Monetix is a FinTech solution for unbanked Africans to access simple financing. Uganda has a massive unbanked population, and education for many, especially in technology, is still paving its way. Monetix, in partnership with a Ugandan investment firm, CapitalSavvy, is helping to support small-medium enterprises (SMEs) to have access to credit, which is one of the significant challenges in the region.

Reginald Tumusiime, CEO of CapitalSavvy, shared his experience with how Monetix helped his company to launch a Digital Lending Solution. It is a complete digitized experience from applying for loans, due diligence, and disbursement of the funds, integrating Mobile Money.

Financial technology is revolutionizing East Africa's financial system, providing new opportunities for individuals, businesses, and organizations to access affordable financial services. Mobile money, electronic payments, and digital banking are just some of the innovations transforming how people access financial services in the region.

Mobile money has been integral in driving financial inclusion in the region, particularly in rural areas. Since its launch in Kenya in 2007, mobile money has grown exponentially, with 23 million mobile money users in the country and 12.5 million active users as of 2019. The success of mobile money has spread across East Africa, and all countries in the region now have numerous mobile financial platforms that offer much more than just cash transfers.

Additionally, mobile money has enabled small businesses to accept digital payments, facilitating regional trade and commerce. It has also provided a platform for developing new financial products and services, such as loans, insurance, and savings products, which have previously been unavailable or difficult to access for many people in the region.

The growth of mobile financial services has enabled greater access to finances for individuals, businesses, and organizations, especially in rural areas. These services provide a low-cost alternative to traditional financial services, making it easier and more affordable for people to access banking and other financial services. Additionally, mobile money has enabled individuals to send and receive money more quickly and securely, reducing the cost and risk of money transfers.

Financial technology also deepens the financial sector in developing economies, providing new instruments and opportunities for businesses and organizations. Also, advances in financial technology have enabled the growth of medical insurance in the region, providing greater access to health care for individuals.

Finally, Fin-Tech plays a vital role in capital market development in East Africa, providing greater access to capital and investment opportunities. It is significant for businesses and organizations looking to grow and expand but with limited access to capital.

Overall, financial technology is transforming the financial system in East Africa, providing individuals, businesses, and organizations with greater access to financial services. As the region continues to innovate, the potential for financial technology to create positive change and drive economic growth is immense.

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