Inside Uganda’s emerging fintech ecosystem
The Ugandan fintech ecosystem was just getting its name.
But by the time 2018 rolled around, it had already become one of the most promising markets in the country.
The fintech industry has not had a major impact on the country like most business-oriented start-ups do. But there is one critical difference: The fintech sector in Uganda is growing.
The ecosystem
Fintech has found a home in Uganda’s emerging business ecosystem.
With technology being such a big part of everyday life in Africa, the country is ripe for this growing sector.
And more recently, there are more than enough government policies and regulation to enable the sector’s growth.
As of 2018, the fintech ecosystem that exists in Uganda has 471 registered mobile phone payment companies.
These fintech companies are helping the country increase access to financial services, particularly for the poor and vulnerable in the country.
The country has also developed an open market for financial companies thanks to the Ugandan Central Bank’s mandate to promote competition in Uganda.
According to the central bank, there are now more than 70 fintech companies registered in the country.
That number is growing quickly. According to the bank’s annual report, the number had more than doubled between 2016 and 2017.
As a result, competition is heating up, and the price of a digital transaction is dropping.
This is why some companies are even beginning to outsource certain operations, especially in terms of billing, to third-party firms.
According to a report by the Ministry of Finance in 2017, more than 75 percent of the country’s financial services had come from external financial institutions in 2018.
These fintech firms are using software to make transactions smoother and more secure, and to give customers a more transparent experience than if they had to go to a credit or debit card provider.
Although the numbers of registered fintech companies are on the rise, the market is still very new and underdeveloped.
This is largely true in terms of its regulatory regime.
When it comes to regulations, the financial sector has had plenty of time to grow their industry, yet it has not seen much of an impact from fintech.
The sector’s growth
