The Financial Technology Service Providers Association (FITSPA) and the Association of Microfinance Institutions of Uganda (AMFIU) recently hosted the Microfinance Tech Summit, aimed at fostering collaboration and innovation in the sector. The summit focused on integrating digital financial technologies to enhance financial inclusion, promote growth, and support entrepreneurship.
While technology offers immense potential to improve operations and profitability in the microfinance sector, a gap remains between Fintech innovators and Microfinance Institutions (MFIs). Many Fintech companies lack insight into the technological challenges faced by MFIs, while MFIs often struggle to understand and effectively implement existing Fintech solutions.
Under the theme “Driving Digital Transformation: Advancing Fintech Innovation and Financial Inclusion in Uganda,” the summit emphasized the crucial role of partnerships in overcoming industry challenges and unlocking new opportunities. It provided a platform for stakeholders, including microfinance institutions, digital financial solution providers, and policymakers, to engage in meaningful discussions on collaboration for sector growth.
Key issues discussed during the summit included improving financial literacy among borrowers to enhance loan repayment rates, strengthening regulatory compliance and best practices in digital and microfinance lending, exploring digital transformation opportunities for increased operational efficiency, and addressing consumer protection through ethical lending initiatives.
The event took place on February 27, 2025, at Protea Hotel and attracted a diverse group of participants, that included microfinance institutions, Fintech lenders, Credit Reference Bureaus (CRBs), payment service providers, digital financial services providers, regulators, and government agencies such as the Bank of Uganda (BoU), the Ministry of Finance, Planning, and Economic Development (MoFPED), and the Uganda Microfinance Regulatory Authority (UMRA), among others.