By Ambrose Gahene
Digital financial transfers have been rated as the safest and fastest mode of financial transactions. This was reached at a symposium on Finance innovations in Uganda 2025, held at Sheraton Hotel on Monday.
Mr. Martin Magezi, Bank of Uganda’s Deputy Director, while addressing journalists said; there is an increase of digital shift in the banking industry, where mobile money transactions have surged to trillions of shillings. He said that Bank of Uganda is working with Government Agencies to roll out a national switch in the coming months. He said the switch is expected to reduce mobile money transaction charges to make payments cheaper and faster.
Centenary Bank General Manager of Retail Banking and Distribution, Charles Kabanda, shared key insights on a panel discussion about products that move people from access to active usage. He said true financial inclusion goes beyond access; where it requires products people trust, use, and feel are part of their everyday lives.
He highlighted the power of partnerships, especially with mobile network operators, to deliver convenient, affordable, and secure digital solutions.
“By designing flexible products, strengthening trust, leveraging big data, and working closely with communities and savings groups, banks can move Ugandans from cash reliance to meaningful, sustained usage”, he said.
He added that; collaboration, convenience, and trust are the real drivers of inclusive financial growth”, he said.
Mr. Kabanda stressed that true financial inclusion is built on relevance; creating secure, affordable and trusted solutions woven into everyday life.
Mr.Farouk Joel Kakuru, Kenya Commercial Bank (KCB) senior manager, Digital financial services, said banks could collaborate with fintechs and telcos to develop innovative strategies for customers across the country.
Agnes Alowo, Chief Operations Officer at Consumer Publications, expressed her gratitude to Centenary Bank and other partners for their support in advancing Uganda’s financial innovation ecosystem. She urged each stakeholder present to reflect on one truth.
“Financial inclusion is not a competition. It is a shared national mission. Banks cannot achieve it alone, FinTechs cannot achieve it alone, and telephones cannot achieve it alone. Neither can regulators achieve this alone. But together, with the right partnerships, data-sharing approaches, consumer insights, and innovative frameworks, Uganda can transition from digital access to digital prosperity”, she said
Mr. Moses Ogwapus, the Commissioner for Financial Services at the Ministry of Finance, Planning and Economic Development, said Government is committed to putting in place laws, policies and regulations to streamline and regulate financial institutions to avoid unnecessary challenges.
He highlighted some of the challenges facing digital transactions to include the use of multiple pins or passwords, which clients often forget while paying utilities and making financial transactions. He called on innovators in the digital space to find solutions to address these challenges.
The symposium ran under the theme: “Inclusive Finance 2.0 Scaling Innovation through Banks, Fintechs and Telecos”. Consumer Publications Limited organized the symposium.