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Uganda Fintech Weekly Buzz, Volume 24 (21 - 26 June 2026)
This week’s Fintech Weekly Buzz highlights sustained momentum in digital financial services, financial inclusion, AI, digital infrastructure, and institutional transformation across Uganda, Africa, and global markets. In Uganda, banks and fintechs accelerated innovation through the launch of new digital payment platforms, higher-yield digital savings products, expanded SME financing, education sector support, and stronger partnerships aimed at deepening access to finance. Leadership transitions at major financial institutions, increased investment in agricultural finance, and renewed government collaboration with financial institutions further underscored the sector’s growing role in driving Uganda’s socio-economic transformation.
Across Africa, digital transformation continued to gather pace as governments, regulators, financial institutions, and technology companies invested heavily in connectivity, digital skills, cybersecurity, fintech expansion, and public sector modernisation. Countries including Kenya, Nigeria, South Africa, Tunisia, Chad, Sierra Leone, Liberia, Guinea, Burundi, Namibia, South Sudan, Tanzania, and Zimbabwe advanced initiatives spanning digital identity, telecom infrastructure, mobile connectivity, cross-border payments, AI readiness, digital government services, and financial inclusion. Meanwhile, fintech firms expanded internationally, banks diversified into telecommunications, and strategic mergers and investments reflected growing confidence in Africa’s digital economy.
Globally, innovation remained centred on artificial intelligence, cloud computing, enterprise technology, cybersecurity, and digital payments. Major technology partnerships accelerated enterprise AI adoption, fintech mergers strengthened payment ecosystems, sovereign AI investments continued to rise, and financial institutions increasingly embraced AI-powered software engineering and digital infrastructure. Collectively, these developments demonstrate an increasingly interconnected fintech ecosystem where innovation, resilience, inclusive finance, and intelligent digital infrastructure are shaping the future of financial services and economic growth.
Pride Bank Pledges Greater Support for Uganda’s Economic Transformation
Pride Bank Limited has reaffirmed its commitment to supporting Uganda’s socio-economic transformation by expanding inclusive financial services, accelerating digital innovation, and strengthening partnerships with government institutions. During a stakeholder engagement with officials from the Ministry of Finance, the bank reviewed its strategic direction and highlighted its contribution to expanding financial access across the country.
Finance Minister Henry Musasizi commended Pride Bank Limited for its continued growth and its role in promoting financial inclusion. The engagement reinforces the government's confidence in the institution as it seeks to support individuals, SMEs, and underserved communities through accessible financial solutions.
Equity Bank Uganda Steps In to Ease Schools’ Cash Flow Struggles
Equity Bank Uganda has introduced financing solutions designed to help schools manage cash flow challenges caused by delayed school fee payments. The initiative enables education institutions to meet operational expenses such as staff salaries, food procurement, infrastructure maintenance, and learning materials while awaiting fee collections.
The solution reflects the bank's continued focus on sector-specific financing that supports sustainable education delivery. By improving liquidity for schools, Equity Bank aims to ensure uninterrupted learning while strengthening the resilience of Uganda's private education sector.
NCBA Bank, MAT Abacus Partner to Strengthen SMEs Through Business Training and Mentorship
ncba bank uganda has partnered with MAT ABACUS Business School to provide SMEs with structured business training, mentorship, and coaching under its Enterprise Development Programme. The initiative offers eligible SME customers free access to practical business development support aimed at improving long-term sustainability.
The partnership seeks to address common business challenges, including financial planning, governance, compliance, and strategic growth. By combining financing with business education, NCBA Uganda hopes to strengthen Uganda's SME ecosystem and enhance the sector's contribution to employment and economic growth.
Fintech Veteran Esther Nigiwan Launches Africa Fintech Insider
Fintech professional Esther Linda Nigiwan has launched Africa Fintech Insider, a LinkedIn newsletter dedicated to providing practical insights into Africa's evolving digital finance landscape. Drawing on more than a decade of industry experience, the publication aims to help professionals better understand emerging fintech trends, regulatory developments, and market opportunities.
