MAKERERE – On December 3 at Makerere University, sunlight filtered through the tall windows of the Main Building as policymakers, students, and economists gathered in hushed anticipation. What was billed as the Tumusiime Mutebile Annual Public Lecture felt less like an academic event and more like a return to a story still unfolding, a tribute to a man whose fingerprints remain on nearly every contour of Uganda’s modern economy.
When Bank of Uganda Governor Dr Michael Atingi-Ego stepped to the podium, his voice carried the weight of memory. His predecessor, the late Prof. Emmanuel Tumusiime-Mutebile, was not merely a central banker; he was a steward of Uganda’s economic DNA.
“He guided us through some of the most challenging times with discipline, courage and strong integrity,” Atingi-Ego reflected. The list of crises Mutebile navigated was long and daunting — the 2008 global financial meltdown, the inflation spike of 2011, the Covid-19 shock that rattled supply chains and choked economic activity. “He did this through careful monetary policy and bold innovation,” Atingi-Ego said. “His dedication to strong, independent institutions, especially the Bank of Uganda, serves as a guiding example for today’s policymakers.”
Mutebile is often remembered for his sharp intellect and unyielding commitment to macroeconomic stability, but the scene at Makerere underscored something deeper: Uganda is still trying to understand how to carry his legacy forward.
The theme of the day, ‘Shaping Economic Resilience and the Power of Innovation,’ signaled where Atingi-Ego believes the future lies. If Mutebile’s era was defined by anchoring stability, the next chapter may hinge on reimagining what a central bank can do.
“At the Bank of Uganda, we continue this work with four main initiatives,” Atingi-Ego said. “We are using new tools to protect today’s depositors, remove financial barriers, connect with regional markets, and ensure that every Ugandan can participate in the digital economy.”
His tone shifted from tribute to blueprint.
The first innovation: SupTech, supervisory technology that blends artificial intelligence with data analytics. It is, in many ways, the opposite of the old model of waiting for banks to file reports. SupTech gives the central bank a way to detect risks in real time, strengthening oversight in a sector where missteps can be costly.
The second initiative: the National Payment Switch, a system designed to ensure seamless communication between banks, mobile money platforms, and fintech companies. For Atingi-Ego, it symbolises a quiet but powerful transformation.
“When a farmer in Kabale can send money instantly to a supplier in Kampala, that shows innovation breaking down barriers,” he said. He also announced that the bank is updating its Real-Time Gross Settlement system to the ISO 20022 standard, a move that will allow multi-currency transactions and deepen regional integration.
But Atingi-Ego’s message was broader than technology. It touched on inclusion, a theme Mutebile himself often emphasised in quieter moments.
“Economic growth is not complete until it reaches the last mile,” he noted. The Bank is pushing fintech solutions that expand digital credit, savings, and insurance to rural communities and marginalised groups. The goal is simple: ensure that the digital economy does not become another barrier.
A Foundation Built on Integrity and Reform
While the discussion focused heavily on the future, the past remained present, particularly in the words of former Prime Minister Amama Mbabazi, who spoke on behalf of the Mutebile Foundation.
He reminded the audience that Mutebile’s philosophy was rooted not just in stabilising numbers, but in shaping people.
The Foundation, he said, continues to invest in research, skills development, innovation, and knowledge management to strengthen the private sector, areas Mutebile believed were essential for raising productivity.
Mbabazi widened the lens, arguing that Africa’s economic future will depend on a deliberate shift from consumption-driven policy to productivity-driven growth. The sectors he named, agro-industry, manufacturing, digital services, and green industry, were the very areas Mutebile believed Uganda must nurture if it hoped to compete globally.
It was as if the lecture hall itself was drawing a line between the Uganda Mutebile helped build and the Uganda the next generation must now imagine.