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Ugandans And Diaspora: Driving The FinTech Agenda




If Ugandan Fintech was at a dating event, it’d would be the person at the bar that nobody had asked to dance yet. For too long left in the shade of (rather annoyingly) big cousin Kenya and (even more annoyingly) medium cousins Tanzania and Rwanda – things are suddenly starting to look more rosier for the Ugandan fintech scene.

Uganda has been the forgotten sibling of the East African region

Like all developing economies, country GDP trends can only tell part of the story – but benchmarking against similar nations with global data is always useful.

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The economy is growing impressively as the chart (% GDP growth trend) shows. GDP Annual Growth Rate in Uganda averaged around 5.6% percent from 2009 until 2018; much of the recent growth coming from services and finance rather than commodities. This suggests a movement in the right direction.

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However on the flip side, regional comparisons of the Ugandan economy suggest that more could be done to raise the standards of the economy and reduce inequalities. No proud Ugandan will be happy to see that on an East African basis, the relative performance has been behind its cousins. (Source: IMF)

Fintech can help raise Ugandan economic performance

There’s a growing recognition within the region’s emerging fintech scene that it can drive economic growth and widen financial inclusion for all sections of society.

Within sub-Saharan Africa, East Africa continues to lead in terms of adoption and usage rates (of mobile financial services). Whereas overall financial depth remains below other regions, Fintech is emerging as an engine of growth and technological enabler that fosters financial inclusion and economic development. IMF African Dept, Report on Fintech in Sub-Saharan Africa 2019

Thanks to the advance of mobile money, tens of millions of unbanked have become accustomed to using technology to manage their finances. This has been transformational within the region, and across the continent. This wide acceptance of using technology can now be harnessed to widen financial access further.

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As has been identified by the IMF, the low level of financial infrastructure generates demand for payment services, with a relatively large level of access to mobile devices. Fintech can change the financial industry in sub-Saharan Africa by increasing competition and efficiency – not least for SME’s and rural communities who lack the credit and means to make transactions.

Enter FITSPA – seeking to drive the fintech agenda in Uganda

FITSPA (Financial Technology Service Providers’ Association) was formed in Uganda to support and strengthen the fintech ecosystem; driving innovation and investment to the country. The organisation is independent, non-profit, and represents Uganda’s local fintech community and global partners.

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Fintech is driving most of the business sectors in Uganda making them more convenient, accessible, affordable and provides accountability at every stage. Our members create, develop and support solutions that solve the day today challenges of Uganda’s business environment using Technology. Our members are able to serve the unbanked using different channels to financially include everyone and achieve one of the 17 UN Sustainable Development goals that will help alleviate poverty in our economy.

Zianah N. Muddu, Engagement Partner FITSPA & General Secretary Africa FinTech Network

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2019 sets to be a busy year with Ugandan fintech under the spotlight thanks to the African Fintech Festival being held in Kampala in November.

Supported by the Africa Fintech Network, it offers a chance for public and private institutions to mingle with entrepreneurs – Uganda front and centre of the agenda. As Zianah adds;

Hosting the Africa Fintech Festival will be a game changer for Uganda. So often we’ve looked across the region to larger markets for ideas and inspiration. For Ugandan entrepreneurs, this is an opportunity to show thought leadership and ideas that will shape fintech across the continent.

Held under the theme “Building Africa’s Digital Economy with Fintech”, up to 500 delegates from Africa and around the world will converge to consider deliberate and meaningful steps that must be taken to ensure Fintech delivers its promise to open up the financial society. More on the agenda will be published in this Ugandan series of fintech articles.

Ugandan diaspora – this time coming home with $’s to invest

It is estimated that more than 1.5 million Ugandans live in the diaspora and international remittances have been measured at around 5% of total GDP; clearly, they play a significant role in the economy. Remittances by the diaspora used to be focused on consumption and not investment, but that is changing with the rise of middle class Ugandans in the UK, Europe and America. In the UK, there are more than 100 thousand Ugandans, many of whom are now successful entrepreneurs. This diaspora is looking for investment opportunities and fintech offers a new high growth sector.

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British Ugandans are an established economic block with significant funds to invest in the home country – but they expect real economic return. They take an interest in Uganda based on their heart, but invest based on their head. The fundamentals of fintech growth inevitably leads to interest in investing. At this year’s UK-Uganda Conventionthey’ll be seeking these opportunities.

