Members of Uganda Bankers’ Association (UBA) held their annual general meeting on the 13th May 2022 and elected Ms. Sarah Arapta, as the new Chair taking over from Mr. Mathias Katamba who served for two years (2020 & 2021).
Ms. Arapta is the Chief Executive Officer of Citibank Uganda. Other members elected on the executive committee of UBA include;
Mr. Katamba in his statement noted that the banking industry had and continues to play its role as an engine to facilitate activities in all sectors of the economy by providing a range of relief measures and interventions to support growth and economic recovery during & post covid-19 pandemic lockdown.
Mathias further highlighted that the accommodations for sectors such as education and hospitality that remained under lockdown much longer, were put in place to enable supervised financial institutions (SFIs) continue providing credit relief till end of September 2022. Regarding the association’s medium term strategy, Mathias noted that the key achievements that were realised in the strategy period 2019-2021 included among others;
He noted that the strategic plan for the period 2022-2024 was finalised with one of its key objectives being to position the industry not only to support economic recovery post COVID-19 pandemic, but also alignment with Government’s national development plan priorities to support specific sectors.
Mathias also emphasized the need for bringing alive the key industry strategic project of cyber security operations center in light of the increasing cyber risks the industry faces.
The 2022-2024 strategy will also continue with the consolidation and enhancement of the achievements of the previous strategy period 2019 – 2021 intended at championing the growth & development of robust, 24/7, integrated digital infrastructure, promotion of financial inclusion and driving down the average industry cost of delivering financial services in Uganda.
On challenges, Mr. Katamba reported that the year had been affected by challenges due to COVID-19 and these included loss of staff and partners as well as stressed loan portfolios.
Mathias also highlighted fraud risks and delays in concluding crucial pieces of legislations and regulations for which he stated that UBA would continue working closely with the Regulator and Ministry of Finance, planning and Economic Development to ensure that these are finalised.
Touching on the future outlook, the outgoing Chairman noted that the key drivers that were likely to shape the recovery and growth in 2022 onwards include investment in oil & gas sector coupled with continued investment & spend on key sectors like agriculture, services, industry, real estate and public sector investments in infrastructure particularly roads, airports and power dams.
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Patricia Amito, Head Communications and Corporate Affairs Department
Uganda Bankers’ Association