Bankers challenge financial sector to drive Uganda’s $500bn economic ambition
UBA chairman Michael Mugabi said the scale of Uganda’s economic ambitions requires the financial sector to move beyond conventional lending approaches.
UBA chairman Michael Mugabi giving his welcome remarks at the 9th Annual Bankers Conference on Friday, September 18. (Courtesy photo)
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Uganda’s banking and financial sector has been challenged to increase lending, mobilise long-term capital and embrace innovative financing models to support the country’s ambitious plan to expand its economy from about $50 billion to $500 billion by 2040.
The call was made during the 9th Annual Bankers’ Conference 2026, held on Friday at the Kampala Marriott Hotel under the theme, “The Role of Uganda’s Financial Institutions in Facilitating Tenfold GDP Growth.”
The conference, organised by the Uganda Bankers’ Association (UBA) in collaboration with the Bank of Uganda, brought together senior banking executives, government officials, development partners, private-sector players, academia and other stakeholders.
UBA chairman Michael Mugabi said the scale of Uganda’s economic ambitions requires the financial sector to move beyond conventional lending approaches.
“The single objective of our plan is to significantly expand private sector credit and facilitate the mobilisation of capital, both traditional and non-traditional, at scale to support the private and public sector in this ambitious journey,” Mugabi said.
Finance Minister Henry Musasizi (left) and Bank of Uganda Governor Michael Atingi-Ego during the conference
Representing conference title sponsor Mastercard, Victor Ndlovu said financial institutions must work with technology companies, fintechs, capital markets and other players to build an ecosystem capable of financing Uganda’s development ambitions.
Bank of Uganda Governor Michael Atingi-Ego said the country had already laid a foundation for economic growth, but financing remained critical to sustaining and accelerating that growth.
He pointed to agro-industrialisation, tourism, minerals and technology as sectors requiring increased financing. Some of these sectors, he noted, require alternatives to traditional collateral-based lending, including cash-flow financing, venture debt and long-term structured finance.
Atingi-Ego said pension funds, insurance companies, capital markets and other financial institutions must work alongside commercial banks to bridge the financing gap.
The Ambassador of the Netherlands to Uganda, Angela Samuda, reaffirmed her country's commitment to supporting Uganda's financial and agricultural sectors, including initiatives aimed at de-risking lending and building the capacity of financial institutions.
Finance Minister Henry Musasizi also emphasised the importance of the financial sector in delivering Uganda’s tenfold growth strategy, noting that increased production, value addition and investment must be matched by financing at the required scale.
The conference concluded with a call for stronger collaboration among banks, government, development partners, fintechs, capital markets and other stakeholders to mobilise the capital required to support Uganda’s long-term economic transformation.