MasterCard, M-Kopa and Uganda's Centenary Bank have entered into a partnership. This is aimed at enabling M-Kopa's customers to carry out pay-as-you-go QR transactions. The pay-as-you-go API was developed by the MasterCard Labs.
The launch took place in Entebbe and was attended by Ajay Banga, president, and CEO of Mastercard as well as M-Kopa's CEO and co-founder, Jesse Moore.
M-Kopa has over 3 million customers across its East African countries of operation. Its customers include homes as well as businesses. While their products ranging from combine lights, mobile phone charging, radios, smartphones, TVs and fridges
According to the United States Agency for International Development, Uganda has one of the lowest electrification rates in Africa, at 22 percent for 2017.
In September 2018, Mastercard and MTN Uganda partnered to launch a mobile money virtual card. The card would allow MTN customers with a mobile money wallet to make payments online.