KAMPALA, UGANDA – Dr. Warren D. Carew, Director of INFITX and a 2024 Pacesetter, has emphasized the potential of artificial intelligence (AI) to drive financial inclusion in Uganda, speaking at the 5th Business Trendsetters Forum.
“The transformative power of AI in financial technology is undeniable,” Dr. said Carew, a lead technologist in the Digital Financial Services industry since 2005 and a pioneer in the creation of the first Mobile Money platform in Africa, M-PESA in 2007. “AI can increase access to financial services for marginalized communities, reduce costs, and improve customer experience.”
He 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,” Dr. Carew noted.
Dr. Carew also highlighted the potential of AI-driven chatbots and virtual assistants to improve customer service and reduce costs for financial institutions. “AI can help us provide better services to our customers, and at a lower cost,” he said.
However, Dr. Carew also cautioned that ethical considerations and safeguards must be put in place to ensure that AI is developed and deployed responsibly. “We must be conscious of the impacts of AI on our society, and strive to build safer, more ethical systems,” he said.
On his part, renowned economist and academic, Professor Waswa Balunywa, urged Ugandan government to boost its 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 also featured insightful presentations from other industry experts, including Dr. Rose Nakasi of Ocular, who explored the future of responsible AI for health in Africa. Additionally, Denis Nabende, Strategic Communications Manager at the Uganda Registration Services Bureau (URSB), represented the Registrar General, Mercy K. Kainobwisho, and highlighted the practical applications of AI in business. These presentations aligned with this year’s theme, ‘AI, Your Mind, and Your Business’, which focused on the intersection of artificial intelligence, human ingenuity, and entrepreneurial innovation.
The forum also honored the outstanding achievements of several trailblazers, including Hajj. Ashraf Simwogerere, who was bestowed with a Lifetime Achievement Award for his remarkable contributions to the Ugandan film industry.
Other notable awardees included Daudi Migereko, co-founder of FINCA, Uganda’s pioneering microfinance company, and Bart Kakooza, a distinguished journalist and pioneering news source for prominent TV stations such as Light House TV and CNN.
These individuals were recognized for their significant impact and dedication to their respective fields.
The awards ceremony was a highlight of the 5th Business Trendsetters Forum, which brought together business leaders, innovators, and policymakers to discuss the latest trends and innovations in the financial sector.
