Uganda's Fintech Revolution Enters New Phase with Oil Production

Uganda's fintech revolution began long before the term 'fintech' became popular. Mobile phones enabled millions of Ugandans to access financial services without entering a traditional bank branch. This model fundamentally altered financial inclusion in the country, but now Uganda is on the cusp of another transformation.

Commercial oil production is set to begin, generating new government revenues and business opportunities. The economy is expected to grow from 6.2% in 2025/26 to 9.4% in 2026/27 as oil production increases. This growth presents a new challenge for fintech: providing better credit, savings, business payments, and investment products.

Mobile money has already connected people to finance, but the next step is to help them use this money productively. Ugandan fintech companies are rising to this challenge, offering services such as multi-currency financial applications, working-capital financing for small businesses, asset financing, digital financial-management tools, and mobile-money infrastructure.

The Bank of Uganda's National Financial Inclusion Strategy II aims to expand physical and digital access points, strengthen payment systems, improve consumer protection, and increase access among underserved communities. Regulation is also evolving to keep pace with innovation, with the central bank continuing to supervise payment institutions as digital finance becomes more important.