Uganda/Switzerland, June 14 2023: BPC, a global leader in payment solutions, today announced its strategic partnership with the Financial Technology Association of Uganda (FITSPA). This symbolises BPC's commitment to fostering innovation in Uganda’s financial services sector and a willingness to contribute further to the development of the nation’s fintech ecosystem.
FITSPA, Uganda's premier fintech body, has grown to 206 members and has cultivated a reputation for building an engaged, value-driven community. FITSPA's mission to create a safe and regulated fintech ecosystem aligns seamlessly with BPC's commitment to delivering robust, reliable financial technologies.
"We are thrilled to join FITSPA in Uganda as this gives us the opportunity to show our dedication in supporting and contributing to the fintech ecosystem in Uganda,"said Frank Molla, MD for sub-Saharan Africa." As we deepen our presence in this vibrant and evolving market, we aim to help bring about an inspiring future filled with expansive socio-economic growth and a thriving middle-income status."
Fintech in Uganda presents a landscape filled with vast opportunities. With a rapidly growing population embracing digital transformation, there is a surge in demand for innovative financial solutions that can improve financial inclusion and socio-economic growth. Digital investment in the nation is set to reach a total transaction value of US$10.57 million in 2023, and the digital payments market is projected to encompass 18.22 million users by 2027.
As the mobile and internet penetration rates rise, digital payments, mobile banking, and online financial services are becoming increasingly prevalent.
The government's supportive regulatory framework fosters a conducive environment for fintech innovation and entrepreneurship. The evolution of fintech has the potential to drive financial literacy, increase access to credit, improve business efficiencies, and stimulate economic activity, creating a more resilient and vibrant financial ecosystem in Uganda.
As a new Platinum Member of FITSPA, BPC is uniquely positioned to contribute meaningfully to these key areas of growth. By leveraging its comprehensive suite of digital payment solutions, BPC will continue to drive forward Uganda's digital transformation, ensuring that businesses and consumers alike can enjoy the benefits of secure, efficient, and accessible financial services.
BPC has built a strong reputation for understanding and mastering local banking and payment context and behaviour. With 350 customers across 100 countries globally, BPC has collaborated with all ecosystem players ranging from tier one banks to neobanks, Payment Service Providers (PSPs) to large processors, ecommerce giants to start-up merchants, and government bodies to local hail riding companies, contributing to better financial inclusion using next-generation technology.