 2 million in local infrastructure and partnerships to build payment systems that serve Ugandans at home and across the diaspora,” Fernandes said.

He added that NALA is focused on strengthening the local technology ecosystem by developing payment infrastructure that enables Ugandan businesses to scale regionally and attract foreign currency inflows. “We are deeply grateful to the Bank of Uganda for their trust, rigorous oversight, and leadership in strengthening Uganda’s digital payments ecosystem,” he noted.

Growing Role of Fintech in Uganda

Uganda is one of Sub-Saharan Africa’s leading remittance-receiving countries, with inflows playing a critical role in household incomes and economic activity. As digital payments adoption continues to accelerate, fintech firms with strong regulatory backing are increasingly seen as key drivers of financial inclusion, efficiency, and transparency.

With its expanded licensing portfolio, NALA is now positioned to play a more central role in Uganda’s evolving payments landscape, supporting both domestic transactions and cross-border financial flows through compliant and scalable technology.