Daily Monitor
Tuesday January 19 2021
Summary
In an earlier interview last week, Mr Peter Kawumi, the chairperson of Financial Technology and Service Providers Association, told Daily Monitor that on a daily basis 300 million transactions are carried out by means of Fintech system alone in the country.
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The Internet shutdown that started on January 13 has caused huge losses as businesses, government agencies, organisations and web-based operations such as e-tax payments were disrupted for five days.
The State action has been described as inconsiderate due to the modern ways of conducting business through e-commerce.
On the eve of the election, government shut down Internet citing security reasons during the elections for President and Members of Parliament.
Daily Monitor
Friday January 15 2021
Close to Shs66.6b, which is transacted through Fintechs on a daily basis, is now locked up due to a shutdown of the Internet. PHOTO | FILE
Summary
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Financial Technology companies also known as Fintechs have said they expect to lose at least Shs66.6b on a daily basis after government shut down the Internet on Wednesday.
The loss is expected to affect a wide range of Fintech operations, many of which support financial transactions, spreading to banks, telecoms (mobile money) and insurance companies.
Finetech provide an enabling system for financial service providers through which they move money.