Uganda’s FinTech Industry is really Vibrant. For the first time ever we are seeing investments to the tune of $35 million being made in African companies. This alone goes to show how vibrant fintech is. The trend is quickly catching up in Uganda too. Uganda is ranked 64th in Fintech growth and adoption according to financialtechnologyafrica.com
This article will address who the top Fintech companies in Uganda are and what they are doing differently to grab them the title among the top.
Let us get started ranking
The Ugandan Fintech start-up exclusively focused on how global companies based out of the EU and US collect payments and payout to Africa. 98% of its clients are from the EU and US including companies like XM.com, FXTM.
The company provides an API for companies to seamlessly accept and make payments within their apps and websites. The company sponsored the top range Rugby side the DusuPay Warriors that ended up being fourth in the Rugby premiere league in Uganda from the 9th position they were the previous season.
The Sponsorship was worth over 300 million UGX ($80,000)
The Uganda/ France based startup provides Africa’s first Online Neo bank. It provides A neobank for Africans, anywhere in the world and A multi-currency e-wallet that allows you to exchange, spend and send money at the best possible rates. Insurance, virtual debit cards, and bill payments. Eversend is a one-stop financial services hub allowing them to exchange, save, manage and send money, both online and offline. Eversend is backed by organizations like Techstars, Atomico, Forbes 30 Under 30, Nasdaq Entrepreneurial Center and the London School of Economics.
The company was recently invited to the catapult program in Europe. Catapult is one of the top accelerators for Africa startups
Founded by Allan Rwakatungu, the company enables individuals to make payments, get loans and shop according to founder in the video below.
With one app, one is able to get a loan, make payments, buy airtime & data, pay bills and fees, book an event, movie & bus tickets, shop for phones, electronics, fashion, and groceries.
Awamo offers the long-awaited solution to the problems of Micro Finance Institutions and their clients. Awamo is the digital, mobile banking platform and credit bureau especially designed for MFIs. The biometric technology involved solves the problem of having too little security by protecting client’s data and reducing fraud. Because it is mobile and is optimized for low bandwidth, people living in rural areas can be served better. The offered digital platform is intuitive, easy to use, transparent and comprehensive in order to decrease error rates. Every aspect concerning the MFIs business can be managed in no time via the awamo platform. As a result, interest rates drop, while remaining profitable for MFIs and valuable time can be saved to make every stakeholder better off.
This is a local payments company enabling businesses to accept payments through mobile money for businesses in Uganda. With Beyonic, a business is given a merchant code which the respective customers input on payment.
The above 5 companies are must-watch in the year 2020. Let us know if there is anyone you thought we missed through our Twitter here.
To Better Understand Payments in the region, here is a monkeypesa video helping you get the full picture of Fintech in Africa
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