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Uganda Fintech Weekly Buzz, Volume 18 (10th - 15th May 2026)

Daniel Tusiimukye

daniel@fitspa.ug

May 15, 2026

In this week’s Fintech Weekly Buzz, we spotlight the growing role of digital tools, alternative finance, and financial inclusion initiatives across Uganda and the wider African market. From young women entrepreneurs in Kasese embracing mobile-powered business management to MSMEs being encouraged to build digital financial footprints, the week’s developments reflect how technology is increasingly shaping enterprise growth and access to capital.

The banking and regulatory space also remained active, with the Financial Intelligence Authority clarifying NGO account restrictions as part of routine compliance processes, while Pearl Bank Uganda’s rapid deposit growth through its Wendi platform reignited conversations around financial inclusion versus investment in government securities. At the same time, institutions such as EADB unveiled new financing initiatives targeting youth and women-led enterprises across East Africa.

Beyond Uganda, the global fintech ecosystem continued evolving through stablecoin infrastructure investments, AI-powered payment solutions, digital wealth expansion, and cross-border payment partnerships. From Airtel Africa’s strong growth in digital services to new collaborations connecting banks to blockchain-powered finance systems, the continent’s digital economy continues to move toward faster, smarter, and more inclusive financial services.

Business Ku Ssimu Yo in Kasese: Young Women Entrepreneurs Embrace Digital Tools to Grow Businesses

Young women entrepreneurs in Kasese District are increasingly turning to mobile phones and digital platforms to manage and grow their businesses. Across trading centres in the district, many are adopting digital tools for bookkeeping, financial management, marketing, and customer engagement, replacing traditional manual methods that previously limited efficiency and growth.

The transformation is being driven through the “Business Ku Ssimu Yo” campaign, implemented by the United Nations Capital Development Fund (UNCDF) in partnership with Outbox Uganda and the Mastercard Foundation. The initiative is equipping young entrepreneurs with practical digital and financial literacy skills aimed at helping them expand their businesses and participate more actively in Uganda’s digital economy.

FIA Clarifies NGO Account Restrictions as Routine Compliance, Not Automatic Guilt

Uganda’s Financial Intelligence Authority (FIA) has clarified that recent restrictions placed on several NGO bank accounts should not be interpreted as declarations of guilt, but rather as part of standard compliance and anti-money laundering procedures. According to the Authority, financial institutions are expected to flag and temporarily restrict accounts when transactions raise concerns requiring further documentation and verification.

The clarification follows public concern over restrictions affecting organisations including Agora Centre for Research, the African institute for Investigative Journalism (AIIJ), the Centre for Constitutional Governance, and the Great Lakes Institution for Strategic Studies. Officials say the measures are intended to protect the integrity of the financial system while investigations and compliance checks are conducted.

Concern as Middle East Tensions Weaken Shilling

Uganda’s shilling is facing renewed pressure as escalating tensions in the Middle East push investors toward safe-haven assets and increase global demand for the US dollar. Analysts warn that sustained geopolitical instability could continue to weaken emerging market currencies, including Uganda’s.

Officials say prolonged volatility could also fuel inflationary pressures by increasing the cost of imports and foreign-denominated transactions. The developments are being closely monitored amid broader concerns about the impact of global conflicts on African economies and exchange rate stability.

GlobalBalancing Competing Interests: The Dilemma Facing Pearl Bank

Pearl Bank Uganda’s digital wallet platform, Wendi, has rapidly transformed the bank’s deposit base, attracting significant savings from previously unbanked Ugandans. Since its launch in late 2023, the platform has helped grow customer deposits from Shs6.6 billion to over Shs240 billion by the end of 2025, positioning digital financial inclusion at the centre of the bank’s expansion strategy.

However, rising Treasury yields and capital constraints are now influencing how those deposits are utilised. Rather than aggressively expanding lending to farmers and small businesses, the bank has increasingly invested customer funds into government securities offering returns of between 13% and 17%. This has sparked debate about the balance between supporting financial inclusion and managing profitability and risk in Uganda’s evolving banking environment.

Beyond the Tap: How Fido Uganda Is Championing Responsible Digital Lending

Fido Micro Credit is calling for greater focus on financial responsibility and borrower education as digital lending continues to expand across the country. Speaking during NBS Business Perspective, Managing Director Emmanuel Oketayot, BME highlighted the growing gap between easy access to digital credit and users’ understanding of how borrowing behaviour affects their long-term financial health.

The discussion underscored concerns around repayment culture, credit history awareness, and sustainable borrowing habits. Fido says the next phase of digital lending growth should prioritise customer empowerment and financial literacy, ensuring that users not only access credit quickly, but also understand the consequences of missed repayments and poor borrowing decisions.

EADB Launches Shs50bn Fund to Empower Youth and Women as New Leadership Team Takes Over

The East African Development Bank (EADB) has announced the creation of a $13 million fund aimed at supporting youth and women-led enterprises across East Africa. The initiative forms part of the bank’s broader strategy to expand inclusive financing and strengthen regional economic participation among underserved groups.

The fund, unveiled during the EADB Governing Council meeting in Kampala, aligns with the institution’s 2024–2028 Strategic Plan and will be implemented through selected financial institutions across Uganda, Kenya, Tanzania, and Rwanda. Regional leaders say the initiative is intended to accelerate enterprise growth, job creation, and sustainable development across the region.

