Equity Bank Uganda and the Financial Technology Service Providers Association (FITSPA) recently hosted an exclusive Fintech Breakfast meeting. The gathering, held at the Golden Tulip Hotel in Kampala, brought together key players from Uganda’s dynamic financial technology ecosystem to explore the evolving landscape of digital banking and fintech collaboration.
Under the theme “Building the Future of Digital Finance Together,” the event highlighted Equity Bank’s strategic pivot toward deepening partnerships with innovators.
The event kicked off with opening remarks from Doreen Lukandwa, FITSPA’s Vice Chairperson and Head of Commercial Strategy at Onafriq. Lukandwa emphasized how the breakfast aligned with FITSPA’s strategic objectives of driving collaboration and infrastructure development to foster innovation. She expressed gratitude to Equity Bank for organizing this crucial conversation and for opening up channels for partnerships with fintechs.
Equity Bank’s value proposition for Fintechs
The Equity Bank team presented a comprehensive overview of their offerings for fintechs, demonstrating their commitment to fostering a robust fintech ecosystem.
Mandela Joshua, Manager Integrations, highlighted Equity’s extensive integration options. These include collections through Equity Bank’s vast network, host-to-host integrations, e-commerce integrations, partnerships for prepaid and proprietary cards, the MasterCard Community Pass, and advisory services for fintechs seeking Central Bank licensing.
Galabuzi Johnson, Head of Personal Banking, detailed the bank’s fintech account offerings. These encompass fixed and call deposit accounts, escrow accounts, and various financing solutions such as unsecured bridge finance, overdrafts, Eazzy stock financing, and float financing.
Johnson also introduced a range of products for fintech employees, including savings accounts, personal current accounts, premium accounts, supreme accounts, digital savings accounts, and various financing options.
James Sserumaga, Senior Manager Bancassurance, presented the fintech insurance offerings, which include cybersecurity insurance, professional liability insurance, directors and officers (D&O) insurance, errors & omissions (E&O) insurance, and financial crime insurance.
Risk and compliance in Bank-Fintech partnerships
A highlight of the event was a panel discussion titled “Risk and Compliance in Bank-Fintech Partnerships.” The panel featured Brian Kalule, FITSPA Company Secretary and Head of Technology, Media and Telecoms at AF Mpanga Advocates; Ronald Azairwe, MD and Co-Founder of Pegasus Technologies Limited; and Mark Nyerinde, Senior Head Product House at Equity Bank.
The panelists delved into the risks inherent in bank-fintech partnerships and provided valuable insights on structuring safe partnerships and navigating compliance issues. This discussion underscored the importance of security, operational efficiency, and customer-centricity as critical pillars for success in the digital finance landscape.
As the event drew to a close, Equity Bank’s Managing Director, Gift Shoko, reiterated the bank’s strategic position focused on “co-opetition” – identifying areas for co-creation and collaboration rather than competition with fintechs. Shoko emphasized that banks and fintechs should adopt an incremental mindset to collaborate and unlock more opportunities for mutual growth, rather than simply sharing existing opportunities.
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