Five Finalists Present Innovative Payment Solutions at Bank of Uganda Supporting Payments Initiative (BOU-SPI) Demo Day

Last Thursday, the Bank of Uganda hosted the Supporting Payment Innovations (BOU-SPI) Demo Day at Mestil Hotel, Kampala, where five innovators showcased unique payment innovations addressing key customer challenges and with the potential to drive financial inclusion in Uganda.

The Demo Day culminated the efforts of a working group constituted by the Bank of Uganda, led by FITSPA s the Coordinator and partners, Refactory Academy, The Innovation Village, Outbox Uganda and Uganda Registration Services Bureau URSB. The initiative was established to identify and support promising early-stage payment innovations with the potential to deepen financial inclusion, improve the quality of digital financial services and respond to emerging market needs.

Following a competitive process that attracted more than 250 applicants, five innovators were selected to showcase their solutions at the Demo Day. These were Cliq, Cyanase, Chenza, Reward Switch and PayUg.

Advancing Payment Innovations through Partnerships

Held under the theme “Advancing Payment Innovations through Partnerships,” the Demo Day brought together key stakeholders from Uganda’s digital payments ecosystem, including licensed financial institutions and payment service providers, investors, development partners, regulators, innovation hubs and other industry players.

The platform provided an opportunity for the five innovators to present their solutions to potential partners, receive feedback and explore opportunities for collaboration, testing, investment and market adoption.

For licensed financial institutions and payment service providers, the Demo Day provided an opportunity to understand emerging payment innovations, explore new use cases and identify potential partners whose solutions could complement existing products and services.

Governor calls for stronger collaboration between regulation and innovation

The Demo Day was presided over by the Chief Guest, Governor of the Bank of Uganda, Prof. Michael Atingi-Ego, who emphasised the importance of moving beyond a predominantly reactive regulatory approach towards more proactive engagement between the regulator and innovators.

He noted that the initiative provides an opportunity for regulation and innovation to develop together, emphasising that “good regulation and good innovation should develop together.”

The Governor stressed that payment systems must be secure, efficient, affordable and interoperable, particularly as digital payments continue to play a growing role in expanding access to financial services and supporting Uganda’s economic transformation.

He also emphasised that the journey should move from innovation to adoption and, ultimately, to scale.

The Governor challenged the innovators to remain focused on the real problems they are solving and the people and businesses they seek to serve. He noted that technology alone is not enough. Solutions must create tangible value, operate responsibly, remain commercially viable and build trust.

He further encouraged established financial institutions to view innovators not simply as potential competitors, but as potential partners and catalysts for transformation.

FITSPA highlights the importance of partnerships

Speaking on behalf of FITSPA ,FITSPA Vice Chairperson Doreen Lukandwa appreciated the Bank of Uganda for leading the charge to spur innovation and sector growth.

She emphasised that the philosophy behind the BOU-SPI initiative is underpinned by the old adage, “If you want to go fast, go alone. If you want to go far, go together,” highlighting the opportunity for innovators and licensed institutions to collaborate and scale innovations that can drive business growth.

She noted that Uganda has no shortage of innovative ideas. The bigger challenge is creating the capacity, structures, resources, market understanding and partnerships required to turn good ideas into viable and scalable payment solutions.

Licensed institutions have an important role to play in this process by providing infrastructure, market access, customer networks, technical expertise and potential investment that can help promising innovations move closer to the market.

The Demo Day therefore provided an important platform for creating these connections and opening conversations between innovators and established players within the financial sector.

Supporting a stronger payment innovation pipeline

The BOU-SPI initiative responds to the need for a stronger pipeline of payment innovations that are not only innovative, but also market-ready and able to operate within the regulatory environment.

Through the Working Group, the selected innovators received support to strengthen their solutions and prepare for engagement with potential partners.

The initiative also recognised the importance of protecting innovations as they develop. URSB supported the innovators on intellectual property matters, helping them understand how to protect their ideas and navigate the relevant requirements.

The involvement of innovation hubs and knowledge partners also provided the innovators with access to technical and business support as they prepared for the Demo Day.

Five innovators take the stage

The five finalists showcased solutions addressing different needs within Uganda’s digital payments ecosystem.

Cliq presented its digital savings solution, designed to encourage users to develop stronger savings habits through an engaging and flexible experience.

Cyanase showcased its investment-focused solution, supporting fintech platforms to provide customers with access to different investment opportunities.

Chenza presented a shared savings and spending solution that enables groups to manage finances and work towards shared financial goals.

Reward Switch showcased a solution focused on customer engagement and rewards within the financial services ecosystem.

PayUg presented a financial management solution designed to support individuals and businesses, particularly those with irregular incomes, in managing their finances and building financial records.

Together, the five solutions demonstrated the range of ideas emerging from Uganda’s payment innovation ecosystem and the potential for local innovators to develop solutions that respond to practical customer and market needs.

From Demo Day to adoption and scale

As the lead implementer of the initiative, FITSPA looks forward to supporting the continued engagement between innovators and the wider financial ecosystem.

FITSPA extends its thanks to the Bank of Uganda for entrusting the association with the responsibility of coordinating and implementing the BOU-SPI initiative. FITSPA also appreciates the Working Group partners, Refactory, The Innovation Village, Outbox and URSB, for their exceptional contributions and dedication to supporting the innovators.

The association further recognises the licensed financial institutions, payment service providers, investors, development partners and other stakeholders who participated in the Demo Day and continue to create pathways for collaboration.

We congratulate Cliq, Cyanase, Chenza, Reward Switch and Pay Uganda for emerging as the five finalists for showcasing the potential of Uganda’s payment innovation ecosystem.