The role FinTechs in powering Africa’s growth in the digital age

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The 2019 Africa FinTech Festival (AFF) themed ‘The role of FinTechs in Africa’s Digital Economy’ was officially opened on Tuesday

The two-day event co-hosted by The Financial Technology Service Providers Association of Uganda (FITSPA) and Financial Sector Deepening (FSD) Uganda is taking place between November 5th and 6th at the Serena Hotel, Kampala.

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The 2019 AFF has attracted over 250 delegates from across Africa including FinTechs, regulators, policy makers, investors, financial service providers and development partners.

“Government views FinTech operators as crucial enablers of electronic transactions and e-commerce. They are key players in the integration of systems that are vital for service delivery where citizens have to pay for a service – such as passports.” Vincent Bagiire, Permanent Secretary – Ministry of Information, Communication Technology and National Guidance

Delegates are discussing wide-ranging issues covering regulatory environment, resourcing FinTechs for sustained success, consumer protection and innovative models that will disrupt savings, credit, insurance and investment services for more inclusion.

Participants will also explore new business models and innovative partnerships that are expanding efficiency and service provision in key sectors including trade and agriculture. Adequate resourcing will be key to ensuring that FinTechs can innovate and scale in ways that support ambitious national development targets.

“The Fintech movement is gathering momentum. Our members, ranging from startups to long-established companies are keen to engage on how financial regulation is changing in response to the disruption caused by FinTechs, how to build value-adding partnerships with other industry players and how to attract even more investment to their businesses,” explained Peter Kawumi, Chair of FITSPA.

“They also want to learn about how to get and retain the right talent to sustain their growth. This festival provides a timely platform for members to have these conversations with regulators, banks, insurance companies, investors and academia.”

FITSPA is committed to catalyzing the development of Uganda’s financial services industry through its local and international networks.

“This festival will provide a strong platform for our FinTech community to grow, mature and compete with the rest of the world. Already there have been promising signs with an increasing number of enquiries being directed to our national umbrella, the Financial Technology Service Providers Association of Uganda (FITSPA). This widespread, global interest is a reflection of FITSPA’s role in strengthening the FinTech industry in Uganda and advancing the objectives of the Africa Fintech Network as a whole,” Zianah Muddu, General Secretary of the Africa Fintech Network and Engagement partner for FITSPA said.

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