The Uganda Bankers’ Association (UBA) has officially inaugurated the UBA Agro-Industrialisation, Tourism, Mineral development, and Science (ATMS) Technical Working Group, with Stanbic Bank’s Executive Director and Head of Corporate and Investment Banking, Mr. Paul Bitature Muganwa, at the helm as Chairman.
The ATMS Technical Working Group was officially inaugurated by the UBA during a stakeholder engagement, and according to Mr. Julius Kakeeto, the Chairman, UBA, this development is expected to have a positive impact on Uganda’s banking sector and economy.
Speaking at the inception meeting, Mr. Kakeeto said, “The oil and gas sector offers a unique opportunity for transformation, so I urge members to realign their thinking.”
He also noted that “…the Technical Working Group needs to deliver reforms within 60 days and the members should be prepared to respond with bold, strategic initiatives.”
The stakeholder engagement meeting also served as a strategic platform to align the working group’s objectives and discuss the role of financial institutions in supporting Uganda’s oil and gas sector.
Benefits to Uganda’s Banking Sector
The ATMS Technical Working Group, chaired by Mr. Muganwa, will play a crucial role in driving reforms and initiatives that will benefit Uganda’s banking sector, and some of the benefits include:
Increased Collaboration
The working group will provide a platform for financial institutions to collaborate and align their objectives, promoting a more cohesive and effective banking sector.
Improved Support for Key Sectors
The group’s focus on agro-industrialisation, tourism, mineral development, and science will enable banks to better support these key sectors, driving economic growth and development.
Enhanced Innovation
By bringing together experts from various financial institutions, the working group will facilitate the sharing of ideas and best practices, driving innovation and competitiveness in the banking sector.
Benefits to Uganda’s Economy
The UBA ATMS Technical Working Group is expected to have a positive impact on Uganda’s economy, including:
Economic Growth
By supporting key sectors such as agro-industrialisation, tourism, and mineral development, the working group will contribute immensely to Uganda’s economic growth and development.
Job Creation
The growth of these sectors will lead to the creation of new job opportunities, reducing unemployment and improving livelihoods.
Increased Investment
The Working Group’s initiatives will attract investment to Uganda, promoting economic development and growth.
Role of Financial Institutions
The meeting served as a strategic platform to discuss the role of financial institutions in supporting Uganda’s oil and gas sector. As such, financial institutions will play a crucial role in providing funding and other financial services to support the growth of this sector.
The inauguration of the UBA ATMS Technical Working Group, chaired by Mr. Muganwa, is therefore a significant development that will benefit Uganda’s banking sector and economy.
The working group’s initiatives will drive economic growth, job creation, and increased investment, promoting Uganda’s development and prosperity.