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.
This collaboration aims at promoting innovation, knowledge sharing and professional practiced in the development of digital financial services.
The banking and financial services sector is continuously evolving and aligning to support the changing demography, technology and attitudes in the country.
Such a partnership is critical to building the digital payments and business infrastructure that can improve proximity and bring harder to reach clients tnto the financial system at potentially lower costs through innovation.
Wilbrod Humphreys Owor, the Executive Director of UBA said the partnership will facilitate learning sessions and exchange of information which will in turn encourage innovations in Uganda’s Financial Services Sector.
“This partnership is our commitment to championing growth and development of digital infrastructure required to transform the industry and harness financial service opportunities in intermediation, credit and payment spaces.”
Peter Kawumi, FITSPA chairman and Country general manager Interswitch Uganda said; “As many of you already know, the fintech sector is only in its nascent stage. Although we have made steps forward in attracting investment, supporting economic growth, and facilitating financial inclusion etc, we still have a long way to go. The partnership with the UBA which has been in Uganda for over 35 years, will make us leap forward in many ways.”