The Chief Executive Officer (CEO) of MTN Uganda, Sylvia Mulinge, has challenged Uganda to accelerate its digital transformation, emphasizing that productivity is the next frontier if the nation is to realize its ambition of growing into a USD 500 billion (Shs 1,738 trillion) economy by 2040.
Mulinge delivered her remarks during a Fireside Chat at the Kampala Blockchain Summit 2025, held at Four Points by Sheraton, alongside the Executive Director of Supervision at the Bank of Uganda, Tumubweinee Twinemanzi and the President of the Blockchain Association of Uganda (BAU), Reginald Tumusiime.
The discussion centered on a unifying message: Uganda’s digital transformation must be driven by access, productivity, innovation, and smart regulation.
“Productivity is the next frontier. Without it, the demographic dividend becomes a missed opportunity,” Mulinge told attendees, highlighting the urgent need to equip the country’s youth with digital skills.
Africa is poised to hold the world’s largest working-age population, and Mulinge stressed that access to technology will determine whether the continent reaps the economic benefits.
“Our first task is access. We must get our youth online and give them the skills to turn technology into opportunity,” she said.
Mulinge cited the GSMA’s latest data, noting that while 87% of Ugandans are covered by mobile broadband, only 29% actively use the internet.
“We cannot speak of innovation without confronting that gap. Otherwise, digital energy turns into commentary instead of transformation,” she added.
Echoing Mulinge’s message, Twinemanzi emphasized that innovation and regulation need not conflict.
“Innovation will always run faster, but regulation does not have to slow it down,” he said, warning against central banks drifting into commercial activities, particularly in emerging areas such as gold-backed products.
Twinemanzi also cautioned about the potential impact of USD-backed stablecoins, such as USDT, on Uganda’s monetary sovereignty.
“If everyone begins trading in digital dollars, the shilling becomes sidelined. That undermines monetary sovereignty,” he said.
He further highlighted the potential of the Pan-African Payment and Settlement System (PAPSS), noting that tokenizing mobile money across Africa could revolutionize cross-border payments.
Mulinge stressed that blockchain and digital currency solutions must address practical, everyday needs.
“Mobile money succeeded because it solved a real problem. Blockchain and stablecoins must do the same – whether in remittances, trade settlement, or transparency in public finance,” she said.
She called for close collaboration between regulators and innovators, citing Africa’s mobile money experience as a model for rapid, sustainable adoption.
“Stablecoins today sit where mobile money sat fifteen years ago. Progress accelerates when both sides commit to collaboration,” Mulinge added.
She also emphasized leadership’s role in building digital ecosystems, noting MTN’s investments in Ugandan talent and the supportive regulatory environment.
“The environment regulators have created is why MTN is now the third most valuable company in East Africa,” she said.
BAU President, Reginald Tumusiime, described the summit as a historic turning point for Uganda’s tech ecosystem.
“This is not just another summit. This is the moment Uganda moves from conversation to implementation,” Tumusiime said, highlighting BAU’s six-year journey and its partnership with regulators, including the Bank of Uganda.
He pointed to blockchain’s tangible impact on financial inclusion: cross-border payments that previously took days can now clear in seconds, remittance costs can drop significantly, and millions of unbanked Ugandans can access financial services via mobile phones.
Reflecting on Governor Michael Atingi-Ego’s keynote, participants asked what Uganda’s competitive advantage could be as neighboring countries, such as Kenya, move forward with comprehensive virtual asset regulation.
Mulinge’s answer was clear:
“We win by solving everyday local problems.”
The summit underscored Uganda’s ambition to become a digital-first economy, highlighting the importance of access, innovation, and collaboration as the keys to unlocking the nation’s economic potential