By Ambrose Gahene
Kampala, Uganda–Industry experts on Tuesday urged the financial technology (FinTech) sector to embrace interoperable systems, shared digital infrastructure and data sharing technical standards if the industry is to move beyond fragmented solutions and expand access to digital financial services.
The call was made during the 8th FITSPA Annual Fintech Conference at the Sheraton Kampala Hotel, where fintech companies, regulators, financial institutions, investors and technology providers met to discuss how Uganda can build a more connected and resilient digital economy.
Held under the theme, “Scaling Fintech Innovation for Inclusive Growth and a Resilient Digital Economy,” the conference focused on what is required to help fintech businesses move from developing individual products to building solutions that can operate at scale across the financial ecosystem.
Diana Akullu Wanyama, the Acting Digital Economy Lead at Financial Sector Deepening Uganda, said digital infrastructure would be critical to achieving Uganda’s economic ambitions.
“Digital financial infrastructure is foundational. It is the technology and framework that allow interconnectivity and are key drivers of the Tenfold Growth Strategy,” she said.
The government’s Tenfold Growth Strategy seeks to expand Uganda’s economy from nearly $50 billion in 2023 to $500 billion by 2040, with technological advancement, private-sector investment and entrepreneurship identified as catalysts for driving agro-industrialization, tourism development, minerals (especially oil and gas), and science, technology and innovation.
Ms. Akullu said Uganda did not need to build new infrastructure for every financial service, but should instead make better use of existing systems and develop governance frameworks that allow different players to connect.
“We do not have to reinvent the wheel. We need to leverage the infrastructure that already exists and put in place the appropriate governance structures to ensure that it works effectively for all participants,” she added.
According to the FinScope Uganda 2023 Survey, the proportion of adults using mobile money rose from 56 per cent in 2018 to 64 per cent in 2023. However, only about two in every 10 adults had ever saved electronically, highlighting the gap between access to digital financial services and their deeper use.
It was therefore agreed that the next phase of scale should focus not only on bringing more people onto digital platforms, but also on making the services affordable, reliable, trusted and useful to consumers and businesses.
Vincent Tumwijukye, Chairperson of the FITSPA Board, said Uganda’s fintech industry had demonstrated its capacity to innovate but needed a stronger ecosystem to help businesses connect with customers, access finance and expand.
“Uganda’s fintech ecosystem has demonstrated that it can innovate. The next phase is to make the market easier to enter, connect and finance,” Tumwijukye said.
He said this would require shared infrastructure, proportionate regulation, specialized talent and patient capital capable of supporting businesses through the early and growth stages.
Mr Tumwijukye identified talent development, access to high-risk capital and improved understanding of fintech among the media as areas requiring greater attention. He said universities and training institutions needed to keep their curricula aligned with the changing requirements of the technology and financial-services industries. He also called for stronger collaboration between government, industry and capital-market players to create an environment that attracts investment into early-stage and growth-oriented enterprises.
Delivering the keynote address, Ken Njoroge, a technology entrepreneur, investor and founder of PANI said African businesses should focus less on pursuing scale as an end in itself and more on solving problems that create lasting value. “Scale is not the starting point; it is the result of building businesses that create value, solve real problems and are sustainable to stand the test of time,” Njoroge said.
Drawing from his experience building Cellulant across several African markets, Njoroge said entrepreneurs needed to remain close to their customers and respond to changes in the markets in which they operate.
“For me, building for scale also means caring for people working for me, leaving behind value, building the infrastructure that businesses need to grow and maintaining a high standard of execution,” he said.
Njoroge also challenged the view that Africa’s biggest constraint was a shortage of capital, arguing instead that the continent needed to improve how capital was directed towards businesses with growth potential. “Africa does not have a capital problem; it has a capital-allocation problem,” he said. He urged governments, investors and industry organizations to direct more long-term capital towards entrepreneurs and businesses building infrastructure and solutions that can serve markets beyond their countries of origin.
The conference further pointed to a shift in priorities for Uganda’s fintech sector from developing more standalone digital products to strengthening the systems that allow those products to work together. Participants said common standards, interoperable infrastructure, supportive regulation, skilled talent and appropriate capital would be essential if Uganda is to translate fintech innovation into wider economic participation and sustainable growth.
The discussions identified interoperable payment systems, common technical standards, data-switching capabilities and a well-governed national switch as some of the infrastructure needed to unlock the next phase of digital financial services. Participants also called for greater use of regulatory sandboxes to allow fintech companies to test new products while regulators assess emerging technologies and associated risks before they reach the wider market.
However, experts cautioned that interoperability alone would not be sufficient. They said shared infrastructure would require clear governance, strong cybersecurity controls and pricing models that do not lock smaller fintech companies out of the market. The push for deeper interoperability comes as Uganda continues to expand access to digital financial services.
The Financial Technology Service Providers’ Association (FITSPA) is Uganda’s fintech industry association. It brings together fintech companies and stakeholders from across financial services, technology, telecommunications, government, investment and development to support the growth and development of Uganda’s fintech industry.