MSMEs Urged to Build Digital Footprints to Access Financing

Financial sector stakeholders are increasingly encouraging Uganda’s MSMEs to strengthen their digital presence as lenders adopt alternative methods for assessing creditworthiness. At the recently concluded 10X MSME Finance Exchange, participants noted that digital transaction records are becoming more important than traditional collateral requirements for accessing financing.

The discussions highlighted how mobile money activity, online sales records, digital payments, and cash-flow consistency are now being used to evaluate small businesses. The shift toward data-driven lending models is expected to improve access to financing for informal and underserved enterprises that previously struggled to meet conventional banking requirements.

Airtel Africa Reports Strong Growth as Customer Base Hits 183.5 Million

Airtel Africa has reported strong financial and operational growth for the year ending March 2026, driven by rising data consumption, mobile money adoption, and increasing smartphone penetration across its markets. The telecommunications giant said its customer base grew by 10.5 percent to reach 183.5 million subscribers.

The company also recorded significant growth in data usage and mobile money services, with data customers rising to 84.2 million. Airtel says increasing digital adoption across Africa continues to strengthen demand for internet services and financial technology products, positioning telecom operators at the centre of the continent’s digital economy transformation.

Stablecoins: Checker Raises $8 Million to Connect African Banks to Global Digital Finance

Fintech infrastructure company Checker has raised $8 million in funding to expand its stablecoin liquidity infrastructure across Africa. The round attracted support from Al Mada Ventures, Galaxy Ventures, Framework Ventures, and several prominent African technology investors, reflecting growing investor confidence in blockchain-powered financial infrastructure.

Operating between Nairobi and Lagos, Checker aims to build infrastructure that enables banks, fintechs, and neobanks to connect more seamlessly with global digital finance systems. The company says stablecoins and blockchain-based settlement systems have the potential to significantly improve cross-border payments and financial access across African markets.

BOAD and Proparco Seal Landmark $235 Million CFA-Euro Financing Deal

The West African Development Bank (BOAD) and Proparco have signed a landmark €200 million financing agreement designed to expand access to long-term financing in CFA francs across West Africa. The deal, announced during the Inspire & Connect Business Forum in Nairobi, introduces a cross-currency structure between the euro and the CFA franc.

The initiative is expected to reduce foreign exchange risks for borrowers while improving access to financing for private sector companies within the West African Economic and Monetary Union (UEMOA). Officials say the arrangement could help address one of the region’s biggest financing challenges by increasing the availability of local currency funding for businesses.

Payments Launches AI-First Genius Handheld POS

Global Payments Inc. has unveiled a new AI-powered handheld point-of-sale device designed for restaurants and frontline commerce environments. The Genius handheld POS integrates on-device artificial intelligence and voice-ordering capabilities to help businesses process customer orders more efficiently in busy and high-noise environments.

The device uses a built-in neural processing unit to perform AI tasks locally rather than relying on cloud-based processing. The company says this enables faster order transcription, real-time upselling prompts, and more efficient workflow management for staff, reflecting the growing integration of AI into payment and retail technologies.

Viva.com Expands to 29 European Countries with Five New Markets

Digital payments company Viva.com has expanded its operations into Estonia, Latvia, Lithuania, Slovakia, and Slovenia, increasing its presence to 29 European markets. The expansion gives businesses in the new markets access to the company’s integrated payments, banking, and financing platform.

The company also reported strong financial growth, with revenue rising by 26 percent in 2025 and continued momentum into 2026. Viva.com says the expansion strengthens its ambition to provide a unified financial services platform for businesses operating across Europe and the United Kingdom.

Reap and TerraPay Partner to Expand Cross-Border Payout Corridors

Reap and TerraPay have announced a partnership aimed at improving cross-border payment settlements through direct integration with domestic clearing systems around the world. The collaboration combines TerraPay’s licensed payment connectivity with Reap’s stablecoin-based treasury and payout infrastructure.

The companies say the solution is designed to reduce delays, lower transaction costs, and improve liquidity efficiency for businesses operating internationally. By reducing reliance on correspondent banking systems and multi-hop SWIFT transfers, the partnership aims to deliver faster and more predictable cross-border payments.

Hana Bank Acquires 6.55 Percent Stake in Dunamu for $670 Million

South Korea’s Hana Bank has agreed to acquire a 6.55 percent stake in digital asset operator Dunamu for approximately $670 million, marking one of the country’s most significant partnerships between traditional banking and blockchain finance companies.

The deal is expected to deepen cooperation between the two firms in areas including stablecoins, blockchain-based remittances, and digital asset investment services. Analysts say the investment signals growing convergence between mainstream financial institutions and digital asset infrastructure providers.

Revolut Receives FCA Approval to Expand UK Investment Services

Revolut has received approval from the UK’s Financial Conduct Authority (FCA) to expand its investment services, allowing the fintech company to offer portfolio management and private wealth solutions alongside its existing trading products.

The move marks another step in Revolut’s evolution from a payments-focused fintech into a broader financial services platform. The company says it plans to integrate AI into parts of its investment offering as it competes more directly with traditional wealth managers and digital investment platforms in the UK market.