THE INSTITUTE OF BANKING & FINANCIAL SERVICES BOARD REPORT TO AGM OFJULY 17, 2020

PRELIMINARY REMARKS

Dear Patron, Council Members here present, Fellows, Associates, Ordinary and Student Members, Friends of the Institute, all protocol observed.

I welcome you all to this unique 2020 Annual General Meeting of the Uganda Institute of Banking & Financial Services ,the first ever Scientific / virtual meeting of the Institute. Please take time to consider the Notice and Agenda of this Meeting as set out hereunder. I wish to take this opportunity to thank our Patron for gracing this occasion with his presence and for the support rendered to the Institute and the cause of promoting professionalism and inclusion in the financial services industry.

I wish to recognize Chief Executives of Member Institutions and colleagues from the industry here present and thank them for their contribution to the Institute.

I am also especially grateful to the Board of Directors for its dedicated service to the Institute.

I thank the members of the Institute for their contribution to the life of the Institute without which the Institute would not be able to execute its mandate.

I extend my gratitude to our development partners, our Legal Counsel, External Auditors and indeed, all our service providers for their contribution to the progress of the Institute.

Last but not least, I thank our trainers and staff of the Institute for their dedicated service to the Institute.

Thank you all!

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THE UGANDA INSTITUTE OF BANKING & FINANCIAL SERVICES BOARD REPORT TO AGM OFJULY 17, 2020

NOTICE OF ANNUAL GENERAL MEETING

NOTICE IS HEREBY GIVEN that the Annual General Meeting (“AGM”) of the Uganda Institute of Banking and Financial Services (“the Company”) for the year ended 31 December 2019 will be held via electronic communication (virtual/online meeting) on Friday 17 July 2020 at 9:00 a.m. to conduct the following :

Ordinary Business

1. To receive, consider and if approved, adopt the Company’s Audited Financial Statements for the year ended 31 December 2019, together with the reports of the Chairman, Directors and External Auditor thereon.

2. To consider, and if deemed fit, approve the re-appointment of PKF Certified Public Accountants as the Company’s external auditors for the financial year 2020 and to authorise the Directors to fix their remuneration for the year ending 31 December 2020.

3. To consider, and if deemed fit, appoint: a) Mr. Wilbrod Owor, Mr. Paul Senyomo, Mr. Clement Dodoo and Mr. Johnson Agoreyo who are due for retirement by rotation and offer themselves up for re-election in accordance with the Articles of Association. b) Directors to replace Mr. Mathias Katamba, Mr. Joram Kahenano, Mr. Elliot Mwebya and Ms. Veronica Namagembe who are due for retirement upon completion of their last term and are ineligible for re-election:

i) Mr. Michael Karokora Mugabi and Mr. Samuel Kirubi as representatives of Banks:

ii) Mr. Louis Kasekende and Mr. George Ochom as representatives of Fellows and Honorary Fellows:

iii) Ms. Charity Mugumya as representative of the Central Bank; and

iv) Mr. Shafi Nambobi as representative of the Microfinance Deposit-Taking Institutions.

4. To consider, and if deemed fit, appoint Mr. Tineyi Mawocha, Mr. Sanusi Lekan, Mr. Fabian Kasi and Ms. Anne Nakawunde as Council members.

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THE UGANDA INSTITUTE OF BANKING & FINANCIAL SERVICES BOARD REPORT TO AGM OFJULY 17, 2020

Special Business

5. To consider and if appropriate, approve the membership restructuring proposal.

6. If the proposal in (5) above is approved, to consider and if appropriate, pass a Special Resolution amending the Company’s Memorandum and Articles of Association as detailed in the memorandum provided to members and available on the Company’s website.

7. To conduct any other business that may be conducted at the AGM of which due notice has been given.

By Order of the Board

Sebalu & Lule Advocates

Company Secretary

Thursday 25 June 2020

NOTES:

1. Due to the ongoing restrictions on public meetings by the Government of Uganda, members will not be able to attend the AGM in person. On 22 June 2020, the High Court of Uganda in Miscellaneous Cause No.120 of 2020 granted the Company leave to convene and conduct the AGM for the year ended 31 December 2019 by electronic means.

