The Uganda Insurers Association (UIA) took part in a pivotal conversation titled: Fostering Digital Financial Inclusion Beyond Payments in Uganda: A Lens on Insurance that took place at Four Points by Sheraton Hotel Kampala. The engagement that brought together key stakeholders in the financial sector was organized by the United Nations Capital Development Fund (UNCDF).
The discussion revolved around the transformative power of digital innovation in expanding insurance coverage where mobile technology in particular, has emerged as a game-changer by enabling insurers to reach previously inaccessible markets. Through leveraging these platforms, insurers can offer micro-insurance products tailored to the needs & affordability of low-income individuals.
UIA CEO - Jonan Kisakye who was panel discussion Moderator tasked insurers to familiarize themselves with the payment systems & solutions offered by the digital platforms so that they can take advantage of them. Jonan also recommended that the Insurance Regulatory Authority (IRA) finds ways of incorporating informal insurance into the ambit of regulation for the benefit of the entire insurance fraternity.
The round table discussion was not just a forum for dialogue but a call to action as it touched on the untapped potential of digital financial inclusion in transforming the insurance landscape in Uganda by harnessing the power of digital technology. In this way, Uganda can pave the way for a more inclusive financial system ensuring that no one is left behind.
Uganda like many developing nations faces challenges in providing accessible & affordable insurance services to its population where traditional insurance models often exclude the majority leaving them vulnerable to financial shocks. Digital financial services present a unique opportunity to bridge this gap & extend the benefits of insurance to the underserved.
The Panelists included: CEO of Prudential Uganda – Tetteh Ayitevie, Team Leader, Future Lab Studios at Innovation Village - Arthur Mukembo, Country Manager of Turaco – Hamza Mutebi & Country Director of SafeBoda – Catherine Kafumbe. Present was UIA Board Chairman - Latimer Mukasa, IRA’s Director Planning, Research & Market Development – Sande Protazio, UNCDF Representative - Richard Ndahiro & Bank of Uganda’s Head, Financial Inclusion Division - Alex Ochan among many others.
