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Uganda Fintech Weekly Buzz, Volume 25 (28th June - 3rd July 2026)

Daniel Tusiimukye

daniel@fitspa.ug

Jul 3, 2026

This week's FinTech Weekly Buzz highlighted strong momentum in digital transformation, artificial intelligence, financial inclusion, telecommunications, and regulatory innovation across Uganda, Africa, and global markets. In Uganda, Savanna Uganda entered the mobile telecommunications market with an unlimited voice and data offering, while Airtel Money Uganda partnered with SPIRO to accelerate electric mobility through sustainable last-mile distribution. The government also introduced significant tax waivers aimed at easing historical tax burdens, and discussions around smartphone financing, Sendwave Wallet, and MTN Uganda's legal appeal reflected the evolving landscape of digital financial services and consumer protection.

Across Africa, governments and regulators continued to strengthen innovation ecosystems through initiatives such as the Bank of Tanzania's third fintech regulatory sandbox, Zambia's digital entrepreneurship policy consultations, and Nigeria's renewed focus on data protection in digital education. Major investments in electric mobility, battery manufacturing, fibre infrastructure, supply chain finance, and artificial intelligence demonstrated growing efforts to build resilient digital economies. At the same time, Kenya's employment ruling, Nigeria's concerns over AI-driven election misinformation, and cross-border payment innovations underscored the increasing intersection of technology, regulation, and economic development.

Globally, artificial intelligence remained a dominant theme as Microsoft announced a US$2.5 billion enterprise AI transformation initiative, Visa launched live AI-powered payment experiences in Europe, and global leaders unveiled the AI for Good Global Commission to promote responsible AI governance. Financial markets also saw continued convergence between traditional finance and digital assets, with Binance surpassing US$1 billion in stock trading assets, Bitget introducing U.S. stock options trading, and fintech firms leveraging AI to modernise fund administration, payments infrastructure, and customer onboarding. Overall, the week reflected accelerating innovation across financial services, digital infrastructure, AI, and cross-border commerce, with Africa playing an increasingly prominent role in shaping the future of fintech.

Airtel Money Uganda Partners with SPIRO to Expand Electric Mobility

Airtel Money Uganda has partnered with electric mobility company SPIRO to help franchise partners acquire electric motorcycles through an interest-free repayment model. The initiative is designed to lower operating costs, improve delivery efficiency, and support environmentally sustainable business operations.

The partnership combines financial inclusion with green mobility by making electric transport more accessible to small business operators. It also reinforces Airtel Money's commitment to supporting sustainable innovation within Uganda's growing digital economy.

Savanna Uganda Ventures Into Mobile Telecoms Market With Unlimited Voice and Data Offering

Savanna Uganda has officially entered the mobile telecommunications market, expanding beyond its strong presence in fixed broadband and Fiber-to-the-Home (FTTH) services. The company is introducing unlimited voice and data packages by allowing customers to add mobile SIM cards to their existing home or office fiber internet subscriptions under a single billing plan.

The move positions Savanna as one of Uganda's newest mobile network operators and reflects its ambition to offer fully integrated connectivity solutions. The company also revealed plans to expand its telecommunications footprint into other African markets, signalling a broader regional growth strategy.

What the New Tax Waivers Mean for Ugandan Businesses and Individuals

Uganda's new tax relief measures, effective from July 1, 2026, are expected to ease the burden on businesses and individuals struggling with historical tax debts. The reforms include a complete waiver of qualifying tax liabilities that existed before June 30, 2016, providing taxpayers with an opportunity to clear long-standing obligations without additional conditions.

The government has also waived interest and penalties accumulated up to June 30, 2025, provided the principal tax is paid. The measures are expected to improve tax compliance, reduce administrative burdens, and give businesses a fresh financial start while strengthening revenue collection going forward.

I&M Bank CEO Robin Bairstow Awarded Honorary Fellowship by Banking Institute

The THE UGANDA INSTITUTE OF BANKING & FINANCIAL SERVICES (UIBFS) has awarded I&M Bank Uganda Chief Executive Officer Robin Bairstow an Honorary Fellowship in recognition of his outstanding contribution to Uganda's banking sector and his commitment to advancing financial services. The award was presented during the institute's 13th Graduation Ceremony in Kampala.

