The Minister of State for General Duties, Henry Musasizi, has called for stronger digital innovation in financial services to accelerate regional trade and financial inclusion across East Africa.
Speaking at the opening of the 2nd Peer-to-Peer Learning Conference on Financial Services—Banking and Insurance—at Mestil Hotel in Kampala, Musasizi emphasized the impact of digital finance in the region.
“This conference is timely for East Africa’s financial sector, especially as ICT continues to revolutionize access and delivery of financial services,” Musasizi said.
Themed "Digital Innovation in Financial Services to Boost Cross-Border Trade and Productivity: Empowering East Africa's FinTech Ecosystem," the conference brought together key players from across the East African Community. Participants included regulatory heads, fintech innovators, investors, and financial sector leaders engaged in high-level public-private dialogue and shared learning.
Musasizi highlighted mobile money as a major driver of financial transformation. “In 2023 alone, East Africans conducted more than 36 billion mobile money transactions, valued at USD 200 billion,” he revealed.
He also noted Uganda’s significant progress in expanding financial inclusion. “The financial inclusion rate has risen from just 28% in 2009 to over 66% today, with more than 25 million registered mobile money accounts,” said Musasizi.
He described these advancements as a foundation for deeper regional integration, sustainable development, and greater economic empowerment.
The two-day conference is expected to produce practical recommendations for strengthening East Africa’s digital financial ecosystem, improving regulatory collaboration, and unlocking investment in fintech innovations that serve unbanked and underserved populations.