KAMPALA, UGANDA – Uganda’s development prospects can be significantly boosted by embracing AI-driven financial inclusion, according to Dr. Warren D. Carew, a leading economist and Director of INFITX.
Speaking at the 5th Business Trendsetters Forum, Dr. Carew emphasized that AI-driven financial inclusion can increase access to financial services for marginalized communities, reduce costs, and improve customer experience.
“By leveraging AI and digital technologies, we can unlock new opportunities for economic growth and development in Uganda,” Dr. Carew said. “Financial inclusion is a critical component of this, as it enables individuals and businesses to access the financial services they need to thrive.”
Dr. Carew cited the example of Mojaloop, an open-source digital public infrastructure that enables interoperable payments across different financial platforms. “Mojaloop has already shown success in enabling seamless transactions between different mobile money networks in Uganda,” he noted.
Dr. Carew’s remarks were echoed by renowned economist and academic, Professor Waswa Balunywa, who urged Ugandan authorities to boost their support for technology adoption in Uganda, warning that the country risks being left behind in the global market if it fails to keep pace with emerging technologies like Artificial Intelligence (AI).
“The Trendsetters is an organization that looks out for what is trending in business… We must adopt technology if we are going to compete on the global scene,” Prof. Balunywa said.
He highlighted the transformative impact of AI on businesses worldwide, citing his personal experience of using AI to produce a 25-page document in just 10 minutes. “Recently I did a 25-page document in 10 minutes using AI—speech to text,” he shared.
However, Prof. Balunywa identified significant barriers to technology adoption in Uganda, including limited access to devices, data, and internet infrastructure, as well as unreliable electricity. “People don’t have money to buy data. Even the internet itself is not adequate in the country. And while somebody may have the computers, the electricity is a very big problem,” he observed.
To address these challenges, Prof. Balunywa appealed to the government to subsidize internet costs and invest in improving the country’s technological infrastructure. “We are appealing to government to find a way in which they can subsidize internet for people in the country,” he urged.
With the majority of Uganda’s population residing in rural areas, Prof. Balunywa stressed the need for inclusive technology adoption that reaches all Ugandans, regardless of their location or socio-economic status. “If we don’t adopt technology, you find we are using a hoe to do coffee. What if we used better technologies? We would be producing more coffee, better quality, and getting more money out of it.”
The forum showcased expert insights from Dr. Rose Nakasi of Ocular, who delved into the future of responsible AI in Africa’s health sector, and Denis Nabende, URSB’s Strategic Communications Manager, who represented Registrar General Mercy K. Kainobwisho and shared practical AI applications in business.
These presentations aligned with the theme ‘AI, Your Mind, and Your Business’, exploring the convergence of artificial intelligence, human ingenuity, and entrepreneurial innovation.
The event also celebrated trailblazers, including Hajj. Ashraf Simwogerere, who received a Lifetime Achievement Award for his outstanding contributions to Uganda’s film industry.
Other awardees included Daudi Migereko, co-founder of FINCA, a pioneer in Ugandan microfinance, and Bart Kakooza, a renowned journalist and news source for prominent TV stations like Light House TV and CNN.