Willy Mutenza Chairman, Uganda Convention-UK

This year’s UK-Uganda Convention is being held for the 9th year running and for the first time will feature fintech as a major focus area. Having created a partnership with FITSPA, the event will have a dedicated agenda to Ugandan fintech; featuring scale-up companies from Uganda and local insight from FITSPA. The event is supported by WorldRemit, one of Uganda’s remittance partners, who will also present their view on growth via partnerships in the country.



Martin Best is the Managing Director of the agency Full Reach.


Waxed: Revolutionising Africa’s Transport Industry



Waxd Group CEO, Anthony Stewart (Image & Article: Waxd)

An estimated 70% of Africa’s urban population live in informal settlement housing. They rely on privately-owned minibus taxis and public bus transport systems to travel to work, send their children to school, and live out their day-to-day lives. The need for digital payment and cashless fare collection solutions – that provide a secure and seamless way for people to access the routes they use every single day – is critical.

Digital payment systems for the transport industry will remove the need for physical tickets and cash payments, and speed up transactions and transport times. With public transport spending accounting for up to 10% of consumer income in Africa, the implications for the transport industry are vast. South Africa alone has over 200,000 minibus taxis transporting more than 15 million commuters daily.

The Waxd story started when Waxd patented a method for processing app payments through EFT rails, cutting merchant fees from 2-3.5% to 0.4%. Although the idea was good, it needed the co-operation of the banks. This was not very forthcoming as the solution would cost the banks in transaction revenues. After months of frustration, Waxd decided to look at areas of innovation where the banks had failed.


Waxd provides an accessible payment solution that enables public transport drivers to accept different payment methods from passengers, including biometric and prepaid cards which can be recharged by commuters to pay for their rides. Transport operators, owners and drivers can also track their revenue in real-time and manage their fleet with improved efficiency and transparency.

An informal, unregulated transport industry leads to many challenges being faced by all stakeholders. A digital payment system leads to a simpler, safer payment solution for all – from commuters and drivers, to owners and government.

The Africa transport revolution is happening at a rapid rate, and Waxd is at the forefront of developments – committed to providing technologically-advanced payment solutions and to enabling financial inclusion for everyone.

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Press Release

The State of AI in Africa: 2022 Report



The State of AI in Africa Report launch was held on the 14th June at the Council for Scientific and Industrial Research (CSIR) Pretoria, South Africa and co-hosted by the World Economic Forum Centre for the 4IR South Africa and City of Tshwane. This 32-page report will appeal to analysts, enterprises, channel managers, governments, VCs or investors, NGOs, Embassies, trade missions and regional promotion agencies who are seeking deeper insights about the dynamics of this rapidly growing frontier tech market.

A key finding was just how cross cutting this technology is, with South Africa, Nigeria, Egypt and Kenya dominating this sector and AI impacting at least 120+ separate market segments across Africa. Privately owned SMMEs or Micro businesses make up 75% of this sector, 40% of which were founded in the last 5 years, showing the importance nation states need to place on supporting their local tech ecosystems.


It’s also attracting serious capital, with Tunisian AI start-up InstaDeep receiving $100m USD Series A funding earlier in 2022.  The global AI market is also projected to grow from $387 Bn USD in 2022 to $1,394 Bn by 2029, exhibiting a CAGR of 20%. Bradshaw concluded, “It’s a positive sign that this technology and the growing regional AI start-up ecosystems can win big across Africa if these trends continue.”

A copy of the report can be obtained online here.

The AI Media Group is a South African based industry analysis, publishing & business events consultancy specializing in the 4IR or smart tech sector in Africa. They are curators of AI Expo Africa, the continent’s largest B2B/B2G Artificial Intelligence (AI) and Robotic Process Automation (RPA) trade show and publishers of Synapse, the first quarterly trade magazine charting Africa’s 4IR innovation journey. The group also runs AI TV which hosts discussions on trends in AI and 4IR technologies with local, regional and global thought leaders.

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Digital Asset Marketplace in a Web3 Economy with Chains CEO



The digital asset landscape has been evolving over the past decade since blockchain technology made it possible to exchange value digitally. This was not previously possible before the launch of the Bitcoin network by Satoshi Nakamoto due to the double-spend problem.

