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Uganda Fintech Weekly Buzz, Volume 29 (26th - 31th July 2026)

Daniel Tusiimukye

daniel@fitspa.ug

Jul 31, 2026

This week’s Fintech Weekly Buzz highlights continued momentum in digital finance, financial inclusion, AI, cybersecurity, digital infrastructure, and regulatory innovation across Uganda, Africa, and global markets. In Uganda, financial institutions and fintechs accelerated digital transformation through new banking platforms, mobile-first financial services, infrastructure investments, strategic partnerships, and initiatives to strengthen secure digital ecosystems. Across Africa, regulators advanced crypto and digital lending frameworks, telecoms and banks expanded digital services, and fintechs attracted investment while scaling AI, payments, and mobile money solutions. Globally, innovation remained strong with major investments in AI, cross-border payments, fraud prevention, and enterprise technology, alongside evolving digital banking strategies and regulatory developments that continue to shape the future of financial services.

Musasizi Urges Airtel to Increase Investment in Secure Digital Infrastructure

Finance Minister Henry Musasizi has called on Airtel Uganda to increase investment in secure and modern digital infrastructure to accelerate Uganda’s digital transformation. During a meeting with Airtel Uganda ’s new CEO, Soumendra Sahu, the Minister emphasized that stronger connectivity, secure digital systems, and continued private sector investment are essential for expanding services, creating jobs, increasing domestic revenue, and supporting the country's digital economy.

Absa Bank Uganda Honours Top Dealer Partners at Inaugural Titan Awards

Absa Bank Uganda recognised 13 outstanding dealer partners through its inaugural Titan Awards, celebrating partnerships that have expanded access to vehicle and asset financing across Uganda. The initiative highlights the importance of collaboration in enabling businesses and individuals to invest in productive assets that drive economic growth while strengthening the bank's asset finance ecosystem.

Read more: https://nilepost.co.ug/business/

MTN Hands Over Refurbished Mpanga Market to Boost Trade, Security

MTN Uganda has officially handed over the refurbished Mpanga Market in Fort Portal City following upgrades that introduced improved internet connectivity, communication infrastructure, and surveillance systems. The project supports cleaner, safer, and better-connected trading spaces while reinforcing MTN's commitment to digital inclusion, local business growth, and community development.

NCBA Bank deepens digital banking push

ncba bank uganda has launched two new digital banking platforms, NCBA NOW for retail customers and NCBA ConnectPlus for businesses and institutions, to improve customer experience and expand financial inclusion. Rolled out simultaneously across Uganda, Rwanda, and Tanzania, the platforms enable secure remote banking, streamlined payments, and improved financial management for individuals and enterprises.

MTN Nigeria’s fintech revenue slumps after airtime lending pause

MTN Nigeria reported a sharp decline in fintech revenue after temporarily suspending its airtime and data credit service, Xtratime, to comply with Nigeria's new digital lending regulations. While the telecom recorded strong overall financial performance, the pause exposed the fintech division's reliance on airtime lending as a major revenue driver and highlighted the impact of evolving regulatory requirements.

Visa appoints ex-Airtel Money Kenya chief as East Africa head

Visa has appointed former Airtel Money Africa Kenya Managing Director Anne Kinuthia as its Vice President and Head of East Africa. Based in Nairobi, she will oversee Visa's operations across seven regional markets, focusing on expanding digital payments, strengthening partnerships with financial institutions, and advancing financial inclusion throughout East Africa.

Kenya empowers investigators to seize crypto wallets tied to financial crime

Kenya has introduced new cryptocurrency regulations that allow investigators, with court approval, to seize crypto wallets, hardware devices, and recovery phrases linked to financial crimes. The Virtual Asset Service Providers (VASP) Regulations, 2026 strengthen the country's ability to investigate fraud, money laundering, corruption, and terrorism financing by extending existing asset seizure powers to digital assets.

Kenya’s new crypto rules could force exchanges to delist foreign stablecoins

Kenya's new VASP Regulations could require licensed cryptocurrency exchanges to remove foreign-issued stablecoins such as USDT and USDC unless they receive approval from the Central Bank of Kenya. The regulations give the central bank greater oversight of stablecoins and are expected to reshape the country's regulated digital asset market.

Why trust has become Nigeria’s next digital payments challenge

A new report argues that Nigeria's digital payments ecosystem is now facing a trust challenge rather than a payments challenge. While transaction volumes continue to grow rapidly, service reliability, dispute resolution, and customer confidence have emerged as the key factors determining public trust in the country's digital financial system.

Nigeria tests investor appetite with sale of former telecom monopoly ntel

Nigeria has begun the process of selling a controlling stake in former state-owned telecom operator ntel as part of efforts to transform it into a modern digital infrastructure company. The sale is expected to test investor confidence in telecommunications infrastructure while leveraging ntel's extensive fibre, spectrum, and real estate assets.

