Uganda’s fintech revolution happened before most people called it fintech. For millions of Ugandans, the mobile telephone became a financial tool long before digital banking became fashionable. Money could be deposited with an agent, transferred across the country and withdrawn elsewhere without either customer entering a conventional bank branch.

That model fundamentally altered financial inclusion. At present, however, Uganda is approaching another transformation. Commercial oil production is expected to begin, potentially generating new government revenues, investment and business opportunities across one of East Africa’s largest economies.

Uganda’s fintech challenge is therefore changing. Mobile money helped connect people to finance. The next question is whether technology can provide them with better credit, savings, business payments and investment products as the economy becomes larger and more complex.

Agriculture remains central to Uganda, particularly coffee production, while manufacturing, construction, telecommunications, trade and financial services have expanded considerably. Kampala is the country’s financial and technology centre, with institutions including Stanbic Bank Uganda, Centenary Bank, Absa and Equity Bank.

Economic growth remains strong. The International Monetary Fund (IMF) projects real gross domestic product (GDP) growth of 6.2 per cent in 2025/26, accelerating sharply to 9.4 per cent in 2026/27 as oil production begins.

Oil is the major difference. Production from projects operated by TotalEnergies and CNOOC is expected to begin during the second half of this year, although timelines surrounding Uganda’s emerging petroleum industry have shifted previously. The associated East African Crude Oil Pipeline will eventually transport oil approximately 1,443 kilometres from western Uganda to Tanzania’s coast.

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