Uganda’s Central Bank Governor, Michael Atingi-Ego, has called for a renewed focus on intergenerational leadership, institutional strength, and human-capital investment as the pillars that will shape Africa’s economic trajectory.
Speaking at the Mutebile Lecture 2025, he said these principles were central to the legacy of the late Bank of Uganda Governor Prof. Emmanuel Tumusiime-Mutebile, whose reforms set the foundation for today’s financial resilience.
Atingi-Ego noted that under Prof. Mutebile’s stewardship, Uganda implemented transformative reforms including amendments to the Financial Institutions Act that expanded agency banking, bancassurance, and Islamic banking. These changes, he said, unlocked new channels for financial inclusion and positioned Uganda as a regional leader in accessible financial services.
Today, Uganda’s financial landscape reflects this progress: 73% of adults hold a formal financial account, while 72% own a mobile phone. According to Atingi-Ego, this connectivity has enabled millions of farmers, traders, and young entrepreneurs to access credit, transact faster, and grow micro-businesses — proof that “innovation is translating into inclusion, and policy is creating possibility.”
He also praised Mutebile as a “great tree” who shielded Uganda’s economy through multiple crises, including the 2008 global financial shock, the 2011 inflation surge, and the COVID-19 downturn. In each instance, Mutebile’s policies stabilized the shilling, preserved banking-sector confidence, and protected vulnerable households.
Hon. Amama Mbabazi,the former Prime Minister and close friend of the late, delivering remarks on institutional development, emphasized that Africa’s progress depends on building robust institutions grounded in professionalism, transparency, and accountability. “Institutions must outlive individuals and even outlive governments,” he said.
Keynote speaker Eng. Dr. FF Tusu Tusubira urged leaders to empower young people, arguing that “the world’s biggest shifts were led by individuals in their early twenties.” He called for education systems that prioritize innovation over rote learning, saying African economies must cultivate problem-solvers rather than exam-passers.
Atingi-Ego concluded by urging investment in human capital and trust-based systems, noting that “innovation thrives in an ecosystem of trust and transparency” — a principle he said Mutebile embodied throughout his career.