KAMPALA, May 22, 2024 - Local banks under the umbrella of Uganda Bankers' Association [UBA] have elected new leaders to run the affairs of the association effective May. The new UBA leaders were elected during the Annual General Meeting held recently in Kampala.
Those elected to lead UBA for a one-year renewable term include Post Bank Uganda Managing Director, Julius Kakeeto [Chairman], and Michael Mugabi, Managing Director of Housing Finance Bank [Vice-chairman], and Edgar Byamah, CEO of Kenya Commercial Bank Uganda [Treasurer].
Others are Mumba Kalifungwa, CEO of ABSA [Auditor], and committee members Sanjay Rughani, CEO of Standard Chartered Bank, Patricia Ojangole, CEO of Uganda Development Bank, and Shafi Nambobi, CEO of UGAFODE Microfinance Limited.
The new UBA leadership team, succeeding the team led by Sarah Arapta, CEO at Citibank Uganda, takes charge during a period of notable growth in the banking industry.
In 2023, total assets rose by 8 percent to Shs 49.5 trillion, customer deposits grew by 7.8 percent to Shs 33.96trn, agent banking points increased to 33,437, ATMs to 984, and bank branches to 856 nationwide.
The gross loan portfolio of the industry increased by 7.6 percent to Shs 21.1trn. Key sectors included household and personal loans [ Shs 4.85trn], real estate [Shs 4.31trn], trade [Shs 3.72trn], manufacturing [Shs 2.89trn], and agriculture [Shs 2.53trn].
"I am honoured to have been elected the Chairman of Uganda Bankers' Association. I am grateful to the industry and my peers for their trust and confidence in me. Our banking sector has a lot to offer to drive economic growth and prosperity in Uganda and I am eager to contribute to it," said Kakeeto.
On his part Mugabi said: “I am deeply honored to be elected as the Vice Chairperson of the Uganda Bankers Association. This is a pivotal time for our industry, marked by significant growth and opportunities. Our collective efforts will be focused on fostering innovation, enhancing security, and driving financial inclusion."
In her farewell speech, Arapta noted that the Industry’s 2023 total direct taxes paid by members rose to Shs 1.29trn, up from 1.08trn in 2022 with spend on ICT increasing to Shs 694 billion in 2023 up from Shs 392bln in 2022.
The contribution of the banking industry to NSSF in 2023 increased to Shs 157.3bln up from Shs 131bln in 2022.
Arapta noted that the best gift the banking industry gave its customers in October 2023, was to drop the practice of early loan repayment fees charged on outstanding loans, which was agreed to by the over 30 members of UBA.
"This decision to halt the early repayment fees was aimed at facilitating the loan market with flexible options and alternatives in constraining economic circumstances and by extension the growth of private sector credit," she said.
Arapta also underlined the importance of continuing the UBA Women Economic Empowerment Programme, which supports female staff and entrepreneurs.
However, amid growth across the industry, key challenges remain on the horizon for the new leadership team led by Kakeeto such as rising fraud instances, which have driven ICT spending.
https://thecooperator.news/bankers-urged-to-invest-in-ugandas-tourism-industry/
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