The Financial Technologies Service Providers Association (FITSPA) Uganda has been honored by the Alliance of Digital Finance and Fintech Associations (AllianceDFA) at the 2024 Digital Finance and Fintech Association (DFA) Awards for their contributions to advancing Uganda’s digital finance and fintech ecosystem.
The association [FITSPA] emerged as a runner-up in the Leadership in Regulatory and Policy Impact Award category. Notably, there are six other categories; Excellence in Fintech and Startup Support Award, Excellence in Capacity Building and Talent Development Award, Innovation in Industry Reports and Knowledge Sharing Award, Best Initiative for Consumer Protection and Growth Award, Outstanding Event of the Year Award, and Outstanding DFA of the Year Award.
The awards honor and celebrate excellence and amplify the influence and reach of DFAs. The awards underscore the vital role DFAs play in building the ecosystem, demonstrating their enormous value and capacity to influence.
FITSPA Uganda has been a key advocate for the inclusion of the fintech ecosystem in regulatory and policy frameworks established by key regulatory bodies. Through its persistent efforts, the association has ensured that fintech players across the country have a voice in shaping policies that directly impact innovation, growth, and consumer protection within the sector. By actively engaging with regulators, FITSPA has contributed to the creation of a more enabling environment that balances innovation with regulatory oversight, fostering the growth of a thriving and inclusive fintech ecosystem.
Uganda’s fintech sector has witnessed remarkable growth, thanks in large part to the pivotal role played by the association (FITSPA). As a champion of innovation and inclusivity, FITSPA has spearheaded several initiatives to shape a conducive regulatory and policy environment. By bridging the gap between regulators and fintech innovators, FITSPA has positioned Uganda as a trailblazer in creating a forward-thinking ecosystem that supports sustainable growth in the digital finance landscape.
One of FITSPA’s key achievements is its advocacy for the licensing of digital lenders through the Uganda Microfinance Regulatory Authority. This milestone ensures that digital lenders operate within a regulated framework and fosters trust and accountability within the sector. Additionally, FITSPA’s support in developing Tier 4 Digital Lending Guidelines demonstrates its commitment to creating an inclusive and responsible digital lending ecosystem. By helping regulators understand digitization and data-sharing, FITSPA is paving the way for robust financial practices that benefit consumers and businesses.
FITSPA’s influence extends beyond digital lending to the broader fintech landscape. Its collaboration with the Financial Intelligence Authority to establish a risk assessment framework for virtual assets has strengthened the sector’s alignment with global compliance standards. Furthermore, FITSPA has been instrumental in guiding fintech companies through the complex process of obtaining licenses from the Central Bank of Uganda, ensuring seamless navigation of regulatory requirements. These efforts collectively highlight FITSPA’s unwavering dedication to fostering a resilient, innovative, and globally competitive fintech sector in Uganda.
The DFA Awards spotlights the transformational initiatives and leadership of DFAs and their role in shaping the future of the global fintech landscape. From capacity building and startup support to regulatory advocacy and consumer protection, DFAs are at the forefront of creating sustainable impact and advancing finance inclusion. Their work empowers professionals, strengthens ecosystems, and propels the industry toward responsible and inclusive growth.
As national leaders, DFAs offer unparalleled access to extensive networks and informed industry insights. They advocate for enabling regulatory environments, cultivate strategic partnerships, provide technical assistance, establish standards for market conduct and practice, and enhance capacity within the profession. These efforts are pivotal in fostering collaboration, driving fintech innovation and growth, and enhancing ecosystem resilience.