A crypto exchange is effectively a marketplace where people buy and sell cryptocurrencies such as Bitcoin and Ethereum. The first well-known example of such a platform was Mt Gox which appeared in 2010, created by Jed McCaleb who is also co-founder and the Chief Technology Officer of Stellar – a payment network blockchain ecosystem focused on enabling low-cost cross-border transactions. The exchange imploded when it got hacked for hundreds of thousands of bitcoins and following that, many other exchanges started popping up, promising better security and liquidity.

The industry has evolved since then. Now there are hundreds of crypto exchanges – centralised and decentralised, custodial and non-custodial, from peer-to-peer marketplaces such as Paxful to order-book based exchanges such as Binance. These digital asset marketplaces also offer different services from spot to futures trading, savings products, NFT marketplaces and so much more. hopes to become one of the new market leaders by introducing a comprehensive offering that amalgamates all the different crypto products and services into an all-in-one platform. In this interview, Anderson Mccutcheon, CEO of gives insights into the future of crypto marketplaces. Excerpts below:


BAO: How would you best describe Chains?

Anderson: Chains is a MetaFi platform, aimed at the next generation of web3 users. A single account, connected to multiple products, that are connected to multiple blockchains. Our goal is to cater to users that want to utilise cryptocurrency and NFT products, without having to learn the underlying technology.

BAO: There are already many crypto projects offering launchpads, exchanges and marketplaces. Why does space need a platform like Chains?

Anderson: For the same reason the world needs an Apple and a Samsung. A Ferrari and a Lamborghini. Variety and competition breed excellence and better results for users. We see what happens in markets where few players dominate – innovation slows down and users get locked into mediocre products.

BAO: Is Chains an open-source project and are you building on or integrating with any public blockchains?

Anderson: We are integrating with multiple blockchains that are open to various degrees. We natively support ETH, Polygon, BSC and TRON, with our generation-1 products. We will definitely be introducing more support for more blockchains and products in the immediate future.

BAO: What are the components of the Chains blockchain ecosystem? Can you share some key insights into your technology stack?

Anderson: Chains is not a technology company. Just like Coinbase isn’t. We are a product company that uses hundreds of technologies at any given time. We are part of the Amazon Activate program and our centralised services are mostly AWS-powered.

BAO: Are you looking to bring NFTs to your ecosystem in the future? In what ways will NFTs be used within your ecosystem?

Anderson: NFTs are an integral part of our ecosystem. We are conducting one of the biggest NFT allocations in the world with the Deep Space Society GEN-0 drop. 1 million NFTs allocated on Polygon.

BAO: What is a CHA token and can you describe its utility or tokenomics?

Anderson: It’s a utility token that is the backbone of our product ecosystem. Not using CHA and using Chains would mean paying more fees, not having access to certain stages of token sales and advanced marketplace features. 

BAO: When can people expect the token sale?

Anderson: We are currently in the pre-sale phase, an opportunity that hasn’t presented itself in years where those who believe in the project can buy into a blue-chip ICO. It’s been a long time since a CeFi/MetaFi platform has conducted a token sale in this way for early adopters.

BAO: Is the sale subject to any regulatory oversight and will you be accepting accredited investors?

Anderson: Yes. We have successfully completed SEC 506c compliance, meaning we are not only compliant, but we can market openly to accredited investors from the US.

BAO: Currently you have one of the most popular whitelists in the entire crypto space, what do you think makes a good crypto project?

Anderson: A strong team, a financial model that has been tested and proven to be working, a multi-year roadmap and a track record of delivering.

BAO: What is vCHA and how can people earn or acquire some?

Anderson: vCHA is a non-currency issued to our early adopters. You can accumulate it by registering, filling out your profile and inviting others to the platform. vCHA is converted into a permanent discount on the platform (which includes the upcoming CHA token sale) , which is the equivalent of staking $5000.

BAO: What can the community expect next from your roadmap?

Anderson: Launchpad comes first. Our goal is to showcase our ability to deliver world class products that can serve hundreds of thousands of users. Prism, our Analytics product, will also be launching this year, and will set a new standard for what a portfolio and asset tracking system should look like. 



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