from HASSAN ONYANGO in Kampala, Uganda
Uganda Bureau
KAMPALA, (CAJ News) – THE global verification provider, Sumsub, has joined the Financial Technology Service Providers Association (FITSPA) to support innovation, collaboration and financial inclusion in Uganda.
The company believes its platinum membership of the leading fintech industry body in the country, announced on Tuesday, will contribute to the growth and resilience of the country’s digital economy.
“We are proud to become part of FITSPA’s growing community and support initiatives that are shaping the future of fintech in Uganda and across Africa,” said Kat Cloud, Head of Government Relations at Sumsub.
The official said Sumsub strongly believed in empowering the industry’s next level of innovation, from helping Ugandan companies scale internationally, to supporting inclusive programmes, including Women in Fintech.
“We look forward to sharing our experience and building impactful partnerships in the region,” Cloud said.
Established in 2017, FITSPA represents more than 200 organisations, including telecoms, banks, payment service providers, digital lenders and cyber security companies.
Sumsub’s inclusion into the association is seen as bringing internationally-tested expertise in user verification, regulatory compliance and fraud prevention, thus enhancing the infrastructure upon which fintech companies can flourish.
“Importantly, Sumsub’s entry into the FITSPA community is a testament to the vitality of Uganda’s digital financial services sector and market. It also reflects our organizations’ shared belief in community and collaboration,” George Ssenkande, FITSPA Membership and Programmes Lead, added.
Sumsub reports it has over 4 000 clients across the fintech, crypto, transportation, trading, e-commerce, education and gaming industries.
It mentions among others, Avis, Bitpanda, Bybit, Duolingo, Kaizen Gaming, TransferGo, Vodafone and Wirex.
According to a report by Financial Sector Deepening Uganda, the sector created over 10 000 jobs in Uganda in 2022. This is expected to rise to over 20 000 jobs by 2025.
As of October 2024, there were 184 fintechs in the country.
– CAJ News