2. Members wishing to participate in the meeting should register for the AGM by sending an email to [email protected]. For assistance, members should dial the following number: 041 4349059 or 0777865485 from 9:00 a.m. to 3:00 p.m. from Monday to Friday. In the alternative, members may send an email to [email protected] for assistance during registration.

3. Registration for the AGM opens on Monday 29 June 2020 at 9:00 a.m. and will close on Wednesday 15 July 2020 at 3.00 p.m. Members will not be able to register after this time.

4. The following documents may be viewed on the Companies’ website at www.uibfs.or.ug (a) a copy of this Notice and the proxy form; (b) the Company’s Annual Report & Audited Financial Statements for the year ended 31st December 2019; (c) the profiles of all nominees for appointment; and (d) the proposed amendments to the Company’s Articles of Association;

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THE UGANDA INSTITUTE OF BANKING & FINANCIAL SERVICES BOARD REPORT TO AGM OFJULY 17, 2020

5. Any member who is entitled to attend and vote at the Annual General Meeting is entitled to appoint a proxy to attend and vote in his/her stead. Such proxy must be a member of the Company.

6. A proxy form can be obtained from the Company’s website, head office on Plot 10 Buganda Road, or by contacting the Company Secretary on email at [email protected]. Proxy forms should be completed and returned to the Company Secretary by email or alternatively to the Registered Office of the Company so as to arrive not later than Wednesday 15 July 2020 at 3:00 p.m.

7. Duly signed proxy forms may be emailed to [email protected] in PDF format or delivered to the Company’s Registered Office. A proxy form must be signed by the appointor or his/her attorney duly authorized in writing. If the appointer is a body corporate, the instrument appointing the proxy shall be given under the Company’s common seal or under the hand of an officer or duly authorized attorney of such body corporate.

8. Members wishing to raise any questions or clarifications regarding any matter for discussion at the AGM may do so on or before Wednesday 15 July 2020 at 3:00 p.m. by: (a) sending their written questions by email to [email protected]; (b) asking their questions on the chat feature that on the Company’s website; (c) calling +256 777865485; or (d) to the extent possible, physically delivering or posting their written questions with a return physical, postal or email address to the Registered Office of the Company at the address above. Members must provide their full details (full names and membership constituency) when submitting their questions or clarifications.

A full list of all questions received, and the answers thereto will be published on the Company’s website, www.uibfs.or.ug not later than 12 hours before the start of the AGM.

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THE UGANDA INSTITUTE OF BANKING & FINANCIAL SERVICES BOARD REPORT TO AGM OFJULY 17, 2020

AGENDA OF THE ANNUAL GENERAL MEETING TO BE HELD ON 17 JULY 2020 AT 9.00 A.M.

1. Opening prayer

2. Welcome remarks by the Board Chairman

3. Ascertainment of quorum, registration of proxies and apologies

4. Adoption of Notice and Agenda of the Annual General Meeting

5. Confirmation and adoption of the minutes of the previous Annual General Meeting for the year ended 31 December 2018 held on 21st June 2019.

6. Presentation of the Board Report

7. Presentation of the Annual Report and Financial Statements for the year ended 31st December 2019.

8. Appointment of External Auditors for the year 2020.

9. Appointment and re-election of directors who have retired on rotation and have offered themselves up for re-election.

10. Appointment and election of directors to replace outgoing directors.

11. Appointment/election of council members.

12. Presentation and approval of the membership restructuring proposal.

13. Consideration of the Special Resolution to amend the Company’s Memorandum and Articles of Association.

14. Remarks by the Council President.

15. Remarks by the Patron.

16. Any Other Business:

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THE UGANDA INSTITUTE OF BANKING & FINANCIAL SERVICES BOARD REPORT TO AGM OFJULY 17, 2020

MAIN REPORT

1. COVID -19 1.1. Virtual AGM Today we find ourselves in unprecedented times where we are unable to meet physically and our way of life and business disrupted by the COVID -19 Pandemic. In the Board meeting held on June 11, 2020, the Board with the advice of the company secretary Sebalu and Lule Advocates agreed to have a virtual AGM to ensure continuity of the Institute’s business that would be dependent on the AGM. As provided for by law, a court order allowing the Institute to convene the virtual AGM by electronic means was obtained. We are grateful for the opportunity to meet despite the prevailing restrictions and circumstances.