Unlike traditional news platforms, the newsletter focuses on interpreting industry developments and explaining their implications for businesses, investors, regulators, and fintech practitioners. The initiative adds another valuable knowledge platform supporting Africa's growing digital finance ecosystem.
MTN's Shs54 Billion Levy Strengthens Uganda's Digital Backbone
Uganda Communications Commission Executive Director George William Nyombi Thembo has highlighted the broader significance of MTN Uganda's Shs54.27 billion contribution to the Universal Service and Access Fund (UCUSAF). Beyond regulatory compliance, the contribution supports critical infrastructure such as electricity, rural connectivity, and national digital inclusion projects.
Nyombi emphasized that sustainable digital services rely on investments extending beyond telecommunications alone. The funding plays an important role in expanding connectivity, strengthening public infrastructure, and supporting Uganda's long-term digital economy ambitions.
Wendi Raises Savings Interest to 12.5%
Wendi Mobile Wallet has introduced a new savings product offering up to 12.5% tax-free annual interest as competition within Uganda's digital financial services market continues to intensify. Backed by Pearl Bank Uganda, the platform aims to encourage stronger savings habits while expanding access to digital financial products.
The enhanced offering increases returns beyond previous savings plans and reflects growing innovation among fintech providers seeking to attract customers through competitive digital savings solutions. The move also supports broader financial inclusion by making formal savings more attractive to everyday users.
Centenary Bank Launches Gonza Pay Digital Wallet
Centenary Bank has launched Gonza Pay, a digital wallet platform developed by its technology subsidiary Cente Tech, to expand financial inclusion and accelerate Uganda's transition toward a cashless economy. The platform forms part of the bank's broader digital transformation strategy focused on delivering secure and accessible financial services.
Gonza Pay enables customers to access convenient digital payment services while supporting the bank's mission of reaching underserved communities. The launch demonstrates how traditional banks continue investing in fintech innovation to meet evolving customer expectations.
BADEA Expands Financial Support for Uganda
The Arab Bank for Economic Development in Africa (BADEA) has pledged continued financial and technical support for Uganda following high-level discussions held during the Islamic Development Bank Annual Meetings in Azerbaijan. The renewed partnership includes ongoing financing for health infrastructure projects and expanded credit support for Uganda Development Bank.
Ugandan officials welcomed BADEA's continued commitment, noting its contribution to improving healthcare infrastructure and supporting national development priorities. The strengthened relationship is expected to further boost investment across strategic sectors of the economy.
KCB Champions Affordable Financing for Farmers and SMEs at PEWOSA 2026
KCB BANK UGANDA reaffirmed its support for agriculture, SMEs, and entrepreneurs during the 2026 PEWOSA Exhibition by showcasing affordable financing solutions tailored to Uganda's productive sectors. The exhibition brought together businesses, cooperatives, manufacturers, and financial institutions to promote trade and economic diversification.
Through panel discussions and stakeholder engagements, KCB emphasized the importance of accessible financing in boosting agricultural productivity and SME growth. The bank continues positioning itself as a key partner in supporting Uganda's private sector development.
Ugandans Turn to Digital Dollars as the Shilling Weakens
As the Uganda shilling continues to depreciate against the US dollar, more Ugandans are exploring alternative ways to preserve the value of remittances and savings. The article highlights Sendwave Wallet's USDC digital dollar feature, which allows users to hold funds in a more stable currency before converting to local currency when needed.
The growing adoption of digital dollar solutions reflects increasing consumer interest in protecting purchasing power amid currency fluctuations. Stablecoin-based financial products are gradually emerging as practical tools for cross-border remittances, savings, and everyday financial management.
WapiPay Expands to Canada with Money Services Licence
Kenyan cross-border payments fintech Wapipay Uganda has entered the Canadian market after securing a Money Services Business (MSB) licence from the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). The licence authorizes the company to offer foreign exchange, money transfer, payment services, and virtual asset transactions through its newly established Canadian subsidiary.
The expansion marks a significant milestone in WapiPay's international growth strategy and strengthens its ability to facilitate seamless cross-border payments between Africa and global markets. It also reflects the growing international ambitions of African fintech companies as they pursue regulated expansion into developed markets.
