The Minister for Science and Technology in Uganda, Dr. Monica Musenero, has implored all financial institutions in the nation to devise ingenious strategies for funding budding innovations.
Dr. Musenero articulated this pivotal plea which she said is an imperative cornerstone for the country’s robust industrial foundation, while formally inaugurating the two-day 5th FITSPA Annual FinTech Conference on October 12th, at the opulent Sheraton Hotel in Kampala.
Themed “Leveraging Digital Infrastructure for Innovation and Inclusivity,” the conference was orchestrated with the primary objective of convening key stakeholders in the FinTech Industry, fostering collaboration, addressing financial security concerns, and propelling innovation within the fintech sector.
The conference was embraced by government representatives and regulators, financial institutions and banks, startup owners and innovators, investors and venture capitalists, technology providers and solution architects, researchers and scholars, legal and compliance experts, cybersecurity experts, payment processors and service providers, industry associations and groups, incubators, accelerators and advocacy groups, whose presence was vital in discussing pertinent issues at hand.
Dr. Musenero underscored that while there are myriad groundbreaking innovations in the FinTech realm, financial institutions ought to conceive products tailored to fund enterprising young minds.
“However, they necessitate not only access to the means, but also an advocate in the background to provide the funding. The banks here must introduce products that champion innovation,” Dr. Musenero asserted.
She emphasized that fledgling innovators in the FinTech domain must be nurtured and steered toward the correct trajectory, ensuring their triumph and fortitude in propelling the nation forward.
“We now understand that, at the very least, 50% of any nation’s progress hinges on how they harness Science, Technology, and Innovations. Financial solutions exist to ensure clients are served in an efficacious manner, employing creations from developers,” Dr. Musenero further expounded.
“Being able to access finance, financial services, and the technology that facilitates this accessibility is exceedingly important. We have already borne witness to the transformative impact mobile money has had on a majority of our communities,” she emphasized.
Dr. Musenero also posited that for Uganda to reap immense benefits from the FinTech sector, citizens must ensure they comprehend the workings of science, technology, and innovation, functioning not only as solution providers but also as a catalyst within the technology development ecosystem.
The Chairperson of the FITSPA board, Josephine Alok, emphasized that digital infrastructure forms the bedrock upon which FinTech innovation thrives. She pointed out that it encompasses a spectrum ranging from the internet and mobile networks to the robust data centers and cloud computing platforms driving financial services.
Alok noted the remarkable strides made in global digital infrastructure development in recent years. This progress, she highlighted, has empowered FinTech startups to introduce novel products and services at an unprecedented pace.
The advent of FinTech innovation, according to her, is ushering in an era of enhanced accessibility, affordability, and convenience in financial services for all. Moreover, it is actively working towards democratizing finance, granting individuals greater autonomy over their financial decisions.
However, Alok cautioned that there remains a substantial amount of work ahead. She stressed the need for continued efforts to bolster access to fundamental financial services and to address prevailing concerns related to security and privacy.
While addressing participants at the conference, Richard Byaruhanga, the person in charge of finance and representative of Deputy Governor Bank of Uganda Michael Atingi-Ego, highlighted that the annual event provides an exceptional platform for stakeholders to exchange viewpoints on propelling digital financial services.
Byaruhanga pointed out that the event’s theme harmonizes well with the ongoing policy endeavors aimed at amplifying digital financial services.
He went on to enumerate some of the current interventions, such as the opening up of the open reference market to accredited providers, accredited credit providers, the EKYC initiative, and the National Switch, among others.
Byaruhanga expressed optimism that the conference would yield policy proposals that bankers and other stakeholders could deliberate upon to enhance the quality of financial services.
As the Minister urged banks to bridge the gap between aspirations and actualization, her call reverberated through the conference hall, setting forth a clarion call for a collaborative, forward-looking approach towards financing innovation in Uganda.
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