1.2. Status of the Institute On a good note, I wish to inform the AGM that while the Institute’s training activities have been gravely affected by the effects of the pandemic, the institute has continued to operate with support from the members contributions. Furthermore, the of the Institute has embarked on migrating face to face training programs to the existing e-learning platform and continues to engage and train both trainers and students to embrace the new approach. The Institute is also pursuing strategic partnerships to introduce courses that respond to the current dynamics e.g. digital banking and related courses as well as finding ways to reduce the par capita cost of training. With this background, I urge the industry to embrace and engage the Institute on desired solutions to ensure we undertake the much needed skilling, re-skilling and retooling at this critical moment of disruption.

In this regard, I thank the members and management of the Institute for your support and efforts towards the Institute’s continuation respectively.

2. GOVERNANCE MATTERS

2.1 The Board:

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THE UGANDA INSTITUTE OF BANKING & FINANCIAL SERVICES BOARD REPORT TO AGM OFJULY 17, 2020

At the close of the previous AGM held on June 21 2019, the Institute had a 10 member Board of Directors comprised as follows:

Representing the interest of Banks:

1. Mr. Mathias Katamba, M/D DFCU Bank (Board Chairman). 2. Mr Johnson Agoreyo, MD United Bank for Africa. 3. Mr. Clement Dodoo, MD . 4. Mr. Rakhesh Jha, MD Barclays Bank Uganda. 5. Mr. Wilbrod Humphreys Owor, ED Uganda Bankers Association.

Representing the interest of Micro Deposit Taking Institutions (MDIs):

6. Ms. Veronicah Namagembe (FUIB), M/D PRIDE Microfinance

Representing the interest of Fellows& Honorary Fellows:

7. Mr. Joram Kahenano (FCIB, FUIB), retired bank executive (Deputy Chairman).

Representing the interest of Credit Institutions

8. Mr. Paul Senyomo, M/D Mercantile Credit Bank.

Representing the interest of the Central Bank:

9. Mr. Elliot Mwebya, (FUIB), ED ICT, .

Representing the interest of the rest of the members of the Institute:

10. Mr. Richard Oola Ojwiya, (AUIB), Manager Credit & Portfolio Management, Uganda Development Bank.

Ex Officio Member:

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THE UGANDA INSTITUTE OF BANKING & FINANCIAL SERVICES BOARD REPORT TO AGM OFJULY 17, 2020

 Mr Anthony Mulindwa (FUIB), Chief Executive Officer  Mr. Mark Alex Ssimbwa, Executive Director

2.2. Board & Committee meetings: In the course of 2019, the Board convened three (3) times and maintained three (3) committees namely: Audit & Risk, Finance & Human Resources and Education & Membership. Each of the Board committees convened at least three (3) times during the year. On behalf of the Board of Directors, I wish to renew the Board’s commitment to serve the Institute to the best level possible.

2.3 Change of Board Members I wish to inform the AGM that four of the members of the board completed their second and last term as board members on 30thJune 2020 and are due for replacement at this AGM.

