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Uganda Fintech Weekly Buzz, Volume 40, (11 - 16th October 2026)

Daniel Tusiimukye

daniel@fitspa.ug

Oct 16, 2026

Uganda and Africa’s fintech ecosystem continues to evolve through digital payments, banking innovation, SME financing, financial inclusion and digital transformation. Key developments include the Bank of Uganda’s interest rate increase to 12%, banks expanding digital transactions and card payments, new asset financing solutions, and initiatives supporting green finance and clean cooking. Across the continent, mobile money reforms, fintech regulation, satellite connectivity, AI adoption and telecom infrastructure expansion are reshaping financial services and digital access.

At the same time, cybersecurity, consumer protection, regulatory compliance, affordable connectivity and responsible AI adoption remain critical priorities as digital services scale. Developments in Kenya, West Africa and other African markets highlight the need to balance innovation and investment with financial stability, data protection and trust.

Bank of Uganda Raises Central Bank Rate to 12%

The Bank of Uganda has raised its Central Bank Rate (CBR) by 225 basis points to 12% to address rising inflationary pressures and support currency stability. The increase could make borrowing more expensive for businesses, investors and households, potentially affecting investment, credit demand and economic activity as the Shilling faces depreciation pressures and import costs rise.

NCBA Bank Waives Fees on Selected Digital Transactions Until December

ncba bank uganda has launched the NCBA NOW Zero Transaction Fees campaign, waiving fees on selected digital banking transactions until December 31, 2026. Launched on October 13, the initiative covers eligible transactions through the bank’s mobile app, web platform and USSD service, with a separate initiative offering qualifying SMEs waivers on selected transaction and loan arrangement fees.

Pride Bank, MOGAS Launch Clean Cooking Financing Initiative

Pride Bank Limited and MOGAS Uganda Limited have launched a financing initiative to improve access to affordable and environmentally friendly cooking solutions for households and institutions. At Vienna College, Namugongo, an LPG cooking system installed by MOGAS has already helped School Kitchen Limited reduce cooking costs by 40% compared with its previous use of charcoal and briquettes, demonstrating the potential economic benefits of cleaner cooking technologies.

I&M Bank Expands Asset Financing to Help Ugandan Businesses Acquire Pickups and Tractors

I&M Bank Uganda has launched the second season of its Tukikube ne I&M Bank campaign, expanding financing options for businesses seeking pickups, tractors and other productive assets. Through partnerships with Victoria Motors and Ndovu Motors, eligible customers can finance a new pickup at monthly payments of Shs4.6 million or a new tractor at Shs2.3 million, helping businesses acquire equipment while preserving working capital.

Absa Offers Shs66m in Cash Prizes to Boost Business Debit Card Usage Among SMEs

Absa Bank Uganda has launched a three-month campaign offering Shs66 million in cash prizes to encourage small and medium-sized enterprises to adopt digital payments and increase Business Debit Card usage. Running from October 15, 2026, to January 15, 2027, the campaign will award Shs22 million monthly, with eligible customers qualifying by opening an active Absa Business Account and obtaining a business debit card or spending at least Shs500,000 monthly through the card at point-of-sale terminals or online.

Equity Bank Uganda Backs Green Financing Drive at CEOs’ Breakfast Meeting

Equity Bank Uganda has called for stronger collaboration between government, financial institutions and private businesses to mobilise funding for Uganda’s green economy. Speaking at the third CEOs’ Breakfast Meeting and High-Level Dialogue on Green Economy, Sustainable Development Goals and Sustainability in Kampala, the bank highlighted the role of climate finance, clean-energy investment and digital transformation in supporting sustainable and climate-resilient economic growth.

Bank of India Enters Uganda’s Debit Card Market Through Interswitch Deal

Bank of India has entered Uganda’s debit card market through a partnership with Interswitch Group, launching Verve debit cards that allow customers to withdraw cash and make payments nationwide. Announced in Kampala on October 14, 2026, the partnership provides access to more than 800 Interswitch-enabled ATMs and over 20,000 merchant locations, expanding customers’ options for electronic payments and cash access.

Kenya’s Central Bank Seeks Powers to Take Over Struggling Fintechs

Kenya’s proposed National Payment System Bill, 2026, would give the Central Bank of Kenya powers to intervene in struggling payment service providers and payment system operators to protect customers and financial stability. The proposed measures include appointing statutory managers, removing company officials, restricting new payment business and overseeing the sale of troubled businesses, potentially allowing the regulator to act before a provider’s failure disrupts customers, merchants or other financial institutions.

Moniepoint UK Made $36,284 After Taking on MonieWorld Customers

Moniepoint UK, the UK subsidiary of fintech group Moniepoint Inc., reported $36,284 in revenue for 2025 after taking on customers from its MonieWorld remittance product in December. The company recorded $10,220 in gross profit and a loss after tax of $226,172, with total assets of $769,703 and customer liabilities of $112,453 at year-end. The figures reflect only one month of activity following the customer migration, as Moniepoint restructures its UK remittance operations amid intensifying competition in the diaspora payments market.

