The Uganda banking sector has ushered in a new leadership era after members of the Uganda Bankers’ Association elected Mr. Micheal Mugabi, Chief Executive Officer of Housing Finance Bank Uganda, as its new Chair during the Annual General Meeting .
Mr. Mugabi succeeds Mr. Julius Kakeeto, Managing Director of Pearl Bank Uganda, who concluded a two-year tenure (2024–2025) marked by sector consolidation, regulatory engagement, and sustained balance-sheet expansion.
Alongside the new Chair, members elected a refreshed Executive Committee: Ms. Grace Muliisa of Ecobank Uganda as Vice Chair; Mr. Sanjay Rughani of Standard Chartered Bank Uganda as Honorary Treasurer; and Mr. Robin Bairstow of I&M Bank Uganda as Honorary Auditor.
The committee further includes Mr. David Wandera of Absa Bank Uganda representing Tier 1 institutions, Mr. Moyo Nkisolathi of BRAC Uganda Bank for Tier 2 & 3 lenders, and Mr. Francis Ogwang of the East African Development Bank representing development finance institutions.
The leadership transition comes at a time when Uganda’s banking sector continues to demonstrate strong resilience. Outgoing Chair Kakeeto reported that total industry assets grew 16% year-on-year to UGX 61.7 trillion in December 2025, while customer deposits rose 17% to UGX 41.7 trillion.
Asset quality also improved, with non-performing loans declining to 3.4% from 4.8%, and profitability reaching UGX 2.17 trillion in comprehensive income, alongside a cost-to-income ratio improvement to 67%.
Kakeeto said the sector remains a critical engine of economic growth, supporting credit expansion and development financing despite macroeconomic headwinds. He highlighted progress under UBA’s strategic agenda, including alignment with government’s 10X GDP growth strategy and the Agro-Industrialisation, Tourism, Minerals and Science & Technology (ATMS) framework.
He also pointed to advances in environmental, social and governance (ESG) adoption, with the association midway through its 36-month roadmap and accelerating compliance with IFRS S1 and S2 standards. Industry-wide initiatives such as the Anti-Fraud Consortium, alternative dispute resolution frameworks, and women economic empowerment programmes were also cited as key milestones.
Looking ahead, Mugabi’s tenure begins against a backdrop of cautious optimism, supported by anticipated oil revenues and stable inflation, but shadowed by fiscal pressures, geopolitical uncertainty, and debt sustainability concerns.
The association has pledged to intensify advocacy for regulatory reforms, deepen financial inclusion, and strengthen digital transformation across Uganda’s banking ecosystem.