At the Kampala Blockchain Summit 2025, Sylvia Mulinge, CEO of MTN Uganda, underscored the urgent need to bridge Uganda’s digital gap if the country is to achieve its ambitious target of becoming a $500 billion economy by 2040. Speaking during a Fireside Chat at Four Points by Sheraton, Mulinge shared insights alongside Dr. Tumubweinee Twinemanzi, Executive Director of Supervision at the Bank of Uganda, and Reginald Tumusiime, President of the Blockchain Association of Uganda (BAU).
Mulinge’s message was clear and resolute: “Productivity is the next frontier.” She emphasized that closing the digital divide would be pivotal to tapping into Uganda’s youthful population and realizing the country’s full economic potential. According to Mulinge, access to technology will be the determining factor in whether Uganda can leverage its demographic dividend or risk missing out.
Unlocking the Potential of Uganda’s Youth
Africa is poised to become home to the world’s largest working-age population, and Uganda’s future depends on how effectively it can harness this demographic advantage. “Our first task is access,” Mulinge said. “We must ensure that our youth are online, equipped with the skills to convert technology into opportunities.” She pointed out that while 87% of Ugandans have access to mobile broadband, only 29% actively use the internet. This stark digital gap must be addressed if Uganda is to innovate and compete on a global stage.
Mulinge’s remarks echo Uganda’s broader aspirations to grow from a USD 50 billion economy to a USD 500 billion economy by 2040. But, as she warned, achieving this goal will be impossible without prioritizing digital inclusion at a national level.
Innovation and Regulation: Partners, Not Opponents
The conversation took a deeper dive into the relationship between innovation and regulation. Dr. Twinemanzi, sharing his insights from overseeing Uganda’s banking sector, cautioned that while innovation often outpaces regulation, the two must go hand in hand. He stressed that regulation should not act as a barrier but as an enabler of innovation, ensuring a balance that protects consumers while fostering growth.
Dr. Twinemanzi also offered a cautionary note about emerging financial technologies like gold-backed products and stablecoins, warning of potential risks to Uganda’s financial sovereignty. He pointed out that central banks, including Uganda’s, must remain focused on providing a conducive environment for financial growth rather than getting involved in direct commercial activities, which could distort the market.
Solving Real Problems with Technology
Mulinge echoed Dr. Twinemanzi’s point on the importance of regulation that enables growth, noting that mobile money in Africa succeeded because it solved a real problem — providing financial inclusion to millions of unbanked individuals. Now, technologies like blockchain and stablecoins must similarly address practical needs, such as remittances, trade settlement, and transparency in public finance.
“Blockchain and stablecoins must solve real problems,” she insisted. “If we want to see tangible benefits, we must apply these technologies to issues that matter to people — like remittances, trade, and even governmental transparency.” She also underscored the critical role of leadership in fostering digital ecosystems, citing MTN Uganda’s investments in local talent and leadership as contributing factors to the company’s success, which has made it the third most valuable company in East Africa.
Uganda’s Competitive Edge
The summit’s discussions also focused on Uganda’s competitive advantage, especially in comparison to its regional peers. With countries like Kenya advancing their virtual asset regulations, the question of what sets Uganda apart became central to the dialogue.
Mulinge provided a straightforward answer: “We win by solving everyday local problems.” This approach, she argued, would drive Uganda’s digital and economic growth by focusing on the real, immediate needs of its people.
Dr. Twinemanzi added that Uganda’s strength will lie in creating a clear, stable regulatory framework that protects consumers while allowing room for innovation to flourish. He reiterated that Uganda’s future success depends on balancing innovation with consumer protection — ensuring that the country stays ahead without compromising its financial security.
A Call for Action
For Reginald Tumusiime, the BAU President, the summit marked a critical juncture in Uganda’s digital journey. “This is not just another summit. This is the moment Uganda moves from conversation to implementation,” he said, highlighting the critical role of BAU in shaping the country’s blockchain ecosystem since 2019.
Tumusiime pointed out that blockchain technology is already making a difference, transforming cross-border payments, reducing remittance costs, and improving access to financial services for millions of unbanked people across Africa. He added that Uganda has the potential to lead the continent in digital innovation — if it takes swift, coordinated action.
The Road Ahead
The summit’s discussions have set the stage for Uganda’s digital future, with a focus on building infrastructure, developing talent, and creating a regulatory environment that fosters innovation. But the clock is ticking, and as Tumusiime aptly noted, Uganda must act quickly to harness its demographic advantage and seize the opportunities presented by new technologies.
For Sylvia Mulinge, the next step is clear: “The future of Uganda’s economy lies in closing the digital gap — and in doing so, unlocking the potential of a new generation of innovators, entrepreneurs, and leaders.”
The Kampala Blockchain Summit 2025 provided an opportunity for Uganda to reflect on its digital future and the steps needed to reach its economic goals. As stakeholders from across the public and private sectors continue to collaborate, the path to a more digitally inclusive, prosperous Uganda is becoming clearer — but it requires urgency, vision, and bold action.
