Business
UBA launches ninth edition of bankers’ conference
“In support of this ambitious agenda, the banking sector has signed a comprehensive response strategy that involves mobilising long-term funding and significantly expanding private sector credit to sh490 trillion per year by 2040. We believe that if we can increase the uptake of private sector credit, this will require innovative financial intermediation,” Michael Mugabi, the board chairman at UBA, said.
Michael Mugabi (C), board chairman at UBA, chatting with Walusimbi shortly after the presser at Housing Finance Bank headquarters in Kampala. (Credit: Ali Twaha)
By: Ali Twaha, Journalist @New Vision
KAMPALA - The Uganda Bankers' Association (UBA) has launched the ninth edition of the Annual Bankers Conference to be held on September 18 in Kampala.
UBA has picked "The Role of Uganda's Financial Institutions in Facilitating Tenfold GDP Growth" as the theme for this year's Conference. The theme puts the sector's response to government's plan to grow the economy from $50b to $500b by 2040 at the centre of the industry's biggest gathering.
It is organised by UBA in collaboration with the Bank of Uganda and Mastercard alongside other partners.
The event brings together policymakers, regulators, bank executives, development partners, private sector leaders, academia and civil society to work out how the banking and capital markets sectors can help power the government's tenfold growth ambition.
“In support of this ambitious agenda, the banking sector has signed a comprehensive response strategy that involves mobilising long-term funding and significantly expanding private sector credit to sh490 trillion per year by 2040. We believe that if we can increase the uptake of private sector credit, this will require innovative financial intermediation,” Michael Mugabi, the board chairman at UBA, said.
The event brings together policymakers, regulators, bank executives, development partners, private sector leaders, academia and civil society to work out how the banking and capital markets sectors can help power the government's tenfold growth ambition.
“In support of this ambitious agenda, the banking sector has signed a comprehensive response strategy that involves mobilising long-term funding and significantly expanding private sector credit to sh490 trillion per year by 2040. We believe that if we can increase the uptake of private sector credit, this will require innovative financial intermediation,” Michael Mugabi, the board chairman at UBA, said.
Government wants to expand Uganda's GDP tenfold by 2040 through investment in four priority pillars: Agro-Industrialization, Tourism Development, Mineral-Based Industrial Development (including oil and gas), and Science, Technology and Innovation, together referred to as ATMS.
“We have seen constraints, and the industry has responded to support government's ATMS agenda. We have engaged our board, the Governor has convened [a meeting], we have engaged development partners, and we have engaged and presented the plan to the Ministry of Finance in detail,” Wilbrod Owor, executive director at UBA, said.
According to the National Planning Authority, the strategy also targets raising national savings to 40% of GDP and lifting exports to 50% of GDP by 2040, up from a far smaller base today, as government looks to shift Uganda toward a more industrialised, export-led economy.
“We want to encourage innovation without compromising consumer protection, without compromising cyber security, data protection and financial system integrity. So our regulation and supervision is evolving to ensure that all of these are well looked after,” Victor Walusimbi from Bank of Uganda said.
“We have seen constraints, and the industry has responded to support government's ATMS agenda. We have engaged our board, the Governor has convened [a meeting], we have engaged development partners, and we have engaged and presented the plan to the Ministry of Finance in detail,” Wilbrod Owor, executive director at UBA, said.
According to the National Planning Authority, the strategy also targets raising national savings to 40% of GDP and lifting exports to 50% of GDP by 2040, up from a far smaller base today, as government looks to shift Uganda toward a more industrialised, export-led economy.
“We want to encourage innovation without compromising consumer protection, without compromising cyber security, data protection and financial system integrity. So our regulation and supervision is evolving to ensure that all of these are well looked after,” Victor Walusimbi from Bank of Uganda said.