Historically, Uganda’s financial system has left many of its population behind owing to the country’s limited access to on-the-ground banking infrastructure. Fintech’s rise is finally beginning to find a long-term solution by introducing mobile money and digital wallets to bridge this gap. Uganda is primed for a fintech revolution as 78% of the population is under the age of thirty, highlighting the massive opportunity to engage this demographic with banking services designed for a younger, tech-savvy demographic.

Xprizo, with its HQ in Nairobi, has its finger on the pulse of what Africans need to achieve financial inclusion. The company’s overarching objective is supporting the unbanked and underbanked through technology to make financial services easily accessible and bring them into the fold of the formal financial system.

Mobile penetration continues at pace and Uganda’s mobile subscriptions have now gone beyond 30m, which has cleared a path forward for digital banking. Access to mobile technology encourages the younger generations to have a greater understanding of the financial landscape.

Legacy banks such as Centenary Bank and Stanbic Bank are modernising by rolling out mobile apps and online platforms to significantly enhance user experiences. These banks haven’t stopped there either as they have formed strategic partnerships with specialised fintech firms that provide services spanning Peer-to-peer lending, Microloans, and Instant credit scoring.

The Bank of Uganda has introduced clearer regulatory frameworks that not only encourage innovation, but provide far greater customer security. With this foundation in place, fintech start-ups have had the confidence to accelerate growth strategies and in turn that fosters a healthier competitive environment.

There is still more to be done to provide Ugandans with a financial system that they truly trust and can support the unbanked. These revolve around providing robust systems to remove any cyber security threats. Owing to the size of the country, there are still areas where mobile penetration and internet connectivity are way behind where they should be. A final area for improvement is to find the right balance between encouraging innovation with a safe, regulated environment.

If Uganda continues to take the right step forward the country can expect rich economic growth and empowerment for its people. Adopting fintech solutions will democratise financial access, opening new doors for economic empowerment and growth. Alongside its neighbour Kenya, Uganda has the momentum to be an example for the continent about the power of fintech to transform a region’s financial outlook.

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Excited about Xprizo’s potential to revolutionise access to financial services in underserved communities? Contact us to learn more about our innovative fintech platform. Click here to contact Business Development. & click here to contact strategic alliances.