Fostering an enabling environment for FinTechs in Uganda

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Emergence of the digital economy has revolutionised a multitude of practices, including settlement of dues and transfer of value, resulting into the prominence of FinTechs as a viable alternative means of transacting between individuals and organisations alike.

On the flip side, regulations shaping the environment in which these FinTechs operate have not evolved at the same pace, resulting into uncertainty on expectations in some instances and varying interpretation of the statutes in place.

I had a conversation with the leadership of Financial Technology Service Provider’s Association of Uganda (FITSPA) around tax and other regulatory updates critical to their member organisations, but most importantly to explore avenues on how to shape policy affecting their operations in Uganda.

The key resolutions arrived at include:

•  Enhancing member capacity through sharing of knowledge on their tax and regulatory obligations across various platforms.
• Spotlighting critical tax policies affecting FinTechs for further engagement and stakeholder dialogue
• Developing platforms for focused advocacy efforts with a view of unlocking the potential of FinTechs in Uganda

I am optimistic about the possibilities that lie ahead as we continue to deliberately make steps towards shaping the environment in which FinTechs in Uganda operate.

Written by

Edgar Mukasa

Edgar is an Associate Director in KPMG Uganda with over 13 years experience working as a tax advisor in KPMG.

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