Ugandan motorbike-hailing App SafeBoda is working on a feature that will enable its users to send and receive money for free using the SafeBodaWallet. The move will see SafeBoda operate in the fintech space as a payments systems provider and operator
The company operating under Guinness Tech Limited in Uganda has since secured a payment systems provider and payment system operator’s license from the Bank of Uganda.
In June 2020, this website reported that SafeBoda was working on a SafeBodaWallet that will let users send and receive money for free within Kampala and withdraw it at a probably smaller charge than other payment platforms.
A source at SafeBoda declined to give away so much on the development but confirmed to this website that several SafeBoda merchants are already placed in various locations in Kampala as the rollout starts.
“We are definitely headed in that direction of offering our users payment solutions and they should wait for the exciting developments we are working on”
The Beta version of the SafeBoda wallet that this website has had a look at is only available on Android but an iOS version is also being worked on. The app shows a ‘Withdraw’ feature for users and also shows several agents and how to locate one who is near you should you want to transact.
SafeBoda started merely as a transport solution for hailing motorbikes in 2017 but slowly grew and morphed into other abilities such as buying airtime source and delivery service provider, to flying on as a food delivery app.
In December 2021, SafeBoda announced that it was entering a partnership with Posta Uganda to jointly operate a product called “SafePosta Express”. According to SafeBoda, the new service was aimed at utilizing the already existing SafeBoda App, which sits on over 1,000,000 smartphones, to enable customers to request delivery services from the convenience of their homes and offices.
The Bank of Uganda introduced a National Payments Systems Act to regulate players and protect consumers from fraud activities. Following the enactment of the National Payment Systems (NPS) Act, 2020 on 4th September 2020 and the gazetting of the NPS Implementing Regulations on 5th March 2021, The Bank of Uganda commenced licensing of; Payment System Operators, Payment Service Provider and Issuers of Payment Instruments.
Pursuant to Section 9 of the National Payment Systems Act, 2020 and Regulation 3 of the National Payment Systems Regulations, 2021, the Bank of Uganda issued licences to Airtel Mobile Commerce Uganda Limited, MTN Mobile Money Uganda Limited. In addition, Wave Transfer Limited received the Bank of Uganda’s approval to operate under the Regulatory Sandbox Framework, pursuant to Section 16 of the National Payment Systems Act, 2020 and Regulation 5 of the National Payment Systems (Sandbox) Regulations, 2021.
In October 2021, Wave Transfer Limited was graduated from the sandbox to a fully regulated Payment Service Provider.
