Fintech firms grow to 24

By the end of 2022, fintechs in Uganda had grown to 24, according to Bank of Uganda (BoU).

The Bank of Uganda has said that all financial services provided by fintech companies are safe and efficient because they have been tested, approved and licensed to conduct various payment services.

The on-bank payment service providers and payment system operators as at December 22, 2022 were 24 including Velox Solutions Corp Limited, which was officially launched on February 3, 2023.

The ongoing digitalisation of financial services and money creates opportunities to build more inclusive and efficient financial services and promotes economic growth/development. Globally, fintech is transforming the financial sector landscape rapidly and blurring the boundaries.

Countries are embracing these opportunities and implementing policies that enable and encourage safe financial innovation and adoption.  

While representing both the executive director supervision, Dr Tumubwenie Twinemanzi and director National Payment Systems department Bank of Uganda, Mr Mackay Aomu, during the launch of Velox Solutions Corp Limited at Serena Kigo, on February 3, the acting directing National Payments Systems, Albert Ntege said the number of fintech companies in Uganda is growing.

“We are thrilled to see the growth of the fintech companies in the country.     A prime example of fintech companies is Velox Solutions Corp Limited, which is offering financial service solutions with high levels of security and it is reliable,” he said.

He said Velox  was licensed in September 2022 and it is under the license category of medium sized companies.

The managing director Velox Solutions Corp Limited, Mr Ronald Williams Lwanga said they are planning to transition to a large fintech finance service provider and focus on remittance services via the digital wallets that saves the public from currency through exchange valuation.