Read more: https://techcabal.com/2026/06/20/kenyas-wapipay-enters-canada-paymentslicence/
South African Banks Are Becoming Telecom Companies
South Africa's leading banks are increasingly expanding into telecommunications by launching Mobile Virtual Network Operator (MVNO) services. Institutions including FNB South Africa, Capitec, Standard Bank Group, Nedbank, and soon Absa Group are leveraging mobile connectivity to deepen customer engagement and diversify revenue beyond traditional banking.
The strategy reflects a broader shift toward ecosystem banking, where financial institutions offer integrated digital services alongside banking products. With the country's MVNO market expected to triple by 2030, banks are positioning connectivity as a competitive advantage for customer loyalty and digital service delivery.
Read more: https://techcabal.com/2026/06/24/south-africa-bank-becoming-telcos/
Baobab Drives Beltone's Growth Following Acquisition
Pan-African lender Baobab Group has become BELTONE HOLDINGS III, INC.'s largest business just three months after its acquisition, contributing 53% of the group's first-quarter 2026 operating revenue. The acquisition has significantly expanded Beltone's lending portfolio and strengthened its presence across multiple African markets.
The results demonstrate how strategic acquisitions can accelerate regional expansion and create diversified financial services businesses. Beltone's investment in Baobab highlights increasing confidence in cross-border financial services as a driver of long-term growth across Africa.
Read more: https://techcabal.com/2026/06/23/baobab-drives-53-of-beltone-revenue/
TechBBQ Secures Funding to Connect Nordic Investors with African Startups
Danish innovation platform TechBBQ has secured DKK4 million (approximately $620,000) from the Novo Nordisk Foundation to strengthen collaboration between Nordic investors, universities, corporations, and startups in Africa and India. The initiative will establish dedicated innovation summits aimed at promoting investment and technology partnerships.
The programme seeks to increase international funding opportunities for African startups while fostering cross-border collaboration in research, entrepreneurship, and innovation. It represents growing European interest in Africa's expanding technology ecosystem.
Read more: https://techcabal.com/2026/06/22/techbbq-grant-connect-nordic-african-startups/
Mobile Apps Drive Nigeria's Retail Investment Boom
Retail investors in Nigeria traded approximately $2.07 billion worth of equities between January and May 2026, representing a 138.8% increase compared to the previous year. The surge has been driven largely by mobile investment platforms that are making stock market participation more accessible to ordinary Nigerians.
The rapid growth highlights the transformative role of fintech in democratizing wealth creation and investment. As digital platforms simplify investing, retail participation continues to reshape Nigeria's capital markets and expand financial inclusion.
Digital Lender Tala Restructures Global Operations
Digital lending company Tala has announced a global workforce restructuring that will affect fewer than 10% of its employees in Kenya. The company says the move is part of efforts to centralize operations and align its organizational structure with long-term strategic priorities.
The restructuring follows earlier staff reductions and reflects the broader trend of fintech firms optimizing operations while balancing growth with profitability. Despite the changes, Tala remains committed to expanding digital lending services across its key international markets.
Read more: https://techcabal.com/2026/06/25/tala-lays-off-staff-in-global-reorganisation/
Technology Will Define the Future of Nigerian Microfinance Banks
A new industry analysis argues that Nigerian microfinance banks must accelerate digital transformation or risk losing relevance in an increasingly competitive financial services landscape. The sector has experienced strong growth, with assets and deposits rising significantly as customers embrace digital banking channels.
The report highlights agency banking, mobile banking applications, and fintech partnerships as critical drivers of future success. Institutions that invest in technology are expected to expand financial inclusion more effectively while improving operational efficiency and customer experience.
OPay Emerges as Critical Digital Infrastructure for Nigeria's Economy
OPay is increasingly being recognized as more than a digital payments provider, evolving into a key component of Nigeria's financial infrastructure. The company now supports millions of users through payment services that facilitate commerce, salary payments, bill settlements, and broader financial inclusion.
