Business 18 May 2026 Daily Monitor (Uganda)
Uganda's Banking Sector Welcomes New Leadership Amidst Strong Growth
The Uganda Bankers Association has appointed Michael Mugabi as its new chairperson, taking over from Julius Kakeeto. This transition occurs as the sector reports significant asset and deposit growth, alongside improved loan performance. Source: https://www.monitor.co.ug/uganda/news/national/banking-industry-gets-new-leadership-boasts-of-significant-growth-5463834
The Uganda Bankers Association (UBA) has a new leadership team at its helm, with Michael Mugabi, CEO of Housing Finance Bank Uganda, stepping into the role of chairperson. He succeeds Julius Kakeeto, who completed his two-year term.
The recent Annual General Meeting in Kampala also saw the election of a new Executive Committee. Grace Muliisa of Ecobank Uganda is the new Vice Chairperson, Sanjay Rughani of Standard Chartered Bank Uganda will serve as Treasurer, and Robin Bairstow of I&M Bank is the Auditor. The committee also includes representatives from various tiers of financial institutions and development finance institutions.
This leadership change comes at a time when Uganda’s banking industry is demonstrating remarkable resilience and growth. Outgoing chairperson Julius Kakeeto highlighted substantial increases in total assets, which rose by 16 percent to Shs61.7 trillion by the end of 2025. Customer deposits also saw a healthy rise of 17 percent, reaching Shs41.7 trillion.
Kakeeto also reported improvements in asset quality, with non-performing loans decreasing to 3.4 percent from 4.8 percent in the previous year. Profitability remained strong, with the sector posting Shs2.17 trillion in total comprehensive income and an improved cost-to-income ratio of 67 percent.
Under Kakeeto’s tenure, the UBA aligned its strategy with the government’s 10X GDP Growth Strategy and made progress on its ESG roadmap. Challenges were noted, including fiscal policy pressures, which the association actively addressed with the Uganda Revenue Authority.
The industry looks ahead to 2026 with cautious optimism, anticipating a boost from impending oil production revenues and stable inflation. However, potential risks from geopolitical tensions and debt sustainability remain. Kakeeto advised the new leadership to continue advocating for regulatory reforms that foster investment and to remain agile in the evolving technological landscape.
With Michael Mugabi and the new Executive Committee now leading, the UBA is poised to build on its recent successes and navigate the future growth of Uganda’s financial sector.
Source: Daily Monitor (Uganda)