Industry experts have called on Uganda's financial technology (fintech) sector to adopt interoperable systems, shared digital infrastructure, and data sharing technical standards to move beyond fragmented solutions and expand access to digital financial services. This 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 discussed how Uganda can build a more connected and resilient digital economy.
The conference, held under the theme "Scaling Fintech Innovation for Inclusive Growth and a Resilient Digital Economy," 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, emphasized that digital infrastructure would be critical to achieving Uganda's economic ambitions, including the government's Tenfold Growth Strategy, which seeks to expand Uganda's economy from nearly $50 billion in 2023 to $500 billion by 2040.
According to Wanyama, Uganda does 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. She noted that digital financial infrastructure is foundational, and it is the technology and framework that allow interconnectivity and are key drivers of the Tenfold Growth Strategy. The FinScope Uganda 2023 Survey revealed that the proportion of adults using mobile money rose from 56 percent in 2018 to 64 percent in 2023, but only about two in every 10 adults had ever saved electronically.
The conference identified 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. 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.
Tumwijukye identified talent development, access to high-risk capital, and improved understanding of fintech among the media as areas requiring greater attention. He 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.
Njoroge 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. 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 the need for greater use of regulatory sandboxes to allow fintech companies to test new products while regulators assess emerging technologies and associated risks.
Experts cautioned that interoperability alone would not be sufficient, and shared infrastructure would require clear governance, strong cybersecurity controls, and pricing models that do not lock smaller fintech companies out of the market. 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.
Key points
- Industry experts urge adoption of interoperable systems and shared digital infrastructure.
- Conference highlights need for common standards, supportive regulation, and skilled talent.
- Experts emphasize importance of clear governance, strong cybersecurity controls, and suitable pricing models.
