FinTech in Uganda: Implications For Regulation

Philip Rowan, Kieran Garvey, Bryan Zhang, Miguel A. Soriano, Zain Umer, Kat Cloud, David Cracknell, Anup Singh, Sam Kutosi, Doreen Ahimbisibwe.

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FinTech holds great potential for both financial inclusion and economic development in a wider sense. Digital financial solutions have been expanding access and reach to consumers, especially the unbanked and under-banked. They have been significantly lowering the costs of providing financial services, making it possible to serve the base of the pyramid in a more profitable way. Fintechs have also enabled new business models that offer expanded services to customers and continue to generate new revenue streams for financial service providers.

FSD Uganda, the Cambridge Centre for Alternative Finance (CCAF), and MicroSave collaborated to assess FinTech in Uganda, and its implications for policymakers and regulators. This study outlines key priority areas necessary for regulatory and policy development in Uganda to address the challenge of facilitating responsible development of inclusive digital finance. It draws upon insights, experiences, and best practices with respect to the regulatory and policy developments of FinTech from a number of other leading regulators and standard-setting bodies around the world, including the UK, Kenya, Australia, South Africa, the Financial Stability Board, and the International Monetary Fund.

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