Uganda Times

Tag: Regional Integration

  • EAC Champions FinTech Integration to Boost Trade and Financial Access

    EAC Champions FinTech Integration to Boost Trade and Financial Access

    EAC Pushes FinTech Integration to Drive Trade and Financial Inclusion

    The East African Community (EAC) has announced renewed efforts to fast-track FinTech integration to strengthen cross-border trade, financial inclusion, and economic productivity in the region.

    At the Peer-to-Peer Conference on Financial Services held in Kampala, key regional leaders and stakeholders emphasized the importance of harmonized regulations, improved digital infrastructure, and system interoperability. These elements are seen as essential to realizing the full benefits of digital finance within the EAC bloc.

    Adrian Njau, Acting Executive Director of the East African Business Council (EABC), said integrated financial services are vital for sustainable economic growth. He stressed that while mobile money has seen impressive uptake—over 36 billion transactions valued at more than $200 million in 2023 across East Africa—regulatory fragmentation continues to hinder regional financial integration.

    Uganda’s State Minister for Finance, Henry Musasizi, highlighted the country’s own achievements, noting that over 66% of Ugandans now use mobile money, up from just 28% in 2009. “Out of Uganda’s 45.9 million population, more than 25 million are registered for mobile money,” he said.

    Despite such progress, challenges remain. Njau pointed to gaps in system interoperability, poor infrastructure, and limited use of key regional tools like the East African Payment System (EAPS) and Pan-African Payment and Settlement System (PAPSS). He criticized reliance on expensive global card systems, which drive up transaction costs unnecessarily.

    Musasizi confirmed Uganda has adopted measures like the National Payment Systems Act to improve interoperability and called for other EAC states to adopt similar reforms.

    EAC Deputy Secretary General Annette Mutaawe Ssemuwemba also reaffirmed the bloc’s commitment to digital financial transformation. She revealed that new payment system solutions are being tested, and work is ongoing to standardize regulations around cross-border data exchange and cybersecurity.

    She praised examples like Kenya’s M-PESA, Rwanda’s $50 million FinTech fund, and Uganda’s mobile money growth as regional success stories. However, she stressed that coordinated strategies are essential for scaling these gains across all member states.

    The event, supported by the European Union, was themed “Digital Innovation in Financial Services to Boost Cross-Border Trade and Productivity: Empowering East Africa’s FinTech Ecosystem.” EU representative Sanne Williams commended the EAC for advancing its payment systems master plan and pledged continued EU support for regulatory and infrastructure development.

    The consensus at the conference was clear: for East Africa to unlock its digital economic future, policy alignment, innovation, and regional cooperation must go hand in hand.

  • EABC’s Oscar Kamukama Champions Private Sector-Led Integration to Boost Uganda–Tanzania Trade

    EABC’s Oscar Kamukama Champions Private Sector-Led Integration to Boost Uganda–Tanzania Trade

    Oscar Kamukama: Regional Integration Must Be Private Sector-Led to Boost Uganda–Tanzania Trade

    Uganda–Tanzania trade integration took center stage at the launch of the Uganda–Tanzania Trade Mission 2025 as Oscar Kamukama, Board Member of the East African Business Council (EABC), called for deeper collaboration and private sector leadership to unlock the region’s full economic potential.

    Speaking during the official unveiling held at Four Points Hotel in Kampala on April 7, Kamukama described the mission as a “strategic intervention” to reinforce commercial partnerships and expand market access between the two nations.

    “Together, Uganda and Tanzania represent a consumer market of more than 130 million people, projected to exceed 150 million by 2030. We must seize this opportunity,” Kamukama said.

    He also highlighted the economic weight both countries carry—Tanzania with a GDP of $85 billion and Uganda with $50 billion—urging businesses to leverage this economic foundation for mutual prosperity.

    The week-long trade mission is a collaborative effort by the Uganda High Commission in Dar es Salaam, the Private Sector Foundation Uganda (PSFU), and the EABC Secretariat. It brings together over 25 Tanzanian companies for a series of B2B matchmaking events, industrial visits, and policy-level dialogues.

    Kamukama revealed that in 2022, Tanzania was Uganda’s fifth-largest source of imports, amounting to over $300 million, while Uganda exported goods worth $170 million to its southern neighbor. Key Ugandan exports include sugar, cement, paper products, and animal feeds, while Tanzania’s main exports to Uganda comprise petroleum products, cereals, salt, and manufactured goods.

    “These numbers demonstrate strong ties, but they also highlight the untapped potential for growth and diversification,” Kamukama emphasized.

    He further urged stakeholders to align regional trade efforts with the African Continental Free Trade Area (AfCFTA), which he noted opens up access to a unified market of more than 1.4 billion people.

    “At EABC, our vision is a borderless East Africa where business can thrive. For this to work, the private sector must lead—with public institutions playing a supportive role,” he added.

