Pivot Payments, a locally founded fintech, has announced the reinstatement of its Payment Service Provider (PSP) and Electronic Money Issuer (EMI) licenses by the Bank of Uganda (BOU). The licenses, suspended earlier this year, were officially restored on December 4, 2024.

In an official statement issued on December 16, Princess Shamirah Kimbugwe, Founder and Director of Pivot Payments expressed gratitude for the collaborative efforts that facilitated the reinstatement.

“On the 29th of February 2024, our PSP and EMI licenses were suspended by the Bank of Uganda due to operational issues, governance gaps, and capital deficiencies. This setback significantly impacted our operations as a locally founded and managed institution,” Kimbugwe said.

The suspension followed concerns from the BOU, including an incomplete board and trade volumes exceeding capital reserves. However, Kimbugwe said that Pivot Payments worked closely with the BOU to address these challenges.

“Today, I am happy to inform our partners, customers, and the general public that the BOU found it satisfactory to reinstate the licenses. We appreciate the National Payments Services team for their corrective and collaborative approach, which has been a learning curve for both institutions and the industry at large,” she said.

“The regulator’s unwavering risk-averse approach ensures consumer protection and encourages institutions to build sustainable, profitable businesses,” she noted.

Pivot Payments, founded during the early days of the COVID-19 pandemic in 2021, has demonstrated resilience and adaptability. Despite its humble beginnings in a living room, the company has grown to serve over 100,000 customers, processing more than 1.4 million transactions worth over UGX 72 billion.

With the licenses reinstated, Pivot Payments is prepared to resume its services, including payments, collections, disbursements, and wallet services. The company also plans to strengthen its UAE corridor, providing tailored financial solutions for Ugandans working in the Middle East and supporting small and medium enterprises (SMEs) in Uganda.

Kimbugwe assured customers that their data and the company’s systems remained secure during the suspension. She also expressed gratitude to consultants, staff, shareholders, and loyal customers who supported the company through the challenging period.

As Pivot Payments approaches its fifth anniversary in February 2025, Kimbugwe reflected on the company’s journey and the lessons learned.

“We want to be a leading example that resilience, humility, and positivity can help businesses overcome challenges. As a female-founded fintech, we hope to inspire more women to join the field and more companies to build a culture of steadfastness,” she said.