Beyond processing transactions, OPay has contributed to job creation, business growth, and economic connectivity across Nigeria. Its evolution illustrates how fintech companies are becoming foundational infrastructure supporting digital economies rather than simply offering payment solutions.
Read more: https://techcabal.com/2026/06/25/opay-and-the-rise-of-nigerias-new-economic-infrastructure/
Chad Demands Stronger Telecom Networks to Support Digital Economy
The Government of Chad has intensified pressure on airtel to improve the quality of its telecommunications services following growing concerns over poor network performance. During a high-level meeting involving government officials, regulators, parliamentarians, and Airtel executives, authorities emphasized the need for stronger digital infrastructure to support the country's economic ambitions.
The discussions underscore Chad's commitment to improving connectivity as a key driver of digital transformation. By demanding higher service standards and broader network coverage, the government aims to ensure reliable telecommunications services that can support businesses, digital innovation, and inclusive economic growth.
AfDB and OIF Launch Digital Skills Initiative Across Five African Countries
The African Development Bank Group (AfDB) and the International Organization of La Francophonie (OIF) have launched a strategic partnership to improve digital skills, entrepreneurship, and employability among young people and women in Benin, Cameroon, Guinea, the Democratic Republic of the Congo, and Madagascar.
The initiative aims to prepare more Africans for opportunities in the digital economy while fostering innovation and startup development. By investing in digital capacity building, the partners hope to strengthen economic inclusion and support sustainable growth across Francophone Africa.
Sierra Leone to Train 1,000 Civil Servants in Digital Skills and AI
Sierra Leone has launched a nationwide programme to train 1,000 civil servants in digital skills, artificial intelligence, cybersecurity, and data management as part of efforts to modernize public service delivery. The nine-month initiative will reach staff across 29 government ministries, departments, and agencies.
The programme reflects the country's commitment to building a digitally capable public sector that can effectively deliver modern government services. Strengthening digital literacy within government is expected to improve efficiency, cybersecurity readiness, and citizen service delivery.
Tunisia Makes Mobile ID Mandatory for Investment Projects
The Tunisia Investment Authority (Official Page) has announced that Mobile ID will become mandatory for all investment project declarations from July 1, 2026. Investors will be required to obtain a digital identity before accessing government investment services.
The move forms part of Tunisia's broader digital transformation agenda aimed at streamlining public services and reducing administrative barriers for businesses. Authorities expect the digital identity requirement to improve efficiency, transparency, and the overall investment experience.
Guinea Seeks Chinese Partnership to Expand Digital Infrastructure
Guinea is exploring new partnerships with Chinese investors to accelerate the country's digital transformation through expanded telecommunications infrastructure, broadcasting modernization, and technology development. Discussions took place during the Summer Davos Forum 2026 in China.
The proposed collaboration also supports Guinea's long-term Simandou 2040 vision, which seeks to strengthen innovation, improve national connectivity, and establish technology hubs that will drive digital economic growth.
Burundi and India Explore Digital Identity and E-Payments Partnership
Burundi and India have begun discussions on strengthening cooperation in digital government services, digital identity systems, and electronic payments. The talks focused on leveraging India's experience in digital public infrastructure to support Burundi's economic development goals.
The collaboration reflects growing interest among African countries in adopting digital identity platforms and modern payment systems to improve public service delivery, financial inclusion, and government efficiency.
Namibia Warns Organisations Over FortiBleed Cybersecurity Vulnerability
Namibia's Cyber Security Incident Response Team (NAM-CSIRT) has warned that 13 organisations may be vulnerable to the recently identified "FortiBleed" firewall security flaw affecting Fortinet devices. The vulnerability could expose sensitive firewall credentials and increase the risk of cyberattacks.
The advisory highlights the growing importance of proactive cybersecurity measures as governments and businesses become increasingly dependent on digital infrastructure. Organisations are being urged to apply security updates and strengthen network protection against potential threats.
Yas Fiber to Invest TZS 300 Billion in Zanzibar Broadband Expansion
Yas Fiber has committed approximately TZS 300 billion over the next 20 years to expand fibre broadband infrastructure across Zanzibar through a partnership with ZICTIA and the Revolutionary Government of Zanzibar. The project aims to connect up to 100,000 households within its first three years.
