Makerere University has signed a groundbreaking Memorandum of Understanding (MoU) with SoonPay, a U.S.–based fintech and blockchain company, marking the official launch of the inaugural Makerere University Financial Innovation Day.
The event, held on Saturday at the Makerere University Technology and Innovation Centre (MUTIC), attracted over 800 students, partners, and industry leaders, united under the theme: “Innovation and Financial Inclusion for a Secure Future.”
The Financial Innovation Day was organised by MUTIC in partnership with SoonPay, with support from the National Social Security Fund (NSSF), the Uganda Blockchain Association, the National Planning Authority (NPA), Prudential Uganda, and others.
“You are the people to emancipate Africa”
Opening the event, Makerere University Vice Chancellor Prof. Barnabas Nawangwe urged students to seize emerging technologies as tools for Africa’s transformation.
“You are the people to emancipate Africa from marginalisation,” he said, warning that the continent risked missing the next technological revolution if young people did not act boldly.
Reflecting on African history, the Vice Chancellor stressed that the past 600 years had been defined by disruption, exploitation, and exclusion from global technological change.
“But we are lucky to be living in an era where Africa is free,” he said. “I hope that we do not wait another 600 years to take advantage of this freedom. The most important resource we have is not minerals; it is human resources—you, the youth.”
He challenged university students to abandon the mindset of waiting for jobs and instead create opportunities through research, innovation, and technology.
“What will emancipate Africa is education, research, innovation, and technology,” he emphasised. “Blockchain, if applied properly, can transform how we manage finances, education, and even our natural resources. I believe many of you will leave here to become CEOs of blockchain companies across Africa.”
“Africa has been excluded long enough”
SoonPay CEO Frantz Morency delivered an impassioned address, thanking Makerere University for trusting a foreign technology company that, he said, “knows its roots.”
“As the Professor said, we have been excluded for more than 400 years. Even though we’re an American company, we know our roots. Look around the SoonPay team—you will see yourselves,” Morency said.
He criticised global systems that have historically shut out African participation. “For far too long, Africa has been excluded from the Industrial Revolution, from global financial systems like SWIFT, from the dot-com era, from the AI era. Again and again, we’ve been left out. When do we say enough is enough?”
Morency added that Africa’s blockchain adoption—currently at only 0.33% of global market share—was unacceptable given the continent’s talent and potential. “You want to learn—what you lacked was opportunity. With the support of the Professor, Dr Cathy, and Dr Maggie, SoonPay wants to bridge that gap,” he said.
He revealed that SoonPay selected Uganda intentionally after studying challenges in financial and healthcare access. “My goal has always been to come to Africa. I was convinced that Uganda was the best place to introduce this blockchain technology. Without him, SoonPay wouldn’t be here today.”
Blockchain Training, Research, and Innovation to Begin
During the ceremony, Makerere University and SoonPay officially signed an MoU that will introduce blockchain training, research collaborations, financial technology tools, and innovation programs aimed at empowering students.
The partnership includes: Blockchain education and certification, development of financial inclusion tools, joint research and innovation projects, and apprenticeships through international partners and opportunities for student-led commercialisation.
“This is a milestone for Makerere”
Dr Cathy Ikiror Mbidde, Head of the Makerere University Technology and Innovation Centre, hailed the partnership as a major step in transforming academic research into life-changing innovations.
“We are here to witness one of the key emerging technologies and to reflect on how universities can embrace such milestones,” she said. “Everyone has a role to play in transforming our lives through research, ideas, and projects.”
She thanked SoonPay for choosing Makerere and commended students for their curiosity and persistence. “You have been instrumental—constantly asking questions about blockchain and what it means. Today, we finally have answers.”
More than 800 students filled the auditorium, even though many had just completed their end-of-semester exams. “I congratulate you for being here on a Saturday morning,” Prof. Nawangwe said. “It shows dedication.”
The students engaged in hands-on sessions on blockchain, fintech tools, and emerging technologies, and several expressed interest in joining the SoonPay apprenticeship program.
Key partners attending the event included: NSSF Uganda, which is supporting youth financial empowerment, Uganda Blockchain Association, offering technical guidance, Prudential Uganda, supporting innovation for financial resilience and National Planning Authority (NPA), linking innovation to national development priorities.
