On July 2, 2024, the Golf Course Hotel in Kampala hosted the Business-Fintech Meet, an event organized by Sustainable Business for Uganda (SB4U) and hosted by Sarah Kitakule, SB4U’s Executive Director. The event brought together stakeholders from the MSME sector, fintech experts, financial institutions, and tech innovators to explore the integration of technology and finance for supporting MSME growth in Uganda. Winnie Atabaruyo, Founder of Ant Feet, served as the Master of Ceremony.
Opening Remarks and Keynote Addresses
Sofian Dahmani, European Union Representative: Sofian Dahmani kicked off the event with welcome remarks, emphasizing the importance of facilitating MSMEs’ access to capital through fintech. He introduced the EU’s “access to finance portal” and highlighted the benefits of fintech, such as streamlined financial processes and enhanced financial inclusion, particularly in rural areas.
Ivan James Ssetimba, Bank of Uganda: Ivan James Ssetimba, Deputy Director of the National Payment Systems Department, discussed the significant role of MSMEs in Uganda’s economy, providing over 90% of private-sector jobs. He outlined challenges faced by MSMEs, including high interest rates and lack of collateral, and presented fintech innovations like alternative credit scoring and digital lending platforms as solutions.
Doreen Lukandwa, FITSPA Vice Chairperson: Doreen Lukandwa addressed the role of fintech in MSME growth, representing over 211 FITSPA members. She discussed the benefits of fintech, such as improved efficiency and customer experiences, and highlighted future trends like AI and blockchain technology.
Pitching Sessions
Several fintech companies presented their innovative solutions aimed at supporting MSMEs:
- Analytics Business Centre (ABC): Data-driven decision-making tools.
- Diamond Trust Bank (DTB): Astra banking-as-a-service platform.
- Fintech Group: Kapilink for supply chain financing.
- Numida: Mobile app for working capital loans.
- Kanzu Code: Cloud-based banking solutions.
- Flutterwave: Simplified payment collection and payouts.
- Safe Boda: Logistical solutions for businesses.
- Interswitch: Digital payment processing and financial inclusion services.
- Milima Security: Cybersecurity support.
- True African: Custom-tailored software solutions.
Testimonial Session
Business owners shared their experiences with obtaining loans and the impact of fintech on their businesses:
- Sarah Lubega: Overcoming gender biases in loan acquisition.
- Jolly Barugire: Importance of loans in business growth.
- Rebecca Akullu: Necessity of organized financial details.
- Rita Gashishiri, Santa Viva: Importance of education and digitalization.
- Winnifred Adong: Ayema platform linking businesses to customers.
Conclusion
The Business-Fintech Meet provided valuable insights into the integration of technology and finance to support MSMEs in Uganda. It highlighted fintech’s role in enhancing financial inclusion, streamlining processes, and providing innovative solutions to challenges faced by MSMEs. The event fostered a collaborative environment, offering networking opportunities, pitching sessions, and testimonials to drive growth and sustainability in the sector.
