Uganda’s FinTech ecosystem is rapidly evolving, but regulatory and policy interventions are needed to accelerate market development and financial inclusion. To address this, The Cambridge Centre for Alternative Finance (CCAF) partnered with MSC to assess Uganda’s FinTech landscape, analyze industry trends, and recommend regulatory frameworks that support innovation while ensuring financial inclusion.
MSC undertook the following key activities to develop the industry Code of Conduct for FITSPA:
- We mapped Uganda’s FinTech sector by identifying active startups, key players, and emerging business models while benchmarking its landscape against global and regional markets.
- We engaged with finTech firms, financial institutions, and regulators to understand challenges and opportunities, providing evidence-based recommendations for a progressive regulatory environment.
- We developed an industry Code of Conduct for the FinTech Service Providers Association (FITSPA), establishing guidelines on consumer protection, transparency, cybersecurity, and IT resilience.
The project strengthened Uganda’s fintech regulatory landscape by providing targeted policy recommendations to foster innovation while ensuring financial inclusion. It supported digital finance solutions for underserved populations, promoting greater access to financial services. Through stakeholder engagement, the project facilitated collaboration between FinTech startups, financial institutions, and regulators, creating a more cohesive ecosystem. It also established industry standards by developing the FITSPA Code of Conduct, ensuring ethical practices, consumer protection, transparency, and cybersecurity.
With 1.7 billion people worldwide still unbanked, financial exclusion remains a major challenge. Traditional banking inefficiencies often prioritize high-value transactions, leaving low- and moderate-income (LMI) communities underserved despite their market potential.
To address this, MetLife commissioned MSC to conduct a multi-country study on how FinTech solutions can bridge the financial inclusion gap. The research covered Bangladesh, China, Malaysia, Myanmar, Nepal, and Vietnam, analyzing market readiness, barriers, and opportunities for digital financial services.
MSC undertook the following exercises for our study:
- We evaluated fintech adoption, financial inclusion gaps, and regulatory landscapes across six countries to assess market readiness.
- We engaged stakeholders, including fintechs, financial service providers, and regulators, through interviews and a “Thinkshop” in Kuala Lumpur to identify challenges and opportunities in digital finance.
- We developed a comprehensive study report and country focus notes, amplifying insights through a targeted social media campaign to enhance industry understanding and drive policy and market action.
The study enhanced the industry’s understanding of fintech-driven financial inclusion opportunities. It provided policy and market insights to help regulators, financial institutions, and fintechs design more inclusive digital solutions. Additionally, it strengthened multi-stakeholder collaboration through knowledge-sharing initiatives such as the Thinkshop.
Indonesia’s digital economy is rapidly expanding, with a projected Gross Merchandise Value (GMV) of USD 210-360 billion by 2030. However, digital financial inclusion remains a challenge, especially beyond Tier-1 cities, where most fintech solutions are concentrated.
To address this, Opportunity International Australia (OIA) commissioned MSC to conduct a landscape assessment on the challenges fintechs face in expanding financial inclusion for low-income and vulnerable populations outside major urban centers.
MSC undertook the following exercises for our study:
- We assessed the fintech ecosystem by analyzing industry trends, growth sectors, and financial inclusion gaps.
- We identified barriers to inclusion by mapping the challenges startups face in serving low-income groups and people with disabilities.
- We evaluated the support ecosystem by engaging key stakeholders and assessing gaps in mentorship, funding, and incubator infrastructure.
Despite contributing 25% of Bangladesh’s GDP and employing 7.8 million people, Cottage, Micro, Small, and Medium Enterprises (CMSMEs) face a USD 2.5 billion credit gap, particularly in rural areas. Women’s financial access also remains limited, restricting their participation in the formal economy.
To address these challenges, MSC, in collaboration with a2i, UNCDF, and Bangladesh Bank, launched FinLab Bangladesh, an accelerator program to bridge the financial gap for CMSMEs and empower women through inclusive fintech innovation.
MSC played a key role in designing and executing FinLab Bangladesh through the following efforts:
- We developed an inclusive accelerator to address CMSME finance and women’s financial inclusion challenges, selecting 8 high-potential startups from 123 applications.
- We provided mentorship and technical assistance, supporting startups with expert guidance, grants, and resources to scale their impact.
- We built an innovation ecosystem, enabling collaboration between fintechs, financial institutions, and regulators to develop solutions benefiting 100,000 female garment workers and 50,000 microenterprises.
We supported Mutual Trust Bank (MTB), Dana FinTech, and Apon Wellbeing Ltd. in expanding financial access through inclusive solutions. We partnered with Bangladesh Bank to align with regulatory and policy frameworks. We also facilitated investor and market linkages, connecting startups with funders, partners, and industry networks to drive growth.
With the Digital India initiative leveraging India Stack, fintechs have an unprecedented opportunity to design solutions that drive financial inclusion. However, MSC’s research highlights that fintechs require extensive support to innovate for low- and middle-income (LMI) segments—ensuring they deliver affordable, accessible, and diverse financial services at scale.
To bridge this gap, MSC, in partnership with IIMA Ventures, launched the Financial Inclusion Lab in India. The Lab enables fintechs to tap into the vast market opportunity while addressing systemic financial inclusion challenges through tailored support and collaboration with key ecosystem players.
MSC undertook the following exercises for this program:
- We defined program objectives, structured the accelerator framework, and established governance through advisory and steering committees.
- We curated startup cohorts, facilitated mentorship with industry leaders, and provided hands-on support in market research, product planning, and testing for market fit.
- We enabled strategic partnerships, offered technical assistance in business strategy and UI/UX, and helped startups refine business models to secure growth capital.
We incubated 49 startups, impacting over 45 million low- and middle-income customers. With our support, these startups have raised over USD 250 million in funding. Spanning fintech, skill-tech, and agtech, they collaborate with financial institutions to reshape India’s financial inclusion landscape.
Millions of farmers across India remain under-protected despite the availability of the Pradhan Mantri Fasal Bima Yojana (PMFBY), the country’s flagship crop insurance program. While designed to safeguard farmers against crop loss, the program struggled with low enrollment, especially among non-borrower farmers, due to operational inefficiencies, poor program design, and weak communication strategies. Many farmers find the process complex and opaque, with claim settlement delays that further erode trust. These systemic issues have limited the program’s potential to offer meaningful risk mitigation and financial security to India’s agricultural community.
MSC assessed the program and provided recommendations for improvement. We conducted an in-depth review across multiple states, which involved more than 500 stakeholder interviews with farmers, insurers, and government officials.
The team mapped the entire customer journey, identified design and operational pain points, and developed human-centric communication and process improvements. MSC’s recommendations included revamping digital touchpoints, simplifying claims processing, and enhancing awareness through targeted education. These were piloted in collaboration with Uttar Pradesh and Telangana state governments and a national insurer and later scaled up.
The initiative increased the coverage of gross cropped area from 23% to 30% and boosted participation from non-borrower farmers from 5% to 42%. Overall, the program covered more than 57 million farmers, and its visibility and credibility improved significantly.
The Government of India commissioned this project.
