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Following a spirited four and a half years as the Country General Manager of Interswitch in Uganda, Peter Kawumi has been elevated to the Regional Managing Director, East Africa.
In that role, Peter will “assume responsibility for strategic, sustainable growth and consolidation of all our businesses and initiatives within East Africa,” according to an Interswitch Group statement on its LinkedIn page.
Interswitch Group is Africa’s leading home-grown digital payments and e-commerce company.
“Peter brings a wide range of experience in digital channel utilisation, customer acquisition, scaling plans in consumer services, developing and commercialising products and solutions. We believe the combination of his experience, culture, and drive will be invaluable to our continued success as a leading player, as we continue to consolidate our presence and operations in the region,” Mitchell Elegbe, the Interswitch Group Founder and CEO, said of Peter Kawumi’s appointment and leadership acumen.
Peter who has been at the helm of Interswitch Uganda since 2019 is a seasoned leader and professional in the financial technology sector. During his time in Uganda, he led the business through exponential growth in multiple areas ranging from growth in brand equity, customer experience and financial performance.
When the National Payment Systems Act, 2021 was enacted to govern the Fintech industry, Peter led the team that enabled Interswitch to obtain a license, putting it among the first five institutions to obtain the license from the Central Bank of Uganda. As a result, Interswitch continued to foster more trust in the financial services ecosystem. He also played a vital role in several strategic partnerships that shaped the company’s growth and impact: under his leadership, Interswitch acquired new customers and created strategic partnerships with local and regional financial institutions. This promoted the adoption of digital payments, facilitated seamless transactions, and expanded the company’s footprint across the country.
Between 2019 and 2022, Interswitch Uganda’s revenue grew by 250%, and the volume of transactions processed through various channels quadrupled. The agent network, which played a pivotal role in driving transaction volume growth, has expanded by an astonishing 1,700%, growing from just 300 agents primarily in the central region of Uganda to a vast network of 6,000 active agents across the entire country.
The business also strategically expanded its Verve scheme presence. Prior to his stewardship in 2019, the scheme was associated with just two commercial banks. Today, Interswitch serves four commercial banks, two Microfinance Institutions (MFIs), and multiple Savings and Credit Cooperative Organisations (SACCOs). These partnerships have seen the market share of Verve rise to 7% in 2023.
In close correlation with the overall growth, the headcount has increased by two-thirds from 2019 to 2022. Peter’s support for women in technology has also been reflected in the gender balance that he attained during his tenure. When he took over leadership in 2019, the male to female was 61% to 39% respectively. Today, the male-to-female ratio stands at 52% to 48%.
An industry thought leader
Additionally, Peter utilized his strong leadership acumen to support industry-wide initiatives through the board positions he held during this time. At the time of joining Interswitch, Peter also assumed the position of Board Chair of the Financial Technology Service Providers’ Association (FITSPA), putting him at the centre of the transition into a regulated financial technology environment. He led various initiatives that were aimed at influencing policy to provide a conducive business environment, building a community that would advance knowledge sharing and business collaboration within the ecosystem among several other initiatives.
Before joining Interswitch, Peter held the position of Head of Innovations and Competitive Strategies at Financial Sector Deepening Uganda (FSDU). He was instrumental in conceiving shared agency banking with the Uganda Bankers’ Association, which increased access to financial services across the country. Additionally, he advocated for financial products tailored to refugees and other vulnerable groups, fostering financial inclusion.
Peter demonstrated his prowess in utilising data analytics to promote credit access through innovative approaches like energy repayment data. This emphasis on data-driven decision-making paved the way for a more effective and efficient financial sector.
Peter’s career spans over 15 years across technology, project management, business analysis, and retail banking. He has held leadership positions in the Digital Finance departments of regional and local banks, accumulating extensive experience in product development, new customer acquisition, digital channel utilisation, and scaling strategies in consumer services.
Peter’s academic background includes a Microsoft Certified Systems Engineer (MCSE) certification, a BSc (Hons) in Software Engineering from Kingston University, a Master of Business Administration (with Distinction) from the Edinburgh Business School and certification in Senior Management Leadership (Organisational Leadership) from Strathmore Business School.