With the mass adoption of modern tech in Sub-Saharan Africa, industries such as education, banking, and sports are going through a revolution. That has also given rise to other opportunities. Technology has brought Africa to a new dawn and presented the youths with the chance to tackle poverty and unemployment. Throughout the world, technology has advanced so much that nearly every business will have some form of technology within their company, that is why things like it support services, cybersecurity, etc. are essential needs and continue to rise.
In Uganda, modern technology is highly contributing to the country’s economy. Over the last decade, the country has witnessed rapid growth in its technology sector. That’s evident in areas such as computer applications, mobile devices, data processing, and information sharing. For example, many have now learned how to create an epic data tracking plan for their online business, allowing them to grow and expand in a way that was not possible before.
Besides this, the financial service sector is also known to have grown with the help of technology. For instance, several people seem to praise revolutionary cloud-based solutions offered by firms similar to Capsifi. Moreover, such solutions are known to provide real-time data that can be used to refine and fine-tune critical decision-making. Furthermore, such solutions have been known to support the financial services industry in continuously improving their technology and information management landscapes while simultaneously coordinating idea management (those curious to gather more information about this can check it out here). Therefore, it can be said that many businesses are going from strength to strength. Thanks to new technology, information, and ideas.
This growth has attracted international investors such as Betway and MicroPay, among others. That has made the ICT sector to have a profound impact on Uganda’s economic growth.
According to the UN, the global economy grew by 3.6% in 2017, resulting in a decrease in the level of unemployment in 2018. The growth is attributed to technological advancement especially in developing countries such as Uganda. That has encouraged the youths to forge innovative ways to promote business growth and curb unemployment.
Due to the rise of ICT growth in Uganda, the country has seen a significant increase in the number of entrepreneurs in this sector. That includes the betting market, with the Betway login portal receiving thousands of visitors daily thanks to various internet providers. Other markets have also grown immensely with the tech advancement.
Targeting both the public and the private sector, these entrepreneurs have enjoyed a decrease in the cost of production though that has come with its challenges. For starters, many Ugandan startups don’t live to see their first anniversaries. That’s mainly due to lack of internal innovation, an aspect that has resulted in many entrepreneurs replicating the already existing ideas with a change of only the name or process. That has ultimately resulted in various web-based start-ups dealing with IT support services, news, web designing, and internet cafes. Many entrepreneurs might also look into making their businesses more innovative with the help of bubble app builder platforms so that they could build an app that helps in boosting their business.
Along the busy streets of Uganda’s capital city, Kampala, one can’t help to notice the high-level of the door to door duplication if ICT services by entrepreneurs. However, despite these challenges, there’s been numerous key achievements, the biggest being the development of ICT innovation hubs. These hubs encourage tech-oriented individuals to network, share ideas, design and work together.
The initiation of ICT hubs has played a significant role in incubating numerous entrepreneurial ideas in Uganda and sub-Saharan Africa at large. Makerere University, one of the top universities in Uganda has also played a major role in ICT innovation in the country. The country has also welcomed a number of global tech giants such as Microsoft and Google.
Though Uganda still has a long way to go in terms of technology, the current developments are very encouraging. The technological advancement has not only created a wider market for businesses and entrepreneurs in the ICT sector, but also for Ugandans in the retail sector outside the urban centers. Nonetheless, there’s still the need to nurture innovation at the grass root level to avoid the challenges that have been affecting entrepreneurs. That will further facilitate innovation and business growth in the region.
