Investing in the Space of Financial Inclusion in Uganda With FutureLink Technologies

Vincent Tumwijukye, CEO of FutureLink Technologies Ltd, explains why investors looking to invest in the space of financial inclusion in Uganda should consider FutureLink.

“We have a clear understanding of what investing in the space of financial inclusion looks like. You need to develop a product, you need to build the infrastructure, and you need to push the product to the users. We are at the stage where we have built a product and the necessary infrastructure. This infrastructure is not only the physical infrastructure but also subscriber based of over one million subscribers. Our marketplace, which is the digitized institutions, the microfinance, and SACCOs, consists of 288 institutions automated on a shared infrastructure that is interoperable. For us, that is power. We are only using 3 to 5% of the subscriber base. What we need in terms of support from development partners could be in the form of grants, but also, we are now open to discussing equity financing. We appreciate the different development partners we have worked with including the MasterCard Foundation Fund for Rural Prosperity. We believe that with this support, we are able to scale the usage now of these digital financial services by a million subscribers in Uganda and spread to other markets. We are already incorporating in Zambia and we are looking to move into Kenya. A unique aspect to our way of doing things is that we strive to complete the ecosystem. Usage requires that we open market access for the farmers that we are working with. In the past, we have not been able to move as fast as we would have wanted because we were only concentrating on the savings and credit. The major challenge of Africa and Uganda in particular is market access. With a digitized ecosystem of agricultural value chains, we bring in more transactions from which we can then make revenue. We are seeking development partners that are looking for not only revenue, but a sustainable ecosystem and sustainable economy. We are very passionate about an economy that is equitable, sustainable, and that empowers rural communities. For any development partner or investor out there, we offer that very important aspect. These development partners could be leading banks or payment cards like VISA. We offer over 250 institutions in just one pipe. Working with us gives you access to the entire ecosystem of finance through the individual small banks in the form of microfinances and SACCOs who are able then to give you the right feel of the communities that we serve. With that, we should be able to not only make revenue for every investor that works with us, but also to empower the people and continue to serve what we have built”, says Vincent Tumwijukye.

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