By Julius Mugaga/Umoja Standard.
Kampala, Uganda: Stakeholders in Financial Technology (FinTech) have today engaged media regarding it as an indispensable partner in shaping the industry.
Organized under Financial Technology Service Providers Association (FITSPA), these thought engaging media will help draw them into the entire Fintech eco-system as key stakeholders in steering the narrative around the industry.
This has come at a time when Financial Technology Service Providers Association (FITSPA) is organizing the FITSPA Annual Fintech Conference under the theme “Investments and Partnerships” – How to Thrive in Uganda’s FinTech ecosystem and beyond, on 12th and 13th October 2022.
Important to note.
The Financial Technologies Service Providers Association (FITSPA) is an independent, non–profit, membership-based Organization.
It represents Uganda’s local fintech community and global fintech institutions operating in the country.
It is five years in existence having been formed on 14th July 2017 in partnership with the Financial Sector Deepening Uganda (FSDU) project.
It should remembered that Financial Technologies (FinTech) has not existed in Uganda for long but people have slowly adopted the initiative in order to have timely and convenient transactions for example Mobile Money.
Of late, FinTechs used to operate in isolation and it would be hard for each to face challenges solely and this birthed the idea of amalgamation in order for them to have one strong voice and efforts to battle them.
During the Media engagement at Sheraton Hotel-Kampala today, Henry Kevin Wavah the Vice Chairperson of The Financial Technologies Service Providers Association (FITSPA) said that the Association started five years back with only five members, it has grown to have 189 members currently which has boosted the sub sector.
“With this number, the sub sector has registered progress. An example is our traditional banks which have existed for over 100 years, for the last 10 years, over 25,000,000 transactions have been done through FinTech”. Said Wavah.
“A live example is Mobile Money, since its establishment in 2009, it has over 264,000 agents across the country and these manage clientele transactions on a daily basis”. He added.
He stated that current statistics show that Uganda is among top 7 countries in Africa that have embraced digital economy. He added that its progress is inevitable except a few issues that the Association has come to tackle in order to make FinTech everyone’s desire.
Kakai Sharon, the Head of Marketing and Communication at Innovation Village stated that the major aim for which FinTech initiative was developed in Uganda is to ease digital transactions.
“FinTech bridges the gap between a service and the market. You necessarily need not to go to the bank for you to make a transaction, just from where you are, a transaction can be made easily and conveniently”. said Kakai.
She revealed that what they are doing now is making sure there is equitable financial inclusion leaving no one behind and it is the reason they thought that media is a key stakeholder in fostering this move.
“We are exploring the digital dose at the Innovation Village to reach the last man”. She quoted.
She noted that FinTech is broad as it crosses to Insurance, Agriculture, Green-financing, meaning that one can sell or buy produce, Insure etcetera without necessarily leaving the place.
Zainah Muddu, the Engagement partner, FITSPA re-emphasized the relevance of Media in broadening FinTech inclusion move and thought that they can organize a masterclass for them to internalize the initiative for efficient and effective dissemination.
Responding to the question on why some FinTech companies have been working in isolation, Zainah said that it is the reason as to why the Association is pushing for a regulation on this initiative to restore order.
“A Regulation brings order and i believe if this is in place, it will solve challenges related to working in isolation, fraud, cyber crimes and others”. Said Zainah.
She also talked about African Venture Capital saying, it has not been properly shared as a large portion goes to economies whose FinTech has thrived over Uganda’s like Nigeria, South Africa, Egypt and others.
*Financial Technologies Service Providers Association (FITSPA) is soon launching a DEAL BOOK. This book will profile FinTechs which will help a client opt for a particular FinTech of one’s own.