After securing the first-ever remittance license from the Bank of Uganda in November 2019, AZA Finance, formerly BitPesa, has officially launched its brand in Uganda with a kick-off event on February 2020 at the Kampala Serena Hotel.
BT Payments Uganda Services Limited, the Ugandan subsidiary of AZA Finance, secured the first ever money remittance license in Uganda for a non-cash online money transfer platform by the Central Bank of Uganda (BoU), in late 2019.
AZA Finance is now Africa’s biggest non-bank currency broker.
The company is also the only non-bank provider of both wholesale foreign exchange and distribution across the African region and has expanded through increased bank accounts, mobile money and other payment options including cryptocurrency payments.
Speaking during the launch event, Thomas Yieke, Head of Sales, East Africa, AZA Finance, said:
“Our commitment to Uganda, East Africa and the wider continent is evident from our investment in building the best and most reliable technology for this market.
We have created a competitive facility based on world-class technology, reducing settlement time to less than a day and at the best possible rates. Through the BFX product, Ugandan businesses will be able to save millions in fees each year with cost-effective transfers and efficient treasury solutions.”
The company intends to simplify cross-border payments and solve current challenges in the Ugandan market such as long transaction times and FX losses.
The case for Uganda is also solid considering that progressive currency market liberalizations have helped Uganda to rank as the third-best among 20 countries for access to foreign exchange in Africa, according to the latest ABSA Africa Financial Markets Index.