Partnership between Uganda and London Banking Institutes to boost professionalism in Uganda 

In a bid to boost professionalism in the Ugandan banking and financial services sector, the Uganda Institute of Banking and Financial Services and the London Institute of Banking and Finance (formerly known as the Chartered Institute of Bankers and later IFS School of Finance) have entered a partnership by which they will offer training to practitioners in the banking industry in the broad area of banking and finance.

Bank of Uganda (BOU) is concerned that much as the banking sector has posted impressive growth in the aggregate bank lending, loans towards the traded goods sector accounted for the smallest fraction, despite the sector being a key driver for economic development.

BOU governor Tumusiime  Mutebile said the banking industry had achieved dramatic increase in the intermediation of funds, the extent to which banks convert deposits into loans to the corporate and household sectors. “At the end of 2000, commercial banks credit to the private sector was only 6% of GDP and banks only lent out 54% of their deposits base to the sector, but by the end of last year, it had risen to 80% and private sector credit to share of GDP had risen to 15%, meaning the private sector has risen fivefold in real terms since 2000,” he said.

The governor, however, noted that most of the lending is extended to the non-traded goods sectors of the economy, especially trade, construction, telecommunications and the household sectors.

James M. Kaboggoza has been the chief executive officer of The Uganda Institute of Banking and Financial Services since 2008. He spoke to The Independent’s Julius Businge about the institute and the financial industry.

The Uganda Institute of Banking and Financial Services; what is that?

We are a leading provider of training, consultancy, and information services for Uganda’s financial sector. Starting in 1967 as a local centre of the Chartered Institute of Bankers, UK, we recently became autonomous.

Comprising bankers, ordinary individuals, and students, we have over the years, dedicated ourselves to offer resourceful services, including our library, conducting public lecturers, and publish several magazines about the industry.

We also run bankers social events, sports galas, and dinners to positively impact on the banker’s life and the industry. When I joined in 2008 most of these things had stalled and I have tried to revamp them using money got from trainees and members’ annual subscription.

Who are your target customers?

Bankers are our major clients. We also give priority to other people who have trained in different fields but want to become bankers.