SafeBoda acquires Financial licenses to offer Money Transfer services in Uganda
SafeBoda, the Ugandan based 2 wheel hailing company is evolving into a Fintech service provider aside its core transport services. Today, the company has acquired financial licenses from the Bank of Uganda to offer money transfer services in Uganda.
In a Tweet by Fitspa – the association representing the Uganda and global fintech community, SafeBoda which trades as Guinness Tech Uganda limited has ben authorized by the central bank to issue small and medium electronic money transfer services in the country.
The new licenses come at a time when the company is rolling out SafeBoda Wallet, a mobile wallet for SafeBoda App users that accept s deposits and withdraws from agent points. Also, the SafeBoda App already has money transfer features where a customer can send money to another customer at no charge.
But with the new licenses, it means, SafeBoda Wallet will evolve to compete with already existing mobile money transfer services like MTN Momo, Airtel Money, and of recent Wave Uganda. Well, with the service already active on the SafeBoda App, customers will be able to do more at little or no charges on in-app transfer services.
In a statement by SafeBoda, the company aims at driving its growth in Uganda, Kenya and Nigeria where it operates, by scaling its hailing app to offer new payments and financial services to its customers, passengers, drivers and merchants in the regions it operates.