Fintech Companies On The Rise In Uganda

Posted by: Kyeyune Andrew Jonathan in Finance February 8, 2023

Uganda has in recent months experienced a growth in the number of fintech companies. On December 22, 2022, Uganda had 24 payment service providers and payment system operators.

By February 3rd 2023, another operator, Velox Solutions Corp joined this list through its official launch.

Acting director National Payment Systems at Bank of Uganda expressed joy at the rapid growth of fintech companies in Uganda. He also assured the public that all financial services provided by these companies are safe and efficient.

“We are thrilled to see the growth of the fintech companies in the country. A prime example of securities and reliable needs is Velox Solutions Corp Limited, which was licensed on September 27, 2022 as a medium-sized company. The central bank is providing support for fintech operations and all the fintech companies that have been licensed by Bank of Uganda are safe in terms of payments systems,” he said.

Apparently, the digitization of financial services promotes economic growth and development. It should also be noted that Fintech is globally transforming the financial sector landscape and erasing boundaries.

Many different countries have endorsed these opportunities and are applying policies to enable digitized financial services.

“At Velox Solution Corp, our mission is to revolutionize the payment industry in Uganda. this is with our comprehensive range of payment solutions, merchant services, processing solutions, digital wallets, fraud prevention, and robust Anti-Money Laundering (AML) systems. We are planning to transition to a large fintech finance service provider. And mostly focus on remittance services via the digital wallets that saves the public from currency through exchange valuation,” said Ronald Williams Lwanga, the managing director Velox Solutions Corp Limited.

He further revealed that the company has operations elsewhere in the world. They also plan to expand to Kenya, Tanzania, Rwanda and Burundi in the near future.

Data from 2022 showed that telecom companies are leveraging on the fast growth in data and fintechs as new revenue streams.

For example, MTN financial results for 2021 indicated that revenues from fintechs grew by 10.2%.

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