FITSPA in strategic deal to use BPC’s global online payments platform

June 15, 2023 in Business, Companies, Finance, Financial Services by Editor

With the exchange of documents, Molla (right) said BPC is thrilled to join FITSPA in Uganda and help bring about an inspiring future filled with expansive socio-economic growth and a thriving middle-income status while Muddu said BPC can help partner with Ugandan fintechs to offer solutions to companies, businesses and the government in various spheres.

The Financial Technology Services Providers’ Association (FITSPA), which is Uganda’s fintech umbrella body, has signed a strategic partnership agreement with the Swiss-based BPC, a global leader as a banking, payments and commerce online platform with a footprint spanning 100 countries.

FITSPA has a mission to help create a conducive environment that stimulates innovation in Uganda’s financial services sector while its vision is to act as a catalyst in the development of Uganda’s financial services industry that accelerates inclusive socio-economic growth towards attaining the desired middle income status.

Frank Molla, Managing Director for sub-Saharan Africa at BPC Banking Technologies said, “We are thrilled to join FITSPA in Uganda as this gives us the opportunity to show our dedication in supporting and contributing to the fintech ecosystem in Uganda. As we deepen our presence in this vibrant and evolving market, we aim to help bring about an inspiring future filled with expansive socio-economic growth and a thriving middle-income status.”

Since its launch in July 2017 with five founding members, FITSPA has grown to accommodate 206 today. The Association has cultivated a reputation for building an engaged, value-driven community. FITSPA’s mission to create a safe and regulated fintech ecosystem, aligns seamlessly with BPC’s commitment to delivering robust, reliable financial technologies.

Zianah N. Muddu the FITSPA Engagement Manager said, “These are the kinds of partnerships which will give more presence in the country and partnerships that are going to make the business scale, not only in Uganda but also globally. The market is looking for game-changers in improving and serving our customers better as well as building solutions to help businesses scale beyond Kampala and Uganda,”

According to a release, fintech in Uganda presents a landscape filled with vast opportunities. With a rapidly growing population embracing digital transformation, there is a surge in demand for innovative financial solutions that can improve financial inclusion and socio-economic growth. Digital investment in Uganda is set to reach a total transaction value of $10.57 million in 2023, and the digital payments market is projected to encompass 18.22 million users by 2027.

Muddu, who is also the General Secretary of the Africa Fintech Network said, “Coming to Uganda, BPC can help partner with Ugandan fintechs to offer solutions to companies, businesses and the government in various spheres.  As FITSPA, we lobby and advocate for better policies in the market for our members, but also create opportunities for them. This will continue with the coming of BPC.”

Often referred to as the ‘globetrotter in fintech’, BPC technology is at its very core, a transaction hub of data. The company offers solutions that turn this hub into a payments platform, a banking platform, an eCommerce, eGovernment or Mobility platform.

The evolution of fintech has the potential to drive financial literacy, increase access to credit, improve business efficiencies, and stimulate economic activity, creating a more resilient and vibrant financial ecosystem in Uganda.

As a new Platinum Member of FITSPA, BPC is uniquely positioned to contribute meaningfully to these key areas of growth. By leveraging its comprehensive suite of digital payment solutions, BPC will continue to drive forward Uganda’s digital transformation, ensuring that businesses and consumers alike can enjoy the benefits of secure, efficient, and accessible financial services.

BPC has built a strong reputation for understanding and mastering local banking and payment context and behaviour. With 400 customers across 100 countries globally, BPC has collaborated with all ecosystem players ranging from tier one banks to neobanks, Payment Service Providers (PSPs) to large processors, ecommerce giants to start-up merchants, and government bodies to local hail riding companies, contributing to better financial inclusion using next-generation technology.