UGANDAN DONS MAKE CASE FOR FINANCIAL TECHNOLOGY AT SMAT 6TH ANNUAL
Financial technology (FinTech) is emerging as an engine of growth and technological enabler that fosters
financial inclusion and economic development. This was posited by erudite scholars at the 6th annual
lecture of the School of Management Technology (SMAT) on Friday, 3rd May 2019. Speaking on the
topic: Financial Technology and Enterprise Development in Developing Economies, Head, Department
of Finance, Makerere University Business School, Kampala Uganda, Dr. Rachel Katoroogo said financial
technology is a major force, shaping the structure of the financial industry in sub-Saharan Africa.
She said new technologies are being developed with the potential to change the competitive landscape in
the financial sector while providing opportunities for enterprises to thrive. Analyzing the evolution of
financial technology from the 1950s to 2000, she said the five decades of development have created a
financial technology infrastructure like the credit cards, ATMS, electronic stock trading, mainframe
computers, the internet and the e-commerce. According to her, such Fintech developments have created
more sophisticated risk management, trade processing, treasury management and data analysis tools at
the institutional level for financial services firms.
The don said FinTech is an opportunity to foster inclusive economic growth and development in
developing economies like Uganda and Nigeria through the new technologies and business models despite
the risks that would need to be addressed with suitable regulating frameworks.
Speaking on Technology and Management, Principal, Makerere University Business School Kampala,
Uganda, Professor Waswa Balunywa said the industrial revolution driven by new inventions through
science, ushered in the factory system which gave rise to the need for management. He said management
has been evolving and has moved from simply soft skills to a process that requires high technological
sophistication. Balunywa said technology and management are complimentary and drive each other
adding that the growth of technology will continue to be driven by business Managers as they pursue
better products and more efficient means of production.
In his remarks the Vice Chancellor Professor Joseph Fuwape said the concept of enterprise development
and management technology should empower leaders in Governments, Institutions of higher learning,
individuals in private sector and international agencies to develop strategies and mechanism for wealth
creation for the good of the citizens. He commended the Dean of SMAT, Professor Tomola Obamuyi on
the choice of the topic for the lecture describing it as a potent instrument for reawakening research value
and re-orientation of policy concept in financial and enterprise management in our country. Professor
Obamuyi said the annual lecture provided opportunity for members of the academic community and the
general public to interact on the pivoted issue of financial technology and enterprise development.
High point of the occasion was the presentation of awards to three eminent Nigerians who have
distinguished themselves in the fields of Business, Finance and Legislative matters namely: - High Chief
Ambassador (Dr.) Chigozie Nwolisa, Chief Executive Officer, Rheels Services Limited, Prince (Hon.)
Abayomi Babatunde Akinrutan, Member, House of Assembly, Ondo State and Mr. Abiodun Michael
Arokodare, Chief Executive Officer, M & G, Port Folio Limited.