Africa ICT

Uganda Set for Digital Transformation to Streamline Microfinance Supervision and Regulation Processes

November 5, 2020. NRD Companies, together with the partner Private Sector Foundation Uganda, has prepared a digital transformation plan aimed at streamlining microfinance supervision and regulation processes for Uganda Microfinance Regulatory Authority (UMRA). The plan has been prepared under the project dedicated to the support of institutional capacity building in the field of consumer rights in East African countries.

The plan comes as a strategic high-level planning document intended to ensure that the long-term goals of digitization are achieved. For Uganda Microfinance Regulatory Authority, a digital business plan is viewed as a set of means for transforming their business, streamlining processes, and making use of technologies to enhance their interaction with customers and employees, at the same time delivering excellent customer experience.

“Before moving forward with any digitization project it is important to remember that the gains of Information and communication technology (ICT) do not lie in the technology itself, but in the ability of organizations to plan for change, adopt the technologies, and integrate them in a way that would lead to positive changes,” said Edith Tusuubira, Executive Director at UMRA. “The digital transformation plan highlights the importance of planning and is the key element and a precondition for achieving the goals of digital transformation, as well as reducing risk. Therefore, the saying ‘failing to plan is planning to fail’ best illustrates the importance of planning in every step towards digitization.”

The digital transformation plan for the UMRA describes the actions required to transform different business processes, sets the objectives and prioritizes them, and indicates the preliminary resources and capabilities the organization needs in order to move forward with the digital transformation, focusing on the implementation of new technologies and digital ways of working. Also, the plan may give impetus to new business opportunities that could not have been overseen without adding technology into business processes.

“The plan aims to deliver tailor-made solutions allowing to integrate the digital tools into the business processes while taking into consideration the overall institutional framework and existing processes,” said Mindaugas Glodas, CEO at NRD Companies. “It ensures that the organization undertakes the best approach allowing it to adapt to the latest digital economy trends and cope with new levels of demand coming from users and the public.”

The project started in July, 2020, and was funded by the Development Cooperation and Democracy Support Program of the Ministry of Foreign Affairs of the Republic of Lithuania.

The Ministry of Foreign Affairs of the Republic of Lithuania assists the implementation of development cooperation projects under the Development Cooperation and Democracy Promotion Programme in 2020.