• Contact Us
  • About Us
  • Advertise
  • Donate
  • Login
Watchdog Uganda
  • Home
  • News
    • National
    • Politics
    • World News
    • Media Outreach Newswire
    • Africa News
    • Tourism
    • Community News
    • Luganda
    • Sports
      • Football
      • Motorsport
  • Op-Ed
    • #Out2Lunch
    • Conversations with
    • Politics
    • Relationships
  • Business
    • Agriculture
    • CEOs & Entrepreneurs,
    • Companies
    • Finance
    • Products
    • RealEstate
    • Technology
  • Entertainment
    • Lifestyle
  • People
    • Showbiz
      • Salon Mag
  • Special Report
    • Education
    • Voices
  • Reviews
    • Products
    • Events
    • Hotels
    • Restaurants
    • Places
  • WD-TV
  • Donate
  • China News
No Result
View All Result
  • Home
  • News
    • National
    • Politics
    • World News
    • Media Outreach Newswire
    • Africa News
    • Tourism
    • Community News
    • Luganda
    • Sports
      • Football
      • Motorsport
  • Op-Ed
    • #Out2Lunch
    • Conversations with
    • Politics
    • Relationships
  • Business
    • Agriculture
    • CEOs & Entrepreneurs,
    • Companies
    • Finance
    • Products
    • RealEstate
    • Technology
  • Entertainment
    • Lifestyle
  • People
    • Showbiz
      • Salon Mag
  • Special Report
    • Education
    • Voices
  • Reviews
    • Products
    • Events
    • Hotels
    • Restaurants
    • Places
  • WD-TV
  • Donate
  • China News
No Result
View All Result
Watchdog Uganda
No Result
View All Result

Uganda Bankers Association, Fintechs body sign pact to boost financial inclusion and innovation

Mulema Najib by Mulema Najib
5 years ago
in Business, Finance, Technology
11 1
ShareTweetSendShare

The Uganda Bankers Association (UBA) and Financial Technology Service Providers Association (FITSPA) have signed a strategic collaboration agreement which aims at boosting financial inclusion and innovation in Uganda’s financial service sector.

Wilbrod Humphreys Owor, the Executive Director of UBA said that the partnership is going to enable them achieve a tremendous transformation across the industry.

As you know the financial sector like all the other sectors across the country, there’s a lot of transformation that is going on driven by technology. In our case digital financial services, are driving processes, delivery products channels and in Uganda we have FITSPA as well explained that very many or nearly all our institutions partner with to deliver services,” said Mr Owor during the signing of the Memorandum of Understanding (MoU) at the UBA offices on Kampala on Wednesday.

Partnerships between banks and FITSPA are critical in building the digital payments and business infrastructure that can improve proximity and bring harder to reach clients into the financial system at potentially lower costs through innovation.

“FITSPA brings in a lot of value in that today we are able to reach previously very hard to reach areas, new customer segments, new products on a 24/7 basis. This has changed the face of banking and financial services and the partnership couldn’t have come at a better time.

Mr Owor and Mr Kawumi after signing the strategic collaboration agreement

“Most of everything is done through collaborations; you cannot be the expert and good at everything, when you combine heads you deliver more of what typically you would have delivered,” asserted Mr Owor.

On his part, Peter Kawumi, the FITSPA chairperson said the signed MoU has formalized relationships between technology providers who are very aware of how to use several technologies to reach more people and financial sector players who have the trust and the experience in reaching the customers.

“We believe that fintechs have a lot to contribute to this partnership for example fintechs will support banks and other members of UBA to adopt to fast changing technology to respond to customers’ needs in an efficient way. In return we believe that the banks share their experience in use of customer data to create products which are easily adoptable by Ugandans,” said Mr Kawumi.

“Although, we have made significant steps in attracting some investment to drive the use of technologies like mobile banking and agent banking in the financial services and to support economic growth in the country by facilitating financial inclusion, the industry is only in its nascent stage. The partnership with UBA will make us leap forward in many ways.”

Mr Kawumi who is also the General Manager of Interswitch Uganda further noted that partnerships are key to unlocking opportunities and economic growth of a country like Uganda.

“Over the last couple of years there has been a buzz that Banks are in competition with fintechs. The truth of the matter is that without one sector working with another, we will not grow as fast as we can. We will not contribute to the economy as much as we can. So we believe that the signing of the MoU today will help us as different industries working towards the same goal of achieving economic growth of Uganda, of East Africa and of Africa.

