Uganda’s digital financial services (DFS) market is led by mobile network operators (MNOs), with the main operators—MTN and Airtel—managing the vast majority of users and transactions. Uganda is considered to be one of the markets with the potential to scale up DFS initiatives. Banks, MNOs and aggregators have entered into strategic partnerships to remain competitive. Most of these partnerships are bilateral relationships that create inefficiencies and risks in the payments systems. The payments systems are highly fragmented, but partnerships with organizations such as Interswitch can enhance interoperability initiatives. Meanwhile, as demand for DFS grows, so do the risks for consumers. Instances of fraud in Uganda have put a damper on early efforts and successes. The Bank of Uganda has developed a consumer protection policy and has required DFS providers to comply with it. Finally, the DFS platform is still generally used as a payment tool (cash-in/cash-out, utility and bill payments), rather than a multipurpose channel. Eighty percent of the population depends on agriculture for a livelihood, creating specific challenges and needs that providers need to recognize and address.
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Publisher:
MM4P/UNCDF
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(2014
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Type / Script:
Bulletin or Poster
in English
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Keywords:
FINANCE, FINANCIAL SERVICES, FINANCIAL ASPECTS, FINANCIAL INSTITUTIONS, BANKING INSURANCE, AGENT BANKING, CREDIT, FINANCIAL RESOURCES, , COMPANIES, INVESTMENTS, BUSINESS, STAKEHOLDERS
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Thematic Group:
UNCDF
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Capital Development
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Thesaurus:
02.11.00
- Banking And Investment
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Reference Link:
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