Uganda developing digital ID for fintech

Uganda’s finance regulator ,Bank of Uganda has awarded fintech company Laboremus Uganda a contract  to develop a digital ID verification system. The system will be used by all banks and other licensed financial service providers in the country. It is backed by Uganda Bankers’ Association (UBA) and its international development partner Financial Sector Deepening Uganda (FSDU). In a press statement announcing the deal, Laboremus’ head of technology explained that the system will provide real time verification by linking banks to the national identity database managed by the National Identification Registration Authority (NIRA). This is expected to improve banks know your customer (KYC) procedures.