These members whose term ended include:

 Mr. Katamba Mathias (Board Chairman)  Mr. Kahenano Joram Francis (Deputy Chairman)  Ms. Namagembe Veronica Gladys,  Mr. Mwebya Elliot

On behalf of the members of the Institute and on my own behalf, I wish to extend my sincere gratitude to the outgoing board members for the commitment and invaluable contribution towards the progress and achievements of the Institute. I also wish to thank the Institute’s members for the confidence and opportunity given to us to serve you for the two terms. With regard to the Board, please note the following: we have one (01) vacant position for representative of the Central Bank, one (01) vacant position for microfinance deposit taking institutions, two (02) vacant positions for representatives of fellows and honorary fellows and two (02) vacant positions for representatives of the banks. Nominees for all

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THE UGANDA INSTITUTE OF BANKING & FINANCIAL SERVICES BOARD REPORT TO AGM OFJULY 17, 2020

the vacant board positions have been received and are will be presented to this AGM for election/appointment as follows:

NOMINEE – REPRESENTATIVE OF THE CENTRAL BANK ON THE UIBFS BOARD

NAME BRIEF PROFILE

1. Ms. Charity Ms. Mugumya is the Director of Communications at Bank of Mugumya Uganda, a position she has held since 2018. Prior to this, she worked in the Information Technology department of Bank of Uganda.

NOMINEE – REPRESENTATIVE OF MICROFINANCE DEPOSIT TAKING INSTITUTIONS ON THE UIBFS BOARD

NAME BRIEF PROFILE

1. Mr. Shafi Mr. Nambobi is the Chief Executive Officer of UGAFODE Nambobi Microfinance Limited (MDI). He began his career as a Credit Officer in FINCA Uganda in 1997 before assuming positions of credit supervisor, branch manager and in 2001 becoming Regional Manager. Between 2002 and 2006, Mr. Nambobi was the deputy operations manager in charge of village banking and later Supervision, Policy Compliance and managing Special Projects.In April 2006, he moved to Uganda Finance Trust as the Chief Manager Operations, a position he held up to April 2009 before becoming the Chief Operating Officer for FINCA Malawi for two years. He then joined Tujijenge Tanzania under AMSCO Manager Secondment program as a Managing Director/Board member from April 2011 until December 2015. He then joined Premier Credit Uganda as the Chief Executive Officer/ Board member before joining UGAFODE Microfinance Limited (MDI).

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THE UGANDA INSTITUTE OF BANKING & FINANCIAL SERVICES BOARD REPORT TO AGM OFJULY 17, 2020

NOMINEES – REPRESENTATIVES OF FELLOWS AND HONORARY FELLOWS ON THE UIBFS BOARD

NAME BRIEF PROFILE

1. Dr. Louis Dr. Kasekende has a vast experience in banking covering a span Kasekende of over 30 years. From 1988 until 1994, he worked as a part-time lecturer at University. He later joined the Bank of Uganda in 1986 and served in various capacities including Director of Research, Executive Director of Research and Policy and served as the Deputy Governor between 1999 and 2002. Between 2002 and 2004, Dr. Kasekende was seconded to the World Bank by the Uganda government to serve as the Executive Director to the World Bank, representing 22 African countries, including Uganda, on the bank’s executive board. From May 2006 to 2009, he served as the Chief Economist of the African Development Bank (AfDB) in Tunis Tunisia. As the Chief Economist, he was the Bank's spokesperson on socio-economic and development issues of importance for Africa. He supervised the Development Research Department, the Statistics Department and the African Development Institute. During his tenure, he is credited for playing a leading role in the AfDB’s efforts to help African economies withstand the impact of the global economic crisis. In January 2010, Dr. Kasekende was re-appointed as the Deputy Governor of Bank of Uganda, a position he held until January 2020.

2. Mr. Ochom Mr. Ochom has over 24 years’ experience in Treasury George management gained through working at a senior level in Stanbic Bank Uganda, Global markets and Chief Manager Treasury in . He started his banking career in the then ANZ Gridlays bank which later became Stanbic Bank Uganda. He is the General Manager of dfcu Bank which position he has held since 22 March 2018. He is also a Certified Professional Banker, an Associate of the Uganda Institute of Banking and Financial

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THE UGANDA INSTITUTE OF BANKING & FINANCIAL SERVICES BOARD REPORT TO AGM OFJULY 17, 2020

Services (AUIB), accredited dealer (ACI certified dealer) and an Accredited Trainer of Trainers in Micro-Finance.