Egyptian startup Fincart raises $2.8 million to expand AI commerce platform

Egyptian startup Fincart has secured $2.8 million in seed funding to accelerate the expansion of its AI-powered commerce platform across Africa and the Middle East. The investment will support the company's transition from logistics software into merchant finance and business automation, helping e-commerce businesses improve operational efficiency.

Vodacom’s $548 billion mobile money business shows fintech is driving its future

Vodacom processed nearly $548 billion in mobile money transactions over the past year, highlighting the growing importance of digital financial services within its business. Following its increased stake in Safaricom PLC, the company is positioning fintech and mobile money as central pillars of its long-term growth strategy across Africa.

AI is making it harder to hide income from South Africa’s taxman

South Africa's Revenue Service is increasingly using artificial intelligence, machine learning, and advanced data analytics to improve tax administration, detect fraud, and identify compliance risks. The technology-driven approach is enhancing revenue collection while demonstrating how AI is transforming public sector operations across Africa.

Absa Kenya automated 71% of processes after $31 million tech spend

Absa Bank Kenya revealed that a $31 million technology investment enabled the automation of 71% of its processes, with 94% of customer transactions now taking place through digital channels. The investment reflects the banking sector's increasing focus on cloud infrastructure, cybersecurity, artificial intelligence, and digital transformation.

Why British International Investment is betting bigger on Sierra Leone’s ecosystem

British International Investment is increasing its focus on Sierra Leone by adopting a long-term strategy to strengthen the country's investment ecosystem. Rather than making isolated investments, the development finance institution aims to stimulate sustainable economic growth by supporting businesses, infrastructure, and investment opportunities in one of Africa's frontier markets.

Unlicenced Kenya’s digital lenders cannot recover loans after court ruling

A Kenyan court has ruled that digital lenders operating without a Central Bank of Kenya (CBK) licence cannot enforce unpaid loans through the courts. The decision raises the regulatory stakes for unlicensed fintech lenders and reinforces the importance of obtaining proper licensing before offering digital credit services.

Gabon Advances Tier III Datacenter Project to Strengthen Digital Infrastructure

Gabon is progressing with the construction of a Tier III Carrier Hotel Datacenter that will provide secure, high-performance hosting services for businesses, operators, and public institutions. The facility will enhance national connectivity, support local data hosting, and create opportunities for innovation and startup growth.

Ethio Telecom Expands 4G, 5G and Fiber Networks in First Year of 2028 Strategy

ethio telecom has significantly expanded Ethiopia's digital infrastructure during the first year of its Next Horizon: Digital & Beyond 2028 Strategy. The operator increased mobile coverage, expanded 4G and 5G services, strengthened fibre connectivity, and improved network resilience to support growing demand for digital services.

e& Reports 11.6% Revenue Growth in H1 2026, Reaches AED 38.1 Billion

e& reported strong first-half 2026 financial results, with revenue rising 11.6% to AED 38.1 billion, driven by continued digital transformation, AI-powered innovation, and expanding international operations. The company also recorded subscriber growth and maintained strong profitability as demand for digital services increased.

UNITEL Restores Services After Cyberattack Disrupts Mobile Network Across Angola

Unitel has restored mobile services after a major cyberattack disrupted voice, data, and internet services across Angola. The operator activated its cybersecurity response protocols immediately after detecting the attack and is continuing restoration efforts while reinforcing the resilience of its telecommunications infrastructure.

Encore AI secures $30m to scale revenue-driving AI agents

Encore AI has raised $30 million in Series A funding to accelerate the global expansion of its AI-powered customer interaction platform. The company uses proprietary Interaction Mining technology to analyse the behaviours of top-performing sales teams and deploy AI agents that replicate those best practices across multiple channels and languages, helping financial institutions and other regulated industries improve customer engagement and drive revenue.

Western Union discontinues European digital banking service

Western Union has announced it will discontinue its European Digital Bank, ending a service launched in 2022 that offered current accounts, multicurrency wallets, debit cards, and international remittance services. The move marks the company's exit from the European digital banking market as it refocuses its business strategy.

Asia’s Biggest Fraud Threat Is the Customer Who Passes Every Check

A new industry discussion on fintech fraud prevention highlighted the growing challenge of authorised scams, where legitimate customers unknowingly approve fraudulent transactions. Backed by findings from the 2026 LexisNexis Global Cybercrime Report, experts warned that increasingly sophisticated bot attacks and social engineering tactics are reshaping fraud risks across Asia, prompting financial institutions to strengthen customer protection beyond traditional security checks.