FITSPA is a platform that allows for collaboration between market players and stakeholders in the finance and technology ecosystem and it has over 80 members whereas UBA is an umbrella organization for licensed commercial banks supervised by Bank of Uganda. Its membership was extended to other supervised financial institutions (SFIs Tier 2&3) under the associate membership category.


Do you have a story in your community or an opinion to share with us: Email us at editorial@watchdoguganda.com
Share2Tweet2SendShare

Related Posts

Pastor Benny Hinn, the American evangelist currently in Uganda for a three-day crusade, visited President Museveni and Maama Janet at the Nakasero State Lodge on Saturday evening.
Business

Televangelist Benny Hinn Prays for Museveni, Janet as Kampala Crusade Draws Thousands

29th June 2025 at 11:55
Business

Obituary: Tragic Death of Sembabule based CBS FM Journalist Jimmy Ssekabito Leaves Behind Many Questions

28th June 2025 at 13:10
Business

Rugby Union Teams Up with Luxe Speke Resort for Sizzling 2025 Africa Cup

26th June 2025 at 16:04
Next Post
Bobi Wine and Sipapa

If Bobi Wine wins Museveni, we shall overthrow him in seconds- says socialite Sipapa

  • Prostitution in Uganda- Courtesy Photo

    10 dangerous hotspots known for prostitutes in Kampala

    1098 shares
    Share 439 Tweet 275
  • LIST: New salary structure for civil servants starting July 2020 out; scientists, lecturers get juicy pay rise

    2282 shares
    Share 913 Tweet 571
  • Uganda’s Billionaires 2025: Once Again Sudhir Ruparelia Leads a Resilient Pack

    38 shares
    Share 15 Tweet 10
  • Pastor Bugingo Seeks Reconciliation with Teddy and Children, Prays for Makula’s Twins

    18 shares
    Share 7 Tweet 5
  • LIST : Gov’t releases Revised Salary Structure for Teachers, Police, and Prisons Staff for FY 2024/2025

    111 shares
    Share 44 Tweet 28
Facebook Twitter

Contact Information

Watchdog Uganda is a portal for solution journalism, trending news plus cutting edge commentaries in the fields of politics, security, business, tourism, entertainment, technology, agriculture, climate change, environment, public health et al. We also give preference to Ugandan community news and topical discussions. The portal also publishes community news and topical discussions.

Email: editorial@watchdoguganda.com
To Advertise:Click here

Latest News

RDC George Owanyi engaging the meeting

Nakapiripirit RDC George Owanyi teams up with Karamoja Anti-Corruption Coalition to intensify fight against corruption 

30th June 2025 at 09:21

RICHARD BYAMUKAMA: The Legitimacy of South Sudan’s Government Hangs in the Balance

29th June 2025 at 23:59

Check out

  • Trending
  • Comments
  • Latest
Minister Muruli Mukasa

LIST: New salary structure for civil servants starting July 2020 out; scientists, lecturers get juicy pay rise

24th May 2020 at 10:45
Pregnant woman

Shock as 17-year old boy impregnates his two sisters during Covid-19 lockdown 

17th June 2020 at 08:17
Sudhir Ruparelia is set to speak at business forum in United Kingdom

Billionaire Sudhir’s wisdom on how to invest in real estate

0

How a boy’s destiny turned from cotton grower to communications guru

0
RDC George Owanyi engaging the meeting

Nakapiripirit RDC George Owanyi teams up with Karamoja Anti-Corruption Coalition to intensify fight against corruption 

30th June 2025 at 09:21

RICHARD BYAMUKAMA: The Legitimacy of South Sudan’s Government Hangs in the Balance

29th June 2025 at 23:59

© 2025 Watchdog Uganda

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Home
  • News
    • National
    • Politics
    • World News
    • Media Outreach Newswire
    • Africa News
    • Tourism
    • Community News
    • Luganda
    • Sports
      • Football
      • Motorsport
  • Op-Ed
    • #Out2Lunch
    • Conversations with
    • Politics
    • Relationships
  • Business
    • Agriculture
    • CEOs & Entrepreneurs,
    • Companies
    • Finance
    • Products
    • RealEstate
    • Technology
  • Entertainment
    • Lifestyle
  • People
    • Showbiz
      • Salon Mag
  • Special Report
    • Education
    • Voices
  • Reviews
    • Products
    • Events
    • Hotels
    • Restaurants
    • Places
  • WD-TV
  • Donate
  • China News

© 2025 Watchdog Uganda