The Bank of Uganda hosted board members from both MTN Uganda and MTN Fintech for a strategic meeting, which was chaired by the BoU Governor, Dr. Michael Atingi-Ego, flanked by Dr. Tumubweinee Twinemanzi, the Executive Director National Payment Systems.
Attended by a team from MTN Uganda led by Ms. Sylvia Mulinge, the CEO MTN Telecom and Mr. Richard Yego, the CEO MTN MoMo, the meeting focused on strengthening the role of payment system providers and operators in extending financial services to more Ugandans, and how regulators and service providers can work together to drive innovation and sustainable growth in the payments ecosystem, to deepen financial inclusion and support national development.
Important to note is that this meeting between the Bank of Uganda and MTN Uganda leadership signifies a pivotal moment for Uganda’s fintech landscape. It underscores a strategic commitment to leverage mobile money providers as a primary force for driving financial inclusion and national development. According to the Governor, this is a critical step in building a collaborative, regulated, and innovative payments ecosystem.
The meeting’s focus on extending financial services to more Ugandans highlights the central role of mobile money in a country where it often surpasses traditional banking in reach and usage.
MTN MoMo, as a dominant player with a vast agent network and a wide array of services, including loans (MoMo Advance), savings, and bill payments, is an indispensable partner for the central bank. The collaboration thus aims to overcome barriers to access, particularly for underserved populations in rural areas.
The BoU’s engagement with MTN’s highest leadership, therefore, shows a recognition that the future of financial inclusion lies in a strong partnership between the regulator and the key market providers.
This will facilitate smoother transactions, lower costs, and increase trust in digital financial services, which are critical for an economy where over 81% of the adult population has access to some form of financial service, largely driven by mobile money.
Beyond inclusion, the meeting emphasised how regulators and service providers can “partner to drive innovation and sustainable growth.” For fintech in Uganda, this signifies a move away from a purely reactive regulatory approach to a more proactive, collaborative one.
As Dr. Twinemanzi reiterated, “It suggests that the BoU is open to working with major players like MTN MoMo to create a regulatory environment that not only ensures safety and stability, a key concern addressed by the National Payment Systems Act, 2020, but also encourages the development of new, high-impact products. This is vital for addressing the financial needs of a rapidly growing population.
On the other hand, the discussions on innovation signal a willingness to explore new business models and technologies that can support national development goals, such as digitising government payments and enabling e-commerce.
The meeting also serves as a public signal of regulatory confidence in the payments ecosystem. The presence of the BoU Governor at the meeting with the boards of both MTN MoMo and MTN Fintech demonstrates a top-level commitment to supervising a secure and efficient payment system.
It also reinforces the regulatory authority’s role in guiding the sector’s growth. By focusing on governance and sustainability, the BoU is ensuring that as these platforms grow, they do so with robust oversight, consumer protection, and risk management.
The Governor noted that this meeting is not just about one company, but a strategic move to set a precedent for how the central bank will engage with all key players in the fintech space to build a resilient and inclusive digital economy.