At least UGX 88.1 billion remains unclaimed in closed mobile money and other e-money accounts, a Bank of Uganda report shows. The money, which is currently held Bank of Uganda (BoU), has been accumulating for over four years since the central bank took over the regulation of mobile money and e-money service providers. Details contained in the Bank of Uganda 2024/25 Integrated Annual Report indicate that during the 12 months to June 30, 2025, mobile money and e-money providers transferred UGX 10.8 billion in closed-account balances to the central bank for safekeeping. However, the report notes that by the reporting…
This Is Premium Content. Subscribe And Save On Unlimited Access With Our Best Offers!
From the humble days at DFCU Bank as a direct sales executive to enabling homeownership through mortgage financing at Stanbic Bank, it was clear that Brian Mutungi Tukahirwa had a gift for sales, anchored in a deeper mission to improve lives. His journey later led him to Housing Finance Bank, where he advanced the institution’s financial inclusion mandate by designing customer-centric solutions through agent banking. “I was riding on the first-ever shared platform to pivot into the Fintech space. Here, I supported financial institutions to enhance their financial inclusion through robust agent and card solutions at Interswitch East Africa,” he…
This Is Premium Content. Subscribe And Save On Unlimited Access With Our Best Offers!
If there is one sector that is experiencing a continuous revolution, it is financial technology (Fintech). The sector seems to be in constant motion, transforming how businesses and people transact, offering a variety of innovative payment, money transfer, financial inclusion, and smarter financial solutions. Over the last five years, fintechs have given users a variety of solutions, and 2025 presents new momentum that will foster continuous innovation to address present challenges, such as high transaction costs and financial exclusion, while providing user-friendly services that empower businesses and consumers. And as such, today, we look at Fintechs making a difference, which…
This Is Premium Content. Subscribe And Save On Unlimited Access With Our Best Offers!
eTranzact Platform Limited Uganda, a subsidiary of eTranzact Global, has formally launched its operations in Uganda, promising to both transform cross-border payments as well as “reduce transaction costs by at least 50%”. The payments company, which recently acquired Payment Service Provider (PSP) and Payment System Operator (PSO) licenses from the Bank of Uganda, in a statement said: “eTranzact is set to deliver cutting-edge electronic payment and digital banking solutions that will transform financial transactions across the region. This significant launch cements eTranzact’s position as a leader in the digital finance landscape, enhancing financial access across Africa”. “Whether through real-time interbank…
This Is Premium Content. Subscribe And Save On Unlimited Access With Our Best Offers!
The future of financial inclusion in this country and across the world will depend squarely on how efficiently and effectively the financial industry collects data from the millions of people who need financial services. In the last year, we at PostBank have had the honour of supporting the government’s disbursement of money for the Parish Development Model (PDM). We have disbursed about UGX 600 billion via our Wendi mobile wallet platform and are on track to disburse one trillion shillings by the end of the financial year. That is all very well, and these funds have assisted thousands of families…
This Is Premium Content. Subscribe And Save On Unlimited Access With Our Best Offers!
Of this, MTN Mobile Money (U) Limited (MTN MoMo) the fintech subsidiary of MTN Uganda, Uganda’s largest telco commanded a lofty market share of 12.36 million active customers (56% market share). MTN MoMo also commands a larger share of agents, value of transactions and agents as well. But even with market dominance, Richard Yego, the fintech’s Chief Executive Officer believes that they are yet to maximise their full purpose⏤ Everybody deserves the benefits of a modern connected but also financially inclusive life. “We are hungry for more,” he says. To fully deliver on the business goals of “creating a marketplace…
This Is Premium Content. Subscribe And Save On Unlimited Access With Our Best Offers!
Service Cops, a Ugandan technology company with a presence in the Great African Lakes region has today announced major upgrades to its SchoolPay solution, introducing SchoolPay ERP. The new SchoolPay ERP boasts several new features such as a multi-user dashboard, payments reconciliation, fees payments plans interface, accounting and finance module, procurement, a parents portal, an integrated e-learning platform, an SMS gateway for communicating with stakeholders as well as a staff & payroll management and an exams, grading and report card interface, all of which make it easier than ever for school owners and administrators to smoothly manage their educational enterprises…
This Is Premium Content. Subscribe And Save On Unlimited Access With Our Best Offers!
Following a spirited four and a half years as the Country General Manager of Interswitch in Uganda, Peter Kawumi has been elevated to the Regional Managing Director, East Africa. In that role, Peter will “assume responsibility for strategic, sustainable growth and consolidation of all our businesses and initiatives within East Africa,” according to an Interswitch Group statement on its LinkedIn page. Interswitch Group is Africa’s leading home-grown digital payments and e-commerce company. “Peter brings a wide range of experience in digital channel utilisation, customer acquisition, scaling plans in consumer services, developing and commercialising products and solutions. We believe the…
This Is Premium Content. Subscribe And Save On Unlimited Access With Our Best Offers!
Pan African fintech, Chipper Cash, has just hit a major milestone. They have issued over one million Chipper Cash virtual cards to people not only in Africa but also beyond. The startup claims to currently be the largest issuer of virtual cards in the whole of Africa in a market that has other fintechs like Eversend. In a blog post, the head of Consumer Products, Tefiro Serunjogi said, “The million milestone means a lot to us. Not only due to the positive impact the product is having on our customers’ lives but also because of the speed that it has…
This Is Premium Content. Subscribe And Save On Unlimited Access With Our Best Offers!
I have always wondered how founders, who start out while at university build startups from scratch. At that stage, the majority of founders have neither the experience nor the resources to even cater for the basics of building. But what these founders have in abundance is sheer grit and perseverance. So when I heard of a founder who has managed to successfully build while still in school, I quickly scheduled a call with him. After a few near reschedules, we finally got down to it. The conversation began with the usual startup camaraderie, but as soon as he started to…
This Is Premium Content. Subscribe And Save On Unlimited Access With Our Best Offers!