    The trade mission, held under the theme “Building Stronger Trade Partnerships for Long-Term Prosperity,” gathered policymakers, development partners, and business leaders from both countries. Kamukama challenged attendees to turn the week’s conversations into actionable outcomes, from trade deals to policy reforms.

    “Let this be more than just meetings. Let it produce tangible partnerships that can transform our economies,” he concluded.

    With renewed energy behind bilateral cooperation, the Uganda–Tanzania Trade Mission sets a promising tone for regional growth—anchored in strategic collaboration and led by the power of the private sector.

  • Uganda Reinforces Commitment to Regional Integration at Northern Corridor Meetings in Kigali

    Uganda Reinforces Commitment to Regional Integration at Northern Corridor Meetings in Kigali

    Uganda’s Ambassador Richard Kabonero emphasized the nation’s dedication to regional integration and economic transformation during the Northern Corridor Integrated Projects (NCIPs) meetings in Kigali, Rwanda.

    Speaking at the Single Customs Territory (SCT) and Immigration, Tourism, Trade and Services (ITTLS) cluster meetings, Kabonero, who is Uganda’s National Coordinator for the NCIPs, congratulated Rwanda on the successful conclusion of its recent presidential elections. He underscored the importance of removing trade barriers and enhancing infrastructure to facilitate regional trade within the Northern Corridor.

    Kabonero praised Rwanda’s leadership in hosting the meetings and highlighted significant progress in projects such as the Standard Gauge Railway and ICT Infrastructure Development. Transitioning to the ITTLS cluster, he reiterated Uganda’s commitment to the NCIPs, focusing on directives aimed at boosting regional integration through improved trade, immigration, tourism, and labor services.

    He stressed the urgency of implementing these directives to achieve substantial economic benefits for all member states. “In our pursuit of regional integration and economic transformation through the NCIPs, Uganda remains steadfast in fostering collaboration and eliminating barriers to trade. Together with our regional partners, we are committed to realizing tangible benefits that will uplift the livelihoods of our people,” Kabonero stated.

    The Uganda delegation, led by Kabonero, included Amb. Gen. Robert Rusoke, High Commissioner of Uganda to Rwanda, Deputy High Commissioner Amb. Margaret Kedisi, and officials from the Ministry of Foreign Affairs, Uganda Revenue Authority, and the Ministry of Trade.

    As Uganda prepares to host upcoming meetings for other NCIPs clusters, Kabonero expressed the country’s readiness to report concrete deliverables at the 15th Summit, showcasing the progress made since these initiatives began in 2018.

  • Somalia Meets Full Budget Contribution to EAC, Highlighting Integration Challenges

    Somalia Meets Full Budget Contribution to EAC, Highlighting Integration Challenges

    Somalia has fully paid its budget contribution of $7.8 million for the 2024/25 financial year, marking a significant milestone in its commitment to the East African Community (EAC). This payment precedes that of the Democratic Republic of Congo (DRC), which joined the bloc two years ago but has yet to make any financial contributions.

    President Hassan Sheikh Mohamud’s administration submitted $7,853,071 last month, just before the EAC budget was presented to the legislative assembly. Somalia’s contribution increased the EAC budget from $103,842,880 in the 2023/24 financial year to $112,984,442 for 2024/25.

    MP Kennedy Mukulia, presenting the Committee General Purposes report, highlighted that Somalia’s inclusion brings additional responsibilities to EAC Organs and Institutions. “While the Community’s budget appears to have grown, this is largely due to Somalia’s $7,853,071 contribution,” Mukulia stated.

    As of June 2024, the DRC owed the EAC $14.7 million, Burundi $11.2 million, and South Sudan $8.6 million. Kenya had fully paid its dues, while other EAC partner states had minimal arrears: Rwanda owed $920,869, Uganda $200,203, and Tanzania $122,694. Mukulia emphasized the urgent need for disbursement of outstanding contributions to facilitate the activities for the financial year ending June 30, 2024.

    Somalia recently reaffirmed its commitment to EAC integration, actively participating in a significant regional meeting held last month in Nairobi. “It’s now time to align Somalia’s national processes with regional frameworks to ensure comprehensive integration,” stated Secretary-General Veronica Nduva at the event.

    The roadmap will include joint activities by Somalia and EAC organs and institutions. The EALA General Purpose Committee recommended that Somalia’s integration process be coordinated with that of South Sudan and the DRC, which are still lagging. Mukulia noted, “Despite the urgency to integrate Somalia, the organs and institutions are operating without a comprehensive roadmap.”

    The committee observed that South Sudan and the DRC, which joined the EAC before Somalia, are not yet fully integrated. It recommended that the Assembly urge the Council of Ministers to develop a comprehensive roadmap for the full integration of South Sudan, DRC, and Somalia. Additionally, the committee suggested that the integration process consider each partner state’s budget contributions.

    The EALA MPs further recommended that the implementation of this roadmap be contingent upon the concerned partner states honoring their financial commitments to the Community.