KAMPALA, Uganda — The Financial Technologies Service Providers Association (FITSPA), in partnership with the United Nations Capital Development Fund (UNCDF), has recognised eight digital lenders that have subscribed to the Code of Conduct for Responsible Digital Lending, reinforcing calls for a digital credit market that promotes financial inclusion while protecting borrowers from harmful lending practices.

The recognition took place on October 7, the second day of the 8th FITSPA Annual Fintech Conference, held at the Sheraton Kampala Hotel under the theme, “Scaling Fintech Innovation for Inclusive Growth and a Resilient Digital Economy.”

The recognised digital lenders were Furaha Financial, Zenka Finance, Fido, Unifi, M-KOPA, Flow Global, JUMO and Numida.

The recognition came amid broader discussions at the two-day conference on the role of fintech in supporting Uganda’s economic transformation, with stakeholders urging digital financial service providers to move beyond increasing transactions and loan volumes towards financing productive economic activity.

Delivering remarks on behalf of the Minister of Finance, Planning and Economic Development, Assistant Commissioner Bob Bonabo Munene challenged fintech companies to develop services that support savings, investment, enterprise growth and wealth creation, particularly among underserved communities.

“Uganda needs productive digital credit, not simply more digital loans,” Munene said.

His remarks highlighted the need for digital lending to go beyond providing quick access to money and instead help borrowers finance activities that improve their livelihoods and strengthen businesses. For micro, small and medium enterprises (MSMEs), farmers, women entrepreneurs and young people, access to appropriately designed credit can support business expansion and participation in the digital economy.

The recognition of the Code of Conduct subscribers therefore reflected an important dimension of the conference discussions: as digital credit expands, lenders must ensure that innovation is accompanied by responsible lending practices, transparency and effective consumer protection.

Speaking during the recognition, Patricia Ahumuza, a Senior Microfinance Officer at the Microfinance Regulation Department (MRD) under the Ministry of Finance, Planning and Economic Development, highlighted the importance of the Code in strengthening Uganda’s digital lending ecosystem.

She called on digital lenders to integrate the Code into their institutional governance and product development processes, including credit assessments, customer communication, data management and complaints handling. She also emphasised the need to manage over-indebtedness and prevent the misuse of customer data.

Developed by FITSPA with support from UNCDF and contributions from the MRD, the Code of Conduct complements Uganda’s existing legal, regulatory and policy framework for digital lending. It provides a framework for promoting transparency, responsible credit assessment, fair debt collection, data protection and effective complaints resolution.

The importance of these safeguards was also reflected in discussions involving Furaha Financial, the Consultative Group to Assist the Poor (CGAP), UNCDF, gnuGrid Credit Reference Bureau and Pearl Bank on the future of responsible digital credit.

The discussions emphasised the need to ensure that digital borrowing serves as a tool for productive finance rather than simply making it easier for consumers to access loans without adequate consideration of their repayment capacity or financial circumstances.

Responsible lending also depends on the effective use of data. During the conference, Numida Founder and Chief Executive Officer Mina Shahid highlighted the role of transaction data, interoperability and application programming interfaces (APIs) in helping businesses build stronger credit histories and access financial products suited to their needs.

Such capabilities can help lenders make better-informed credit decisions while creating opportunities for underserved businesses to establish financial identities. However, these benefits depend on responsible data management and lending practices that take customers’ circumstances into account.

The Code of Conduct recognition also aligns with Uganda’s Tenfold Growth Strategy, which seeks to expand the national economy to US$500 billion by 2040. As the country pursues this ambition, digital financial services are expected to play a role in improving access to finance, supporting enterprise development and enabling more Ugandans to participate in productive economic activity.

The initiative forms part of broader efforts under the 10X Programme, which focuses on enabling MSME growth through the digital economy and improving access to opportunities for women in digital finance. The programme is implemented by Outbox Uganda in partnership with UNCDF, Refactory Academy and Women in Technology Uganda (WITU), with support from the Mastercard Foundation.

Through the recognition, FITSPA and UNCDF reaffirmed the importance of collaboration among fintech companies, regulators and development partners in building a digital lending market that supports innovation without compromising consumer protection.

As Uganda’s fintech ecosystem continues to grow, the challenge will be to ensure that digital credit remains accessible while being transparent, affordable and appropriate for borrowers. By encouraging lenders to embed responsible practices into their governance, products and daily operations, the Code of Conduct seeks to strengthen trust in digital financial services and ensure that access to credit contributes to sustainable livelihoods, business growth and the country’s wider economic transformation.