Business 13 April 2026 Daily Monitor (Uganda)
Uganda's Offline Fintech Surge: Untapped Opportunities for Investors
Uganda's fintech sector thrives on mobile money and hybrid models amid low internet penetration of 34.4%, outpacing formal bank accounts with 34.6 million users by 2025. Investors overlook the boom in offline solutions like USSD, agent networks, and platforms serving rural areas. Source: https://www.monitor.co.ug/uganda/business/prosper/what-investors-are-missing-in-the-offline-fintech-boom-5421656
Uganda’s fintech landscape is booming, driven more by mobile money than internet-based apps. With 34.6 million active mobile money users surpassing 24 million bank accounts by 2025, transactions hit Shs253.7 trillion in 2024.
Internet access lags at 34.4% penetration, compared to Kenya’s 57% and South Africa’s 83%. Rural areas rely on feature phones and spotty 2G networks, limiting app-only services.
Experts like George Bakka of ANGELS emphasize hybrid models as essential. These use USSD, SMS, and over 741,400 agents—up from 447,100 in 2022—to bridge connectivity gaps and withstand shutdowns.
Investment remains low at $6 million in 2024, versus hundreds of millions in Nigeria or Kenya, missing the potential of offline-first innovations.
Platforms like EzyAgric exemplify this, offering farmers inputs, credit, and market links via hybrid tools. Such systems transform agriculture, employing 65% of Ugandans, alongside savings groups and insurance.
Richard Jabel of Agent Banking Company notes blended approaches outperform pure digital strategies in rural outreach.
Source: Daily Monitor (Uganda)