Makerere University has officially embarked on a transformative journey by signing a groundbreaking Memorandum of Understanding (MoU) with SoonPay, a U.S.-based fintech and blockchain company. This partnership marks the inaugural Makerere University Financial Innovation Day, celebrated on a vibrant Saturday at the Makerere University Technology and Innovation Centre (MUTIC).
The event brought together over 800 attendees, including students, industry leaders, and academic partners, all unified under the inspiring theme: “Innovation and Financial Inclusion for a Secure Future.” This collaboration between Makerere and SoonPay underscores the commitment to fostering financial innovation and educational opportunities in Uganda.
The Financial Innovation Day was organized with the invaluable support from various institutions including the National Social Security Fund (NSSF), the Uganda Blockchain Association, the National Planning Authority (NPA), and Prudential Uganda. Their collective dedication highlights the importance of collaboration in driving financial inclusion and technological advancement.
In his opening remarks, Makerere University Vice Chancellor Prof. Barnabas Nawangwe called upon students to harness emerging technologies as catalysts for Africa’s transformation. He passionately urged, “You are the people to emancipate Africa from marginalization,” emphasizing the urgency for the youth to boldly embrace these technologies to avoid being left behind in the next global revolution.
Reflecting on a historical context marred by disruption and exclusion, Prof. Nawangwe noted, “The past 600 years have not been kind to Africa.” However, he highlighted the present as an era of freedom and opportunity. “The most important resource we have is not minerals; it is human resources—you, the youth,” he stated, empowering students to shift their mindset from waiting for job opportunities to actively creating them through research and innovation.
In the spirit of this call to action, SoonPay CEO Frantz Morency delivered an impassioned address, expressing gratitude to Makerere University for placing their trust in a foreign technology company that, despite its American roots, deeply resonates with the challenges faced by the African continent. “We have been excluded for more than 400 years,” he asserted, challenging global systems that have systematically restricted African participation in technological advancements.
Morency expressed his vision for enhancing blockchain adoption in Africa, which currently holds a measly 0.33% of the global market share. He emphasized the continent’s untapped potential and talent, declaring, “You want to learn—what you lacked was opportunity.” His mission with SoonPay is to bridge this opportunity gap, having chosen Uganda as the launchpad to address the hurdles in financial and healthcare access.
During the ceremony, Makerere University and SoonPay solidified their collaboration through the formal signing of the MoU, aiming to introduce comprehensive blockchain training, research collaborations, and innovative financial technology tools. This initiative focuses on empowering students, providing them with critical skills for the evolving job market.
The partnership aims to deliver a range of initiatives including blockchain education and certification programs, the development of financial inclusion tools, and joint research projects. Additionally, it seeks to create opportunities for student-led commercialization and apprenticeships through collaborations with international partners.
Dr. Cathy Ikiror Mbidde, Head of the Makerere University Technology and Innovation Centre, praised the partnership as a pivotal step toward transforming academic research into impactful innovations. “We are here to witness one of the key emerging technologies and reflect on how universities can embrace such milestones,” she noted, encouraging all involved to take an active role in leveraging research and ideas for societal transformation.
The energy in the auditorium was palpable, with over 800 students engaging enthusiastically in hands-on sessions focused on blockchain, fintech tools, and emerging technologies, despite many having just finished their end-of-semester exams. Prof. Nawangwe applauded their dedication: “I congratulate you for being here on a Saturday morning,” he remarked, highlighting their commitment to learning and innovation.
The event also saw participation from key partners including NSSF Uganda, advocating for youth financial empowerment, the Uganda Blockchain Association, which offered technical guidance, Prudential Uganda supporting innovation for financial resilience, and the National Planning Authority, linking innovation with national development priorities.
