Last week, the Financial Technology Service Providers Association (FITSPA) held its 6th annual conference at Kampala Sheraton Hotel under the theme “Collaboration for Growth: Leveraging Partnerships and Collaboration to Drive Innovation and Growth in Uganda’s Fintech Sector”. The two-day conference was led by inter-sector dialogue and conversations highlighting the relevance of mutually beneficial engagement and collaboration between sectors and shedding light on proven strategies and models for building the fintech ecosystem.
The conference gathered industry leaders, innovators, and professionals eager to understand the evolving digital landscape and harness its potential for their organizations. Among the industry leaders was Dr. Twinemanzi Tumubweine, the Executive Director of National Payments at the Bank of Uganda, who in a dynamic session titled “Unpacking the Power of Collaboration to Deliver a Robust Digital Economy,” shared key thoughts on regulation, artificial intelligence (AI), cybersecurity, and the importance of collaboration within the fintech ecosystem.
Dr. Twinemanzi stressed that regulators must strike a delicate balance to promote innovation without stifling growth. Speaking about the future of AI in fintech, he urged regulators to prioritize risk management over strict laws. “AI that drives progress should be created in ways that reduce risk and allow fintech to thrive in an environment that promotes technological advancement,” explained Dr. Twinemanzi. He believes fintech and other digital financial services can scale without unnecessary barriers. This fosters a regulatory environment that promotes growth and innovation. This will help propel Uganda’s digital economy to new heights.
Meanwhile, a key theme in the conversation was the issue of cybersecurity, an area where the government and fintech companies have a role to play. Dr. Twinemanzi argued that a collective effort to tackle cyber threats is critical and that individuals must play their part too, by protecting their data and devices. “The first line of defense against cyber threats and fraud lies with the individual,” he said, noting that people often overlook basic security measures. He said that most people don’t even read the terms of use for new devices, underscoring the need for a more vigilant and proactive approach to personal cybersecurity.
He emphasized the need for smarter and more proactive personal cyber security. Although government regulations and industry standards can provide a framework for strong cybersecurity, he said “responsibility is shared” —and only collective consciousness and action can achieve a secure digital economy.
See also: OP-ED: Building a robust cybersecurity readiness for Africa’s digital future
There was also a light consensus in the discussion on the fintech ecosystem, especially how the embrace of collaboration rather than competition is important. Dr. Twinemanzi advocated for partnerships in the fintech sector, especially through collaborative platforms like FITSPA. He motivated the stakeholders in the fintech industry to regard themselves not as rivals but rather as allies to achieve specific objectives.
“Fintechs have an ample market, which can only be exploited satisfactorily if they change their focus beyond their current income streams,” he stated. In his opinion, if fintech companies partner and move away from siloed perspectives, they will all play a part in fostering a better and more inclusive financial ecosystem.
He highlighted how collaboration works in unlocking the growth potential that is wanted: individual firms and the sector as a whole. In his words, it is collaboration that will provide the answer to how innovations are created and how a digital economic environment that will be positively impacted by regulators, fintechs, and consumers is created.
Dr. Twinemanzi’s insights offered a compelling reminder that the future of fintech and the broader digital economy relies heavily on collaboration. By working together—across industries, between government bodies and the private sector, and with a shared commitment to innovation and security—the dream of a thriving digital economy can become a reality.
As Uganda’s fintech landscape continues to evolve, the emphasis on collaboration will play an integral role in ensuring that growth is sustainable, inclusive, and secure. Dr. Twinemanzi called for collaboration over competition, balanced regulation, and shared responsibility in cybersecurity providing a roadmap for building a robust digital future.
See also: OP-ED: Architecting cybersecurity for Uganda’s fintech sector