Bairstow described the recognition as a reflection of the collective efforts of the I&M Bank Ltd Uganda team in driving innovation, resilience, and customer-focused banking. The fellowship places him among a distinguished group of banking leaders recognised for their lasting impact on the growth and development of Uganda's financial sector.

Behind Sendwave Wallet: The Global Payments Group Bringing Digital Dollars to Uganda

Sendwave Wallet is introducing a new approach to digital financial services in Uganda by leveraging the country's strong mobile money ecosystem. The platform aims to simplify cross-border payments and provide users with easier access to digital dollar transactions, building on Uganda's widespread adoption of mobile financial services.

The initiative reflects the growing evolution of cross-border payment solutions across Africa, offering consumers and businesses more flexible ways to send, receive, and manage money internationally. It also highlights the increasing role of fintech innovation in expanding financial inclusion and connecting African markets to global payment networks.

MTN Weighs Appeal Against Shs2.3bn Award as Legal Experts Question Scope of Malicious Prosecution Liability

MTN Uganda is considering appealing a High Court ruling that ordered the company to pay more than Shs2.3 billion to former Senior Manager Richard Mwami over a malicious prosecution case. The telecommunications company says it is reviewing the judgment with its legal team before deciding on the next course of action.

The case has attracted significant attention from legal experts, who believe it raises broader questions about the extent of liability for organisations that report suspected wrongdoing before criminal prosecutions are undertaken by the State. The outcome could influence future corporate legal disputes involving employer complaints and criminal proceedings.

Phones on Credit: Expanding Digital Access or Creating a New Debt Trap?

Hire-purchase arrangements for smartphones are becoming increasingly popular in Uganda as more people seek affordable ways to access essential digital services. The model enables customers to pay for smartphones through instalments, making devices more accessible for work, education, mobile money, and online services.

While the financing model is helping bridge the digital divide, economists and consumer advocates caution that inadequate regulation and limited financial literacy could expose borrowers to unsustainable debt. The growing trend underscores the need for stronger consumer protection as Uganda's digital economy continues to expand.

Afreximbank Says Spiro Investment Signals Africa's Battery Ambitions

African Export-Import Bank (Afreximbank) says its US$125 million investment in electric mobility company Spiro forms part of a broader strategy to establish a complete African battery value chain. The bank aims to move the continent beyond exporting raw minerals by supporting local mineral processing, battery manufacturing, and electric mobility industries.

The investment reflects growing efforts to position Africa as a key player in the global clean energy transition. By financing value-added industries instead of raw material exports, Afreximbank hopes to drive industrialisation, create jobs, and strengthen Africa's role in the rapidly growing electric vehicle market.

Bank of Tanzania Opens Third Cohort of Its Fintech Regulatory Sandbox

The Bank of Tanzania has opened applications for the third cohort of its fintech regulatory sandbox, inviting banks, fintech companies, electronic money issuers, and mobile money operators to test innovative financial products and services that fall outside existing regulatory frameworks.

The sandbox is designed to encourage responsible innovation while enabling regulators to better understand emerging technologies before developing permanent regulations. The initiative also supports collaboration between industry players and regulators as Tanzania continues to strengthen its digital financial ecosystem.

Could Tanzania's Digital Tax Reforms Provide a Model for Africa?

Tanzania is demonstrating how digital technologies can strengthen tax administration and improve revenue collection by targeting the large informal sector. Through fintech-enabled tax systems, the country is simplifying compliance, improving transparency, and expanding the tax base without relying solely on traditional collection methods.

With informal employment accounting for a significant share of economic activity across Africa, Tanzania's approach offers valuable lessons for other countries seeking to modernise tax systems. The reforms highlight how digital innovation can enhance fiscal sustainability while supporting broader economic formalisation.

Kenya Court Raises Legal Threshold for Employee Layoffs

A Kenyan court has ruled that employers can no longer justify redundancies solely on the basis of restructuring or organisational changes. Companies must now provide evidence that genuine operational changes have rendered specific roles unnecessary before proceeding with layoffs.

The decision strengthens employee protections and could significantly affect startups and technology companies that have increasingly relied on workforce reductions to manage costs amid tighter funding conditions. Employers are expected to exercise greater caution when implementing future redundancy programmes.

