Kampala, Uganda | THE INDEPENDENT | Sarah Arapta has been elected chairperson of Uganda Bankers’ Association (UBA) after their their annual general meeting in Kampala.
She takes over from Mathias Katamba who served for two years 2020 and 2021. Arapta is the Chief Executive Officer of Citibank Uganda.
As he handed over at the AGM on Friday, Katamba noted that the strategic plan for the period 2022-2024 was on course with one of its key objectives being to position the industry not only to support economic recovery post COVID-19 pandemic, but also align government’s national development plan priorities to support specific sectors.
He highlighted the ongoing delivery of the Electronic Know Your Customer (E-KYC)/ access to NIRA database project with 25 out of 36 supervised financial institutions connected to NIRA as at end of December 2021.
Katamba also emphasized the need to bring alive the key industry strategic project of cyber security operations center in light of the increasing cyber risks the industry faces.
He noted that the 2022-2024 strategy will also continue with the consolidation and enhancement of the achievements of the previous strategy period 2019 – 2021. The strategy champions the growth and development of robust, 24/7, integrated digital infrastructure, promotion of financial inclusion and driving down the average industry cost of delivering financial services in Uganda.
Katamba also highlighted fraud risks and delays in concluding crucial pieces of legislations and regulations for which he stated that UBA would continue working closely with the Regulator and Ministry of Finance, planning and Economic Development to ensure that these are finalised.
Touching on the future outlook, the outgoing chairman noted that the key drivers that were likely to shape the recovery and growth in 2022 onwards include investment in oil and gas sector. Also key will be continued investment and spend on key sectors like agriculture, services, industry, real estate and public sector investments in infrastructure particularly roads, airports and power dams.
Other members elected on the executive committee:
Julius Kakeeto, CEO, Post Bank Uganda Ltd as Vice Chair.
Shem Kakembo, CEO, EFC Uganda Ltd Treasurer.
Raj Kumar Meena, CEO, Bank of Baroda Auditor.
Olalekan Sanusi, CEO, Guaranty Trust Bank, Committee Member.
James Onyutta, CEO, FINCA (U) Ltd, Committee Member.