Career growth gaps emerging in Uganda’s banking sector, survey shows

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Concerns are emerging over career progression within Uganda’s banking industry, with experts warning that gaps in talent development could undermine Uganda’s ambitious plan to grow its economy tenfold to $500 billion by 2040.

Preliminary findings presented by the Uganda Institute of Banking and Financial Services (UIBFS) indicate that while many banking employees find their work meaningful, uncertainty around career growth remains widespread.

Speaking at a talent development conference held at Méstil Hotel on March 28, 2026, UIBFS chief executive officer Goretti Masadde revealed that only about half of survey respondents believe clear career growth opportunities exist within their institutions.

“This is a signal we cannot ignore. Employees are not just looking for jobs; they want to see a future,” Masadde said.

The survey, based on 132 responses from an estimated 19,000 banking sector employees, showed that millennials, who form the bulk of the workforce, express relatively higher confidence in career prospects.

However, a significant proportion still reported uncertainty, pointing to possible stagnation at the mid-management level.

Talent gaps widen

Among Gen Z employees, the concern is more pronounced. Many indicated they are unsure about their career trajectory within the sector, despite reporting that their jobs are meaningful.

Career growth also emerged as a key driver of turnover intentions, particularly among younger employees, who cited limited progression and leadership concerns.

Masadde emphasised the need for structured career pathways, mentorship programmes, and clearer progression frameworks.

“It is not enough for opportunities to exist—they must be visible and attainable,” she said, noting that qualification frameworks are being developed to guide employees on advancement requirements.

The urgency of addressing these gaps was underscored by remarks from the Governor of the Bank of Uganda, Michael Atingi-Ego, who stressed that Uganda’s economic transformation will depend more on human capital than financial resources.

In remarks delivered on his behalf by executive director David Kalyango, Atingi-Ego said capital and technology alone cannot drive growth.

“Every economy that has achieved global transformation has done so through deliberate investment in human capability,” he noted.

Uganda is pursuing a growth strategy under Vision 2040 and the Fourth National Development Plan, targeting expansion from about $50 billion to $500 billion within 15 years, driven by agro-industrialisation, tourism, mineral-based industrialisation, and science, technology and innovation.

Skills for the future

However, Atingi-Ego warned that this ambition will significantly increase the complexity of financial intermediation.

“A tenfold expansion of the economy is not merely a balance sheet challenge it is fundamentally a talent challenge,” he said.

He explained that traditional banking roles will no longer be sufficient. Instead, financial institutions will require professionals with sector-specific expertise capable of understanding complex value chains, commodity markets, and long-term project financing, particularly in sectors such as oil and gas, agriculture, and digital innovation.

“In each of these domains, the binding constraint is not capital, it is capability,” he emphasised, warning that failure to build expertise could lead to poor credit allocation, rising non-performing loans, and financial instability.

The governor outlined four priority areas for talent development: technical expertise, data analytics, digital fluency, and ethical leadership, noting that emerging technologies such as artificial intelligence are reshaping the sector.

“AI-driven credit assessment and digital financial services are becoming core competencies,” he added.

At the same event, Patricia Amito, head of communications and corporate affairs at the Uganda Bankers Association, who represented the association’s chairperson Julius Kakeeto, highlighted opportunities linked to financial inclusion, noting that 55% of Ugandan adults are saving, largely outside formal banking systems.

“This presents a major opportunity to formalise savings and build trust in financial institutions,” she said.

The conference brought together over 70 professionals, including human resource leaders from several commercial banks, and featured discussions on middle management development, succession planning, competence frameworks, and preparing the workforce for artificial intelligence.

Masadde emphasised that aligning employee aspirations with institutional needs is critical for the sector’s future.

“If employees cannot see where they are going, they will not stay,” she said.

Atingi-Ego echoed the sentiment, warning that even the best policies will fall short without the right people to implement them.

“Strategies do not execute themselves. Capital does not deploy itself. It is people skilled, ethical, and capable who will determine whether Uganda achieves its ambition,” he said.

Fatuma Namatovu, head of culture and transformation at DFCU Bank, expressed concern, saying:

"Another reality we must confront is this: people are moving faster than they are developing. We are seeing individuals step into roles before they are fully ready, driven by opportunity, demand and in some cases, necessity.

While this creates short-term wins, it can expose us to long-term risks in execution, leadership depth and even governance - because the talent is not ready," Namatovu emphasised.