Nigeria Faces AI Misinformation Concerns Ahead of 2027 Elections

A new report has found that many Nigerians are concerned artificial intelligence could be used to spread misinformation during the country's 2027 general elections. Despite these concerns, social media remains the primary source of political news for a large proportion of respondents surveyed.

The findings underscore the growing challenge policymakers and election authorities face in balancing technological innovation with electoral integrity. The report also highlights the need for stronger digital literacy, platform accountability, and regulatory preparedness as AI-generated content becomes increasingly sophisticated.

Centiiv Simplifies Cross-Border Payments with Unified Liquidity Infrastructure

Cross-border payments platform Centiiv is addressing one of the industry's biggest challenges by bringing together multiple payment rails, banking networks, blockchain infrastructure, and liquidity sources into a single platform. The solution aims to reduce the complexity and cost of moving money across borders.

By eliminating fragmented integrations and improving settlement efficiency, Centiiv seeks to help fintech companies and businesses process international transactions faster and more cost-effectively. The platform reflects growing efforts across the fintech sector to modernise global payment infrastructure.

Fiducia and MTN Nigeria Partner to Expand Supply Chain Finance

Fiducia has entered a strategic partnership with MTN Nigeria to provide supply chain financing solutions for businesses operating within MTN's ecosystem. The collaboration is designed to improve access to working capital for suppliers and vendors, enabling them to strengthen cash flow and support business growth.

The initiative demonstrates the growing role of embedded finance in supporting enterprise development. By improving access to timely financing, the partnership is expected to enhance operational efficiency while strengthening relationships across MTN Nigeria's supplier network.

ForgeTech Summit 2026 to Bring Together Africa's Technology Leaders

ForgeTech Summit 2026 will convene founders, investors, policymakers, corporate executives, and technology leaders from across Africa to discuss the future of innovation, artificial intelligence, cybersecurity, venture capital, and digital infrastructure. The event aims to foster meaningful dialogue on Africa's evolving technology landscape.

Through keynote sessions, executive roundtables, and curated networking opportunities, the summit will provide a platform for strategic collaboration between public and private sector leaders. The gathering reflects the growing importance of cross-sector partnerships in driving Africa's digital transformation.

CBN Revokes Sycamore Microfinance Bank Licence Amid Sector-Wide Review

Nigeria's Central Bank has revoked the operating licence of Sycamore Microfinance Bank as part of a broader compliance review affecting dozens of microfinance institutions. Sycamore stated that the action relates to historical compliance issues tied to an acquired entity rather than its current digital lending operations.

The decision creates uncertainty around Sycamore's planned expansion into deposit-taking and broader banking services. It also highlights the increasing regulatory scrutiny facing fintech firms as they transition into more heavily regulated financial services.

I&M Appoints Former Absa Kenya CEO Abdi Mohamed to Lead Kenyan Business

I&M Group has appointed former Absa Bank Kenya Chief Executive Officer Abdi Mohamed as the new CEO of its Kenyan banking subsidiary, subject to regulatory approval. The appointment comes shortly after Mohamed announced his departure from Absa following a distinguished 32-year career with the bank.

The move reflects the increasing competition for experienced banking leadership within Kenya's financial sector. Mohamed's extensive regional experience is expected to strengthen I&M Bank Ltd's growth strategy and enhance its position in one of East Africa's most competitive banking markets.

Prosus Achieves Profitability Across Its E-Commerce Ecosystem

Global technology investor Prosus has reported that all of its operating ecosystems are now profitable for the first time, marking a significant milestone after years of heavy investment across e-commerce, fintech, food delivery, and classifieds businesses. The company recorded an 84% increase in ecosystem-adjusted EBITDA to US$1.3 billion.

The results suggest that Prosus' long-term investment strategy is beginning to deliver sustainable returns beyond its well-known stake in Tencent. The milestone strengthens investor confidence in the company's diversified digital portfolio across emerging markets.

Novastar Joins Google Africa Applied AI Lab to Support Startups

Novastar Ventures has partnered with Google's newly launched Africa Applied AI Lab to help identify and support startups building artificial intelligence solutions tailored to African challenges. The initiative brings together venture capital firms and technology leaders to accelerate applied AI innovation across the continent.

