The fintech sector is redefining financial access and innovation across East Africa. At the heart of this transformation is Vincent Tumwijukye, the chairperson of the Financial Technologies Service Providers Association (FITSPA), a setup bringing together more than 50 licensed payment service providers.
He discusses how FITSPA is tackling cybercrime, influencing regulation, empowering startups, and shaping the country’s digital economy.
Cybercrime is a major concern for financial service providers. How are you addressing this threat?
It is one of the biggest challenges facing the financial sector today, and it’s constantly evolving.
To combat it, we have created a multi-stakeholder consortium that includes Uganda Bankers Association, Bank of Uganda, Financial Intelligence Authority, UCC, and the police that facilitates real-time information sharing, maintains fraudster blacklists, and conducts regular training sessions.
By pooling expertise, we can identify emerging threats early and respond collectively. We also follow the Central Bank’s guidelines on penetration testing, ensuring members conduct regular system audits and work with certified cybersecurity consultants.
Beyond technology, we emphasize staff and customer awareness because security is as much about people as it is about systems. Our goal is to make our infrastructure robust so that attackers find it impenetrable.
How do you engage with regulators to shape the fintech landscape?
We work hand in hand with Bank of Uganda, Uganda Communications Commission, and the National Payment Systems Council to develop forward-looking policies that balance innovation with consumer protection.
We played an active role in the National Payment Systems Act, which established a solid foundation for fintech operations. We are now exploring frameworks that allow non-licensed fintechs to collaborate with licensed institutions, encouraging innovation, while maintaining regulatory oversight.
We aim to ensure policies evolve as fast as the technologies driving the industry.
What are the biggest challenges fintechs face today, and how are you helping overcome them?
Regulatory uncertainty, limited access to capital, and cybersecurity threats.
Many of our laws, like the Financial Institutions Act and the 2013 Mobile Money Guidelines, were crafted before fintech innovation took off, so they don’t always reflect current realities.
We want flexible and adaptive regulations that can accommodate emerging business models.
We are also promoting digital literacy to help users confidently engage with fintech services, which builds trust and fuels adoption.
We are working closely with Bank of Uganda and other stakeholders to create an environment that supports innovation, investment, and responsible growth.
What fintech innovations are you most excited about right now?
Innovations that are empowering communities directly, especially digital solutions for savings groups, or ‘circles.’
These platforms digitise traditional community finance models, allowing members to save, borrow, and manage their money more efficiently while keeping ownership within the group.
We have seen a remarkable impact among women in these groups; some now save multiple times a week and access loans at just 2 percent.
This empowerment translates into tangible benefits like increased agricultural investment and improved livelihoods.
We are also seeing innovation in micro-insurance, addressing low insurance penetration, currently below 2 percent.
Over the next few years, we expect rapid growth in tech-driven insurance products that make coverage accessible and affordable for millions.
How are you supporting fintech startups and entrepreneurs?
Our focus is to help startups grow sustainably and responsibly. We offer platforms for networking, mentorship, and capacity building, and partner with organisations like aBi Trust to promote ESG standards and investment readiness.
We also organize events that bring innovators and investors together. For instance, we have an upcoming conference that will showcase promising fintechs and foster regional collaboration.
Financial inclusion remains a major goal. What role are you playing?
Fintechs are the single most powerful driver of financial inclusion today. Services like mobile money, digital lending, and agent banking have connected millions previously excluded from formal finance.
We now see new partnerships and incubators equipping entrepreneurs with global knowledge and capital. These programs are helping fintechs expand beyond Uganda and position the country as a regional fintech hub for East Africa.
Your last word!
The next two to three years will be transformative. 5G technology, increasing smartphone ownership, and cheaper internet will unlock new opportunities in digital payments, lending, and insurance. We will continue focusing on four pillars: innovation, talent development, investor engagement, and communication.
We will also maintain close collaboration with government and regulators to ensure policies keep pace with change. The fintech journey is built on resilience and collaboration. If we sustain this momentum, we will build a secure, inclusive, and globally competitive digital economy.