8 November 2017

Uganda: Innovations Facilitating Economic Growth

Kampala — The Ugandan economy is not yet technology driven, but there are several innovations in the country that continue to show a future where technology is a major player.

Notably, the innovations around Fin-Techs have completely transformed the banking sector and exchange of goods.

In banking, the rise of mobile money has led to banks innovating products that reduce queues in banking halls.

The innovation ecosystem continues to grow and this shows in the entries made into awards. At least 45 innovations are targeting Shs92.7m to win the MTN Innovation Awards 2017.

"Our platform allows Saccos to get an affordable management system for their members in terms of loan repayments, money collected and dividend sharing...," explains Mr Collins Mugabi, the marketing manager for Kufuna, a Sacco management system.

Kufuna is in a category that recognizes financial services that are enabling financial inclusion.

There are another 44 innovators that have similar ambitions and are looking to get their hands on Shs10.8m for each of the 9 category winners at an awards gala today.

The 45 innovators held an exhibition two weeks ago, and their display indicates that they were developing solutions for the Ugandan economy.

MTN Uganda chief marketing officer Olivier Prentout says the recognition is intended to indicate how the country is taking major steps to become an innovation centre.

"...additionally, we are looking at positioning Uganda as having the innovation space and skilled individuals that can compete on the global stage," Mr Prentout said.


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