Dfcu Partners with MUK Incubation Center to Boost Innovation

Dfcu Bank, Makerere University and the Ministry of Finance, planning an Economic Development this Thursday morning announced a partnership that’s hoped to create a platform to support young entrepreneurs advance ideas on innovative solutions for enterprises that create socio-economic impact in Uganda.

Through the dfcu Graduate Development Programme, the Bank and the Makerere Innovation and Incubation Center (MIIC) will run a structured innovation/incubation programme for a pre-determined number of youth, starting with 5 inaugural trainees in 2021.

The number will be bumped up gradually over the next 5 years.

Officials told press that the arrangement is expected to enable an eco-system of innovation and effectively expose Fintech start-ups to the banking sector.

Makerere’s innovation center identifies potential entrepreneurs with the best innovative ideas that use new and existing technologies, and partners with organizations like dfcu to offer structured program training, business coaching and mentorship on; product development, market validation and development, business development as well as access to experts and capital for early growth and scaling.

Dr. Peter Ngategize the MIIC Board chairman, who is also the National Coordinator, Private Sector Development Unit at Ministry of Finance, told press that this partnership that has been piloted with over 150 beneficiary applicants, plays a significant role in accelerating effective technology solutions for social and economic impact.

“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, emphasized the need for increased investment in research and innovations that provide solutions to persistent development challenges.

“Universities should be at the fore-front of driving this research agenda. In times of COVID 19, innovative and digitally driven solutions have to be pillar of our thought process and the partnership with dfcu Bank speaks to that pillar,” he said.

“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, dfcu Chief Executive Officer.

“We shall continue to build a digitally-driven organization that not only reaches our key customer segments in a cost-effective manner but also provides market leadership to drive social-economic transformation in the communities where we serve,” he concluded.

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