The partnership reflects growing confidence in Africa's AI ecosystem and the continent's potential to develop locally relevant AI applications. By combining funding, research, and technical expertise, the initiative aims to help startups scale impactful AI-driven solutions.

Powertel and Paratus Launch Zimbabwe's First Live Cross-Border Fibre Corridor

Powertel Communications and Paratus Zimbabwe have activated the first phase of a new high-capacity cross-border fibre network connecting Zimbabwe with Botswana, Zambia, South Africa, and the wider Southern African telecommunications infrastructure. The project forms part of a public-private partnership launched in 2025.

The new digital corridor is expected to improve regional connectivity, increase network resilience, and support growing demand for high-speed internet services across Southern Africa. It also demonstrates the increasing role of cross-border infrastructure partnerships in strengthening Africa's digital economy.

AI for Good Global Commission Launched to Advance Responsible Artificial Intelligence

Rwandan President Paul Kagame, Salesforce CEO Marc Benioff, and the International Telecommunication Union have launched the AI for Good Global Commission to promote responsible artificial intelligence development worldwide. The initiative brings together government leaders, technology executives, and international organisations to strengthen trust, governance, and equitable access to AI.

The commission aims to ensure developing countries play an active role in shaping the future of AI while promoting practical solutions that address real-world challenges. It reflects growing international efforts to build inclusive and responsible AI governance frameworks.

NDPC Calls for Strong Data Protection in Nigeria's Digital Education System

Nigeria's Data Protection Commission has urged education stakeholders to prioritise privacy and cybersecurity following the launch of the Digitalised Nigeria Education Management Information System (DNEMIS). The Commission emphasised the importance of incorporating privacy-by-design principles, including encryption, transparency, and data minimisation.

The recommendations aim to strengthen public trust while safeguarding student information as digital technologies become increasingly integrated into the education sector. The initiative highlights the growing importance of data governance in Africa's digital transformation efforts.

Smart Africa and Zambia Advance Digital Entrepreneurship Policy

Smart Africa, in partnership with Zambia's Ministry of Technology and Science, has convened a national stakeholder workshop to validate recommendations for the country's Digital Entrepreneurship and Innovation Policy. The discussions brought together government officials, entrepreneurs, investors, and private sector representatives to identify regulatory gaps and strengthen support for startups.

The workshop forms part of broader efforts to create a more enabling environment for digital entrepreneurship and innovation in Zambia. It also supports progress towards the proposed Startup Bill while encouraging stronger collaboration between policymakers and the private sector.

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Visa Launches Live AI-Powered Payments Across Europe

Visa has introduced live AI-powered commerce transactions in Europe, enabling artificial intelligence agents to search for products, prepare purchases, and initiate payments on behalf of consumers. The service operates through Visa Intelligent Commerce while ensuring customers retain final approval before any payment is completed.

The launch represents a significant step in the evolution of AI-driven commerce, demonstrating how artificial intelligence can simplify online shopping without compromising user control or payment security. More than 30 European financial institutions are participating in the initiative.

Berlin Fintech Bunch Partners with Luxembourg Fund Services to Modernise Fund Operations

AI-native fund operations platform Bunch has partnered with Luxembourg Fund Services to streamline private market fund administration through artificial intelligence. The collaboration aims to replace fragmented legacy systems with a unified digital platform capable of automating document processing, investor onboarding, and regulatory reporting.

As alternative asset markets continue to expand globally, the partnership is expected to improve operational efficiency while helping fund managers navigate increasing regulatory complexity. The initiative reflects growing adoption of AI within financial services infrastructure.

FinTech West and Finbridge Global Partner to Speed Up Startup Onboarding

FinTech West and Finbridge Global have introduced a reusable company intelligence profile designed to reduce lengthy due diligence processes for fintech startups. The solution enables businesses to validate company information once and securely share it with multiple financial institutions, investors, and partners.

The initiative is expected to significantly shorten onboarding timelines while reducing administrative workloads for both startups and financial institutions. By improving efficiency and standardising due diligence, the partnership aims to accelerate business growth within the fintech ecosystem.