👨🏿‍🚀TechCabal Daily – Bought out, bought in

Have you ever needed to deposit a large amount of cash, but the bank is so far away that you decide to keep the money for a little while? Then, somehow, you start spending it until it disappears? In Uganda, Interswitch is trying to make that journey to the bank less necessary.

What happened? On November 4, Interswitch East Africa and Housing Finance Bank (HFB) launched a partnership that adds the bank to Quickteller’s agency banking network. Customers can deposit money into their HFB accounts through participating agents, withdraw cash using their debit cards at point-of-sale terminals, and check their account balances

Explain like I’m new here: Agency banking is like the agent networks operated by OPay and Moniepoint in Nigeria, using neighbourhood businesses as convenient access points for financial services. Uganda is already seeing the model take off. Bank of Uganda figures show agent banking transactions rose 76.1% to UGX29.4 trillion ($7.2 billion) in 2025, from UGX16.7 trillion ($4.1 billion) in 2024. The number of transactions also rose50.5%, reaching 12.5 million in the year to June 2025.

Why this matters: HFB has about 22 branches across Uganda. Quickteller’s 23,000-strong agent network lets it reach customers beyond those locations without building and maintaining a branch in every town. Interswitch stands to gain, too. More banking services on its network could mean more customers visiting Quickteller agents, more transactions for the platform, and additional business for outlet operators.

The partnership has already processed more than UGX49 billion ($12.1 million) in transactions during its pilot phase, according to HFB’s chief operating officer, Robert Kusiima. The bank has not disclosed how long the pilot lasted, how many customers used it,, or how many transactions made up that figure.

A good startup idea is one thing, but finding someone willing to fundit is another. Building a business is expensive, and when investors become cautious, even promising startups can struggle to raise the money they need to grow.

What happened? The Nairobi International Financial Centre (NIFC), a government-backed initiative established to position Nairobi as a regional financial hub and attract investment into Kenya, plans to establish a Sh65 billion ($500 million) fund to finance local businesses. The government will allocate half of the proposed fund to tech and AI startups, while the other half will support businesses in other sectors.

Explain like I’m new here: Kenyan startups raised Sh126 billion ($984 million) in 2025, outpacing major African markets including Egypt, South Africa and Nigeria. Although it is one of Africa’s most active startup corridors, funding doesn’t always come by. Since becoming operational in 2022, the NIFC has attracted about 40 companies and facilitated Sh26 billion ($200 million) in foreign direct investment. By 2030, it wants to facilitate Sh650 billion ($5 billion) in investment and certify at least 150 firms.

Now comes the hard part: The fund will rely on local and international venture capitalists, with NIFC coordinating fundraising and helping assess which startups receive investment. However, it has not yet selected a co-host or fund manager, and it still needs to raise the money. A $500 million announcement makes for a good headline, but what matters is how much money is eventually raised and mobilised.