NOMINEES – REPRESENTATIVES OF BANKS ON THE UIBFS BOARD

NAME BRIEF PROFILE

1. Mr. Michael Mr. Mugabi is a Ugandan lawyer and corporate executive, who Mugabi serves as the Managing Director and Chief Executive Officer of . Prior to his present position, Mr. Mugabi was an Executive Director at Housing Finance Bank. He also served as Director of Operations at the bank. Before that, he was the Company Secretary and Head of Legal services at the bank. He also previously served as Head Human Resources at the bank. He is a Fellow of the Chartered Secretaries and Administrators, United Kingdom.

2. Mr. Samuel Mr. Kirubi is the managing director of Equity Bank Uganda Limited. Kirubi Since joining Equity Bank in 2001, he has gained vast experience in operations, marketing and customer service. He was previously the Chief Operations Officer in Equity Bank South Sudan and most recently the Managing Director, Equity Bank Rwanda.

2.4 The Council:

At the close of the previous AGM, the Institute had a 12 member Council comprised as follows:

Representing Banks (6/10)

1. Mr Julius Kakeeto, MD , President 2. Mr. Ajay Kumar Panth, MD , Member 3. Mr Sam Ntulume, MD NC Bank, Member 4. Mr Dennis Kakeeto, MD Ltd, Member

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THE UGANDA INSTITUTE OF BANKING & FINANCIAL SERVICES BOARD REPORT TO AGM OFJULY 17, 2020

5. Mr Jesse Timbwa, Ag MD ABC Capital Bank Ltd, Member 6. Mr Edgar Byamah, Ag MD KCB Bank Uganda Ltd, Member

Representing Fellows & Honorary Fellows (3/4):

7. Mr Henry Kibirige (FUIB, Hon), Member 8. Mr Paul Jembrace Erongot (FCIB), Member 9. Mr Guster Kayinja (FUIB), Member

Representing Microfinance Deposit Taking Institutions (1)

10. Mr. James Onyutta, MD FINCA Uganda, Member

Representing the Central Bank (1)

11. Ms. Mary Katarikawe, ED Operations - BOU, Deputy President

Associate Member representing the rest of the Members

12. Mr. Abraham Titre (AUIB), Member

Ex Officio

 Mr Matthias Katamba, Board Chairman  Anthony Mulindwa, Chief Executive Officer With regard to the Council, I wish to note as follows:

We have four (04) vacant positions for representatives of banks, one (01) for fellows and honorary fellows and one (01) for Credit institutions. Nominees for the (04) vacant positions for representatives of banks have been received and are to be presented to this AGM for election/appointment as follows:

NOMINEES – REPRESENTATIVES OF BANKS ON THE UIBFS COUNCIL

NAME BRIEF PROFILE

1. Mr. Tineyi Mawocha Mr. Mawocha is the Chief Executive Officer of Opportunity Bank Uganda Limited. He began his career as a Junior Assistant Food

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THE UGANDA INSTITUTE OF BANKING & FINANCIAL SERVICES BOARD REPORT TO AGM OFJULY 17, 2020

and Beverage Manager and rose to Resident Manager/ Deputy General Manager of the Zimsun's 5-star city hotel from 1990 to 1994. From July 1994 to December 1994, he was the Unit General Manager of Zimbabwe Sun Hotels. From 1995 to 1997, he took over as the Managing Director of Nando's Zimbabwe. From January 1998 to August 1998, he was the Regional Developments Director of Nando's/ Innscor Africa and later the Chief Executive Officer from 1998 to 2000. In 2001, he was a consultant at T.A Holdings and went on to become the Area Business Manager of Standard Bank South Africa from August 2001 to December 2002. Between 2003 and 2005, he was the Director-Branch Network of Standard Bank South Africa. He was the chairman SADC Banking Association from May 2009 to March 2012. From December 2005 to October 2012, he was the Chief Executive Officer of Standard Bank Swaziland and from October 2012 to December 2013, he was the Managing Director Tetrad Investment Bank. From January 2014 to March 2014, he was the Managing Director, AfrAsia Bank Zimbabwe and thereafter, the Chie Executive Officer of Urwego Opportunity Bank, Rwanda from April 2014 to September 2016. He then became the Chief Executive Director of Opportunity Bank from October 2016 to present.