GSMA Says Digital Reforms Could Add 1.13 Million Mobile Internet Users in Madagascar

A new GSMA report says targeted digital policy reforms could connect an additional 1.13 million people to mobile internet in Madagascar and generate MGA 4.1 trillion in additional GDP by 2031. The recommendations focus on affordable smartphones, rural network expansion, mobile-sector tax reform and increased demand for digital services. Despite mobile connections rising from 12.3 million in 2021 to 22.5 million at the end of 2025, unique mobile internet penetration stood at just 14.3% in 2025, highlighting the gap between network availability and actual usage.

Africa Bitcoin Corporation’s Boardroom Battle Leaves Just Two Directors Standing

South Africa’s listed Africa Bitcoin Corporation is facing a governance dispute after four directors, including its chairperson and interim chief executive, resigned following shareholder demands for board changes. Shareholders representing approximately 76% of the company’s shares had called for two new non-executive directors, while a separate demand backed by approximately 71.8% sought the removal of four existing directors. With only two directors remaining, the company faces the task of rebuilding its board while the proposed appointments remain unresolved.

South African Coffee Franchise Exposes Company and Private Data in AI-Built Web Application

South African coffee franchise BOOTLEGGER COFFEE COMPANY LIMITED came under scrutiny after an internally developed web application reportedly exposed sensitive business and contact information. An investigation found that the application, reportedly built using AI tools and hosted on Railway, transmitted information before users had authenticated, exposing details associated with 132 franchise locations alongside some financial and operational data. The application was taken offline after journalists contacted the company, highlighting security risks that can arise when AI-assisted software is deployed without adequate access controls.

West Africa’s New Mobile Money Rules Could Change Who Holds Deposits

The Central Bank of West African States (BCEAO) has reduced the minimum share of customer funds that electronic money issuers must keep in demand deposits from 75% to 65%, effective November 2, 2026. The change could give licensed operators across the eight-country West African Monetary Union greater flexibility to invest existing customer funds in authorised term deposits and debt securities, while maintaining full backing for electronic money in circulation. The directive also raises the maximum balance for identified customers from CFA2 million to CFA4 million and increases the monthly account top-up limit from CFA10 million to CFA15 million.

Cyberattacks in Africa Rise 421% Amid Rapid Digital Expansion, Mastercard Reports

Cyberattacks across Africa increased by 421.4% between 2016 and 2025, outpacing the global increase of 307%, according to Mastercard. The continent recorded 69,236 attacks in 2025, while cybercrime caused at least $5 billion in direct economic losses. Cybersecurity investment remains limited in much of sub-Saharan Africa, where countries spend an average of approximately 0.03% of GDP on cybersecurity and an estimated 200,000 cybersecurity positions remain unfilled, raising concerns as digital financial services and infrastructure expand.

Ghana Plans 2,800 Telecom Site Builds and Upgrades Nationwide

Ghana plans to build 800 new mobile network sites and upgrade 2,000 existing sites within the year to improve telecommunications coverage and network performance. The programme will involve infrastructure operated by major mobile operators, including MTN and Telecel Group, while additional spectrum is expected to support faster internet speeds and greater network capacity. Authorities also plan to coordinate fibre-optic cable deployment with road construction to reduce infrastructure damage and service disruptions.

Gabon Strengthens Cybersecurity Expertise at Octopus 2026 Conference

Gabon’s National Agency for Digital Infrastructure and Frequencies is participating in the Octopus 2026 Conference in Strasbourg, France, to strengthen its cybersecurity expertise and international cooperation. The October 14–16 conference focuses on combating cybercrime, collecting electronic evidence and cooperation with service providers. Gabon’s participation is intended to build technical capacity, improve responses to digital threats and explore international cooperation mechanisms, including the possibility of joining the Budapest Convention on Cybercrime.

Kaspersky’s African Business Is Profitable. Now It Wants Bigger Clients

Kaspersky says its Sub-Saharan African operations are profitable and is targeting further growth by expanding its work with banks, governments and critical infrastructure operators. The cybersecurity company reported African sales growth of 12% in 2025, following 19% growth in 2024, as demand for digital security increases alongside the expansion of financial services. Nigeria is its leading African priority market, while Uganda and Zambia are identified as growth markets.

CashAfrica Brings Mobile Tap-to-Pay to Chicken Republic Outlets

Nigerian contactless payment provider CashAfrica has partnered with Food Concepts PLC, the company behind Chicken Republic, to introduce smartphone tap-to-pay payments at Chicken Republic outlets across Nigeria. The phased rollout will begin in Lagos before expanding to Abuja and other locations, allowing customers to pay by tapping supported smartphones on compatible payment terminals. With Chicken Republic operating more than 350 outlets nationwide, the partnership offers CashAfrica a significant route to expand contactless payment adoption among consumers and merchants.