Inside Uganda’s emerging fintech ecosystem and find a place where you can work on this fascinating, rapidly growing sector
In a country like Uganda, where mobile internet usage has reached 90% and banks are still struggling to deal with the new digital economy, it’s no surprise that there’s a growing market for financial services and mobile money services. And in this emerging market, people are looking for ways to simplify their lives and are willing to do things on a more digital footing.
Here in Kampala and the surrounding area, the mobile money ecosystem is still in its infancy and development is taking longer than anticipated. The current momentum is driven by both financial and nonfinancial players who are looking to connect with their customers.
In this ecosystem, there is a growing demand for fintech services, especially for mobile money providers.
It’s expected that by 2020 there will be over 60 mobile money services or fintech companies registered in Uganda. By 2022, the number of mobile money services in Uganda expected to exceed 200.
Some of these companies are offering different fintech services. One of these is the mobile money payment platform provider, which is also offering a range of services to its clients.
It is also offering its clients a secure and convenient place to store and secure their funds.
According to a recent survey by M-Pesa Services, the number of mobile money users is expected to reach 830,000 by 2022.
The growing appetite for and demand for fintech services
According to the latest report by Fintech Uganda, about 60% of bank accounts have an app or a mobile wallet, while over 25 banks have launched mobile money apps that are available for download on Android and iPhone.
It is important to note that when we say ‘app’, we mean that there are digital wallets or apps available for download on Android and many other platforms as well.
Mobile money, in particular, is the fastest growing form of remittance in the region. Last year, the number of mobile money users increased from 150% to 250% to become the fastest growing segment in the