Makerere University has formalized a pivotal partnership with SoonPay, a United States-based fintech and blockchain firm, through a Memorandum of Understanding (MoU). This agreement coincides with the debut of Makerere University Financial Innovation Day, hosted at the Makerere University Technology and Innovation Centre (MUTIC). The gathering drew more than 800 students, industry partners, and leaders, centered on the theme of innovation and financial inclusion for a secure future. MUTIC spearheaded the event alongside SoonPay, backed by organizations including the National Social Security Fund (NSSF), Uganda Blockchain Association, National Planning Authority (NPA), and Prudential Uganda.
Youth Urged to Lead Africa’s Tech Revolution
Makerere University’s Vice Chancellor, Prof. Barnabas Nawangwe, opened the proceedings by encouraging students to harness emerging technologies for Africa’s advancement. He asserted that young people hold the key to liberating the continent from marginalization, cautioning against inaction that could sideline Africa from the forthcoming technological wave. Nawangwe reflected on the past six centuries of disruption, exploitation, and exclusion from global tech progress, yet highlighted the current era of freedom as a prime opportunity. He emphasized that Africa’s true wealth lies in its human capital, particularly the youth, rather than natural resources.
The Vice Chancellor urged students to shift from seeking employment to generating opportunities via research, innovation, and technology. He stressed that education, research, innovation, and technology would drive Africa’s emancipation, with blockchain poised to revolutionize finance management, education, and resource handling. Nawangwe expressed confidence that many attendees would emerge as chief executives of blockchain enterprises throughout Africa. He commended the students’ dedication, noting their attendance on a Saturday morning post-exams as a testament to commitment.
Ending Africa’s Exclusion from Global Tech
SoonPay’s Chief Executive Officer, Frantz Morency, expressed gratitude to Makerere for partnering with a foreign firm attuned to its heritage. He echoed the Vice Chancellor’s views on centuries of exclusion, pointing out that despite its American base, SoonPay’s team mirrors the local demographic. Morency lambasted historical barriers that barred Africa from the Industrial Revolution, systems like SWIFT, the dot-com boom, and the AI surge, questioning when such exclusion would cease.
He described Africa’s mere 0.33 percent share of the global blockchain market as untenable given its talent pool, attributing past gaps to missed opportunities rather than lack of eagerness to learn. Morency credited support from university leaders for enabling SoonPay to address these voids. The company chose Uganda deliberately after analyzing financial and healthcare access hurdles, viewing it as the ideal entry point for blockchain deployment in Africa.
MoU Launches Training and Research Initiatives
The MoU signing initiates blockchain education, certifications, financial inclusion tools, collaborative research, innovation projects, apprenticeships via global partners, and avenues for student commercialization. These efforts aim to equip students with practical skills and foster groundbreaking applications. Attendees participated in interactive sessions on blockchain, fintech, and cutting-edge technologies, sparking interest in SoonPay‘s apprenticeship offerings.
Milestone for Academic Innovation
Dr. Cathy Ikiror Mbidde, MUTIC’s head, described the collaboration as a transformative benchmark, converting scholarly research into impactful innovations. She noted the event’s role in showcasing vital technologies and prompting universities to adopt such advancements, with all stakeholders contributing through research, concepts, and initiatives. Mbidde thanked SoonPay for selecting Makerere and praised students’ persistent inquiries about blockchain, affirming that the partnership now delivers concrete responses.
Key supporters included NSSF Uganda for youth financial empowerment, Uganda Blockchain Association for technical expertise, Prudential Uganda for resilience-building innovation, and NPA for aligning efforts with national goals. This alliance positions Makerere at the forefront of blockchain-driven financial inclusion, empowering Uganda’s youth to pioneer Africa’s digital economy.
