Bankers seek Museveni audience, special Parliament session on Tenfold growth plan

Ugandan bankers want an audience with President Museveni and a special parliamentary session to present financial reforms needed to support the government’s Tenfold Growth Strategy.

Uganda Bankers’ Association (UBA) executive director Wilbrod Humphreys Owor said the sector had asked the Finance ministry to arrange the meeting with the President.

The bankers also want the Executive to work with Parliament on a dedicated session lasting at least six weeks.

“We want the Speaker of Parliament to give us at least one month and a half for this special session to discuss these reforms,” Owor said.

He spoke at a press conference in Kampala on September 1, 2026, ahead of the ninth Annual Bankers Conference.

Owor said the industry could not remain idle because of political constraints and argued that banks would gain from a larger economy through increased lending, business expansion, imports and customer growth.

The industry has submitted its response plan to the Finance ministry. The plan outlines proposals for financing the government’s four priority sectors and other areas that support economic growth.

Owor said the Bank of Uganda governor had discussed the strategy with commercial bank boards. Bankers have also consulted development partners and proposed legal and policy reforms.

The government seeks to expand Uganda’s economy from $50 billion to $500 billion by 2040. Its priority areas are agro-industrialisation, tourism, minerals, including oil and gas, and science, technology and innovation.

UBA chairperson Michael Mugabi said the banking sector plans to increase private sector credit to Shs490 trillion by 2040.

He said commercial banks could not provide all the money required. Uganda must also attract long-term capital through domestic, regional and international markets.

“Uganda stands at a defining moment in its economic journey,” Mugabi said.

He called on financial institutions to move beyond traditional lending and take a more active role in economic growth.

Bank of Uganda deputy director of communications Victor Allan Walusimbi said the regulatory system was changing to support the strategy.

He said the reforms would help financial institutions mobilise capital, finance productive investment and promote innovation. They would also extend services to underserved communities without weakening financial stability.

Mastercard senior vice president and country manager for East Africa and the Indian Ocean Islands Shehryar Ali said secure and inclusive digital financial systems would support Uganda’s growth ambitions.

He said technology and industry partnerships could create a more connected and resilient financial sector.

Mastercard vice president and head of business development for East Africa Victor Ndlovu said financial institutions must mobilise capital, expand access to finance and help businesses manage risks.

He said growth required more than traditional bank loans. It also needed technology, new forms of capital and stronger cooperation across the financial sector.

Ndlovu cited Mastercard’s work with the ICT ministry on the Digital Uganda Vision. The partnership seeks to modernise payments, support small businesses and increase participation in e-commerce.

The Annual Bankers Conference will take place at Kampala Marriott Hotel on September 18, 2026.

It will discuss financing for minerals, oil and gas, technology, tourism, agro-industrialisation and exports. The conference will also examine how capital markets can provide long-term financing for public and private projects.