Inside Uganda’s emerging fintech ecosystem
A view of a young girl who received training in the banking sector at a workshop organized by the Uganda Telecommunications Authority (UTA) and the International Fintech and Venture Capital (IFVC) Institute. In his address, UTA Country Chief Executive Officer Joseph Tumusiime
LONDON, UK — Just as the internet made it possible to communicate with an unprecedented number of people, it is also helping transform financial services.
In Uganda, this transformation is happening in a tiny, remote country. The country’s population remains around two million; it has just 1% of the global GDP; and it has not even developed a formal banking sector.
However, it is currently home to Uganda’s first ever financial technology (fintech) hub, the Uganda Fintech Valley, which has already been instrumental in supporting small and mid-sized businesses.
This is a great example of how a country with limited or even no infrastructure for financial services can transform itself with the help of fintech.
It is also a powerful example of how technology can be used to improve financial access and services especially in less developed countries.
“We see this as a way to empower those who are in the most need,” said James Muganda, CEO of UTA, one of the organization’s country partners. He said that it is also a great example of how the country will be benefited by the use of technology in financial services.
“In the future, our goal is to be the innovation hub of Uganda … so that we can inspire others here to innovate to meet their needs,” he said.
Here’s how things are going so far.
The potential is there
To start, UTA has played a major role in supporting the establishment of Uganda Fintech Valley, which is currently home to a number of startups that offer financial services.
“We are giving the youth of Uganda the opportunity to develop the financial capabilities to meet their needs,” said Tumusiime, who was among the dignitaries who attended