The investment represents one of Zanzibar's largest digital infrastructure projects and is expected to improve internet access, support digital inclusion, and strengthen the delivery of online services across homes, businesses, and public institutions.
Orange Tunisia Launches MEDUSA Submarine Cable
Orange Tunisia has officially activated the MEDUSA submarine cable, strengthening Tunisia's international connectivity and expanding access to major European digital networks. The project is expected to improve network resilience, capacity, and support growing demand for digital services.
The investment reinforces Tunisia's position within regional digital infrastructure while enabling faster and more reliable internet services. Enhanced international connectivity is expected to benefit businesses, consumers, and the country's broader digital economy.
Kenya Expands Community Digital Hubs
Kenya's ICT Authority is preparing to launch new community digital hubs in Nyandarua County while providing residents with digital literacy training and awareness programmes. The centres are designed to improve access to technology, digital services, and employment opportunities.
The initiative supports Kenya's national digital transformation strategy by equipping citizens with practical digital skills needed to participate in the modern economy. Community digital hubs are expected to play an important role in expanding digital inclusion across underserved regions.
Liberia Launches 15 Youth Digital Skills Hubs
The Liberia Telecommunications Authority (LTA) and the Ministry of Youth and Sports have signed a partnership to establish 15 Youth Digital Skills Hubs across the country. The centres will provide young people with access to computers, high-speed Starlink internet, digital tools, and structured technology training to improve digital literacy and employment opportunities.
The initiative is expected to benefit approximately 750 young Liberians through a fully funded three-month training programme. By expanding access to digital education and connectivity, Liberia aims to equip its youth with practical skills needed to participate in the country's growing digital economy.
Read more: https://techafricanews.com/2026/06/26/lta-and-liberias-youth-ministry-launch-15-digital-skills-hubs/
South Sudan Approves Telecom Tariff Adjustment to Sustain Services
South Sudan's National Communication Authority (NCA) has approved a phased adjustment of telecommunications tariffs to help operators cope with rising operating costs and maintain nationwide connectivity. The regulator cited inflation, currency depreciation, higher energy prices, and increasing infrastructure costs as key reasons for the decision.
Authorities said the tariff adjustment is intended to balance consumer protection with the long-term sustainability of telecommunications services. The move aims to prevent service disruptions while ensuring operators can continue investing in network maintenance and digital infrastructure.
NTT DATA Partners With Cursor to Accelerate AI-Powered Software Engineering
NTT DATA, Inc. has announced a strategic partnership with AI coding platform Cursor to integrate advanced AI agents into its global software engineering and delivery operations. The collaboration is designed to accelerate application modernization, improve software development efficiency, and strengthen enterprise AI capabilities.
The partnership forms part of NTT DATA's broader transformation into an AI-native services company. By embedding AI directly into engineering workflows, the company aims to help enterprises modernize legacy systems faster while maintaining governance, security, and quality across software development.
Bain & Company and Google Cloud Partner to Accelerate Enterprise AI Adoption
Bain & Company has partnered with Google Cloud to help organizations accelerate the adoption of enterprise artificial intelligence solutions. The collaboration combines Google's AI infrastructure and Gemini models with Bain's strategic consulting and implementation expertise to support large-scale AI deployment.
The partnership is designed to move businesses beyond pilot projects toward production-ready AI systems that improve operations, analytics, and decision-making. As organizations increasingly embrace AI, the alliance aims to help clients build sustainable competitive advantages through responsible and scalable AI adoption.
ProvidusUnity Bank Begins Operations Following Landmark Merger
ProvidusUnity Bank has officially commenced operations following the successful merger of Providus Bank and Unity Bank, creating a stronger financial institution focused on supporting customers, businesses, and Nigeria's economic development. The bank described the integration as a strategic step toward building a more resilient and competitive banking institution.
The newly merged entity expects to enhance its capacity to deliver improved financial services while contributing to financial system stability and economic growth. The bank also acknowledged the Central Bank of Nigeria for its guidance throughout the merger process, highlighting the regulator's role in strengthening the country's banking sector.
