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.