BPC, a global leader in payment solutions, has announced its strategic partnership with the Financial Technology Association of Uganda (FITSPA)- the umbrella association of Ugandan fintechs.
On June 14th 2023, BPC joined the association as one of its Platinum members- the highest level of membership, symbolising the tech firm’s commitment to fostering innovation in Uganda’s financial services sector and a willingness to contribute further to the development of the nation’s fintech ecosystem.
BPC is the association’s first Platinum member.
With 206 members, and growing, FITSPA, has cultivated a reputation for building an engaged, value-driven community.
Speaking after the signing of a strategic agreement between the two entities on June 14th 2023, Zianah Muddu, the Director, Engagements & Strategy at FITSPA, said, “FITSPA’s mission to create a safe and regulated fintech ecosystem aligns seamlessly with BPC’s commitment to delivering robust, reliable financial technologies”.
Frank Molla, BPC Managing Director for sub-Saharan Africa, said that being part of FITSPA was “an opportunity to show our dedication in supporting and contributing to the fintech ecosystem in Uganda.”
“As we deepen our presence in this vibrant and evolving market, we aim to help bring about an inspiring future filled with expansive socio-economic growth and a thriving middle-income status,” Mr. Molla said.
The fintech industry in Uganda presents a landscape filled with vast opportunities characterised by a rapidly growing population that is embracing digital transformation, as well as a surge in demand for innovative financial solutions that can improve financial inclusion and socio-economic growth. Digital investment in the nation is set to reach a total transaction value of US$10.57 million in 2023, and the digital payments market is projected to encompass 18.22 million users by 2027.
“As the mobile and internet penetration rates rise, digital payments, mobile banking, and online financial services are becoming increasingly prevalent. The government’s supportive regulatory framework fosters a conducive environment for fintech innovation and entrepreneurship. The evolution of fintech has the potential to drive financial literacy, increase access to credit, improve business efficiencies, and stimulate economic activity, creating a more resilient and vibrant financial ecosystem in Uganda,” Molla said, adding: “As a new Platinum Member of FITSPA, BPC is uniquely positioned to contribute meaningfully to these key areas of growth.”
He said, BPC would leverage its comprehensive suite of digital payment solutions, to “drive forward Uganda’s digital transformation, ensuring that businesses and consumers alike can enjoy the benefits of secure, efficient, and accessible financial services.”
BPC has built a strong reputation for understanding and mastering local banking and payment context and behaviour. With 350 customers across 100 countries globally, BPC has collaborated with all ecosystem players ranging from tier-one banks to neo banks, Payment Service Providers (PSPs) to large processors, e-commerce giants to start-up merchants, and government bodies to local hail riding companies, contributing to better financial inclusion using next-generation technology.