The 8th Annual Uganda Bankers Conference 2025 concluded on Tuesday with a powerful summation from Kenneth Mumba Kalifungwa, the Chief Executive Officer of Stanbic Bank Uganda, who underscored the pivotal role of remittances, financial technology (FinTech), and sustained collaboration in driving Uganda’s socio-economic transformation.
His closing remarks painted a clear picture of a banking sector ready to harness these forces for inclusive national development.
“From policymakers and regulators to financial institutions, labour export agencies, development partners, and civil society, this conference has been a vital platform for robust dialogue, insightful presentations, and invaluable networking,” Kalifungwa stated, emphasising the importance of engagement.
“Our collective goal was to foster thought leadership and actionable strategies, and I believe we have succeeded,” he added.
Key Takeaways: A Blueprint for Progress
Kalifungwa highlighted four critical takeaways from the day’s deliberations, forming a comprehensive blueprint for advancing Uganda’s economic agenda, which include:
Transformative Power of Remittances
The conference reaffirmed remittances as a cornerstone of Uganda’s economy. These financial inflows, often surpassing Foreign Direct Investment (FDI) and official development aid, are recognised as direct drivers of poverty alleviation, employment, and overall economic resilience. They are not just transfers, but lifelines that connect families and fuel dreams, contributing significantly to the nation’s GDP.
Candid Conversations on Ecosystem Challenges
The conference also provided a crucial forum for serious discussions on the inherent challenges within the remittance ecosystem. This open dialogue focused on identifying and addressing structural and logistical bottlenecks, aiming to make remittance flows more efficient, affordable, and accessible for the diaspora and recipients.
Pivotal Role of Technology and FinTech
Perhaps the most cutting-edge takeaway was the emphasis on the transformative role of technology and FinTech in shaping the future of remittances.
Kalifungwa underscored the banking sector’s unwavering commitment to investing in robust digital infrastructure. This investment, he noted, aims to better serve the diaspora community by offering seamless, secure, and cost-effective channels for sending and receiving funds, as an alternative to traditional, often more expensive, methods. He noted that FinTech innovations are seen as key to driving financial inclusion and extending banking services to underserved populations.
Financial Institutions as Strategic Development Partners
The conference reinforced the immense responsibility and opportunity of financial institutions. According to Kalifungwa, banks are seen not merely as service providers but as strategic partners in Uganda’s development journey. This, he observed, entails a shift towards proactive engagement in national development priorities, leveraging their financial expertise and digital capabilities to unlock new avenues for growth, which Stanbic Bank is doing through the Women, Youth and Farmers (WYF) agenda.
Sustained Collaboration is Key
Kalifungwa’s most powerful message resonated around the undeniable need for sustained collaboration.
“The diverse expertise represented here underscores a shared understanding that unlocking the full potential of remittances requires concerted, multi-sectoral efforts,” he emphasised.
This solidifies the fact that no single entity can address the complexities of the remittance ecosystem alone; rather, it demands a unified approach involving regulators, financial institutions, labour export agencies, development partners, and civil society to create a robust and supportive environment.
The 8th Annual Bankers Conference set a clear agenda for the future, which is leveraging the power of remittances through technological innovation and collaborative strategies.
Stanbic Bank, under Kalifungwa’s leadership, along with the broader banking sector, is set to lead this charge, ensuring that these vital financial flows translate into accelerated socio-economic transformation for every Ugandan.
The 2025 Annual Bankers Conference thus shone a spotlight on the vital role of remittances and how to maximise their impact on economic development.