Ministry of Finance, Makerere University and dfcu Bank sign pact to support Innovation

12th March, 2021

A memorandum of understanding has been signed between Ministry of Finance, Makerere University and dfcu Bank to support Makerere Innovation and Incubation Centre with the aim of accelerating innovation and learning for economic growth.

This partnership will create a platform to support young entrepreneurs advance ideas on innovative solutions for enterprises that create socio-economic impact and jobs.
The collaboration underpins local content development in the banking sector, private sector, government and fintechs through innovation, unlocking opportunities for youth in Uganda.
In addition, dfcu’s graduate development program will bridge the gap between market needs and skills as well as expose Fintech start-ups to the banking sector, starting with 5 inaugural trainees in 2021, with a mind to increase the numbers over the next five (5) years.
Finance’s Undersecretary/Accounting Officer, Dr.Sengonzi Edward Damulira signed on behalf of the Ministry, Vice Chancellor Barnabas Nawangwe signed on behalf of the University and dfcu Managing Director Mathias Katamba signed on behalf of the Bank.
The Chairman of the Board Makerere Innovation and Incubation centre Dr.Peter Ngategize who is also the head of the Private Sector Development Unit at the Ministry of Finance applauded the collaboration and said the Innovation and incubation centre has perfected its operations and structures in order to become a sustainable,predictable,replicable and scalable incubation centre.
"Start-ups in Uganda create new businesses that contribute big to the country's economy. To continuously achieve this, entrepreneurs need quality programs that guide viability of their ideas, mindsets, management processes, measurable growth and access to capital," Dr. Ngategize said.
Prof. Barnabas Nawangwe, Vice Chancellor, Makerere University, emphasised the need for increased investment in research and innovations that provide solutions to persistent development challenges
“We are very excited about this partnership with Makerere, which is another step in fulfilling our mission of playing a key role in transforming the economy and enhancing the well-being of our people.” said Mathias Katamba.
Dr. Sengonzi Damulira, in his remarks emphasised the need to strengthen the country’s competitiveness for sustainable wealth creation, employment generation and inclusive growth.
“We hope to see more collaborative platforms supporting young entrepreneurs, to be trained and mentored into a talent pool of innovative resources and expertise to impact private sector development in Uganda,” said Dr. Sengonzi.