Uganda's fintech sector grows to 24 firms

The bank has said that fintech companies in the country are eligible for offering financial services because they are tested, approved, and licensed before they are launched to conduct payment services.

These non-bank payment service providers and payment system operators were up to 24 as of December 22, 2022, and the latest one was launched on February 3, 2023.

At the launch, the Director of the National Payment System department of the Bank of Uganda, Mackay Aomu, and the acting Director of National Payment Systems, Albert Ntege, said there's been commendable growth of fintech in Uganda.

“We are thrilled to see the growth of the fintech companies in the country,” Ntege said.

He also said that the latest addition to the fintech scene was licensed in September 2022 under the license category of medium-sized companies.

Ronald Williams Lwanga, one of the heads of the new company said their vision is to be a large fintech service provider with emphasis on alleviating the public of currency exchange valuation.

Ongoing digitalisation of financial services and money has created opportunities to create more inclusive services in the financial sector and improved service delivery. This has allowed the economy to expand and develop alongside the global community in rapidly closing boundaries by transforming the financial sector.

More countries are embracing this digital opportunity and developing policies that will encourage and sustain safe financial innovation and transition.