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Daily Monitor Tuesday March 16 2021 A man uses a visa card to complete a transaction. Fintechs have largely relied on venture capital funding to develop scalable products that can serve across many markets. PHOTO/Eronie Kamukama Summary Uganda attracts the least funding for fintechs in venture capital, with Rwanda, Kenya, Egypt, and South Africa and Nigeria being the leaders in hedge funds, Paul Murungi writes. Over the last 50 years, banks have played a primary role in banking or financial intermediation. This has slowly progressed into electronic payments with the evolution of Real Time Gross Settlements (RTGS) and Electronic Funds Transfer (EFT), among other modes of financial innovations to facilitate payments between different institutions and across borders. ....