Albert Ntege, the acting director National Payment Systems at Bank of Uganda expressed joy at the growth of fintech companies and assured the public that all financial services being provided by the fintech companies are safe and efficient.
“We are thrilled to see the growth of the fintech companies in the country, prime example of securities and reliable needs is Velox Solutions Corp Limited, which was licensed on September 27, 2022 as a medium sized company. The central bank is providing support for fintech operations and all the fintech companies that have been licensed by Bank of Uganda are safe in terms of payments systems.”
Digitalization of financial services promotes economic growth/development.
Globally Fintech is transforming the financial sector landscape rapidly and blurring the boundaries.
Countries are embracing these opportunities and are implementing policies that enable and encourage safe financial innovation and adoption.
The managing director Velox Solutions Corp Limited, Ronald Williams Lwanga said: “At Velox Solution Corp, our mission is to revolutionize the payment industry in Uganda, with our comprehensive range of payment solutions, merchant services, processing solutions, digital wallets, fraud prevention, and robust Anti-Money Laundering (AML) systems. We are planning to transition to a large fintech finance service provider and focus on remittance services via the digital wallets that saves the public from currency through exchange valuation.”
Lwanga said Velox global company, which is already operating in other countries in Europe and North America and in Uganda it is registered and licensed as a Ugandan company and they are in the process of expanding to Kenya, Tanzania, Rwanda and Burundi in the near future.
Asmahaney Saad, the managing partner, KTA Advocates, said, “The Bank of Uganda should embrace the growth of fintech companies and make adjustments in the laws/ regulatory framework to match its developments taking place in the fintech industry. Velox is the first international company to be tested in the National Payment System when it was passed last year in Uganda. In Uganda we want to see Velox growing and giving the best solutions that we need, because fintech contributes a lot to the overall economic development.”