2. Mr. Sanusi Lekan Mr. Lekan is the Managing Director of Guaranty Trust (GT) Bank Uganda. Prior to his appointment as Managing Director of GTBank Uganda, he was the Managing Director of GT Bank Ghana Limited, having assumed the capacity in January 2012 and led the bank’s growth especially in the area of technology in banking and innovation.

3. Mr. Fabian Kasi Mr. Kasi is the Managing Director and Chief Executive Officer of Centenary Bank which position he has held since August 2010. He is a fellow of the Association of Chartered Certified Accountants of the United Kingdom and a member of the Association of Certified Public Accountants of Uganda. He is a

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THE UGANDA INSTITUTE OF BANKING & FINANCIAL SERVICES BOARD REPORT TO AGM OFJULY 17, 2020

member of the Rotary club of Kiwatule of which he is a Paul Harris Fellow. He has worked at a number of organisations including: British American Tobacco Uganda Limited, Shell Uganda Limited, PriceWaterhouseCoopers, , University of Newcastle (Australia), Bank of Uganda and the Commercial Bank of Rwanda. He started his career as a Banking Officer at Bank of Uganda (“BOU”) in 1992. After eight years at BOU, he briefly worked as a Director of Finance and Administration at FINCA Uganda before heading out to Rwanda’s Banque Commerciale du Rwanda (BCR) as the Chief Financial Officer. After just 9 months in Rwanda, he was appointed as the Executive Director of FINCA Uganda Limited serving there from 2002 until 2010. In August 2010, he was then appointed as the Managing Director and Chief Executive Officer of Centenary Bank, where he is currently serving.

4. Ms. Anne Ms. Nakawunde is the Chief Executive Officer of Uganda Finance Nakawunde Trust. She started out at Pride Microfinance Limited and later moved to Nile Bank Limited, before joining . At Finance Trust, she worked in different capacities, including Operations and Compliance Manager and Head of Operations. On 3 April 2012, she was appointed as managing director and CEO of what was still known as Uganda Finance Trust. When the Bank of Uganda granted the Finance Trust a full commercial banking license, she became the second woman in the banking history of the country to rise to the rank of CEO at a commercial bank in Uganda. The Women’s World Banking network in New York recognized her as the "Financial Woman of the Year" in 2008. She has a strong track record of leadership and innovation skills which she further enhanced through leadership training at the Wharton Business School in the United States.

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THE UGANDA INSTITUTE OF BANKING & FINANCIAL SERVICES BOARD REPORT TO AGM OFJULY 17, 2020

2.5. Amendment to UIBFS’ Memorandum and Articles of Association.

In light of the new conditions and trends, the Board agreed to amend the Institute’s Memorandum and Articles of Association to allow for virtual business. In addition, the amendment will carry membership structure changes considered and approved by the Board once this AGM approves them.

3 FINANCIAL PERFORMANCE

The Institute registered a 2% decline in revenues in 2019 as compared to 2018 reducing from UGX 2.18Bn in 2018 to UGX 2.15Bn in 2019. This was mainly due to a reduction in other income which in 2018 was boosted by our hosting of the East African Banking School.

Overall, the Institute registered a deficit of UGX 119.9mn in 2019, as compared to the 2018 deficit position of UGX 34mn. This was due to the reduction in revenue as well as de-recognition of deferred tax from the balance sheet to the income statement as will be shared in the financial report.

4 TRAINING ACTIVITIES

4.1. Student Enrolment and Performance

Total enrolment for Institute courses during 2019 stood at 2744, representing a growth in absolute terms of 370 (or 16%) when compared with 2018. Of these, 2,433 (or 88%) enrolled on short skills courses and 311 (or 12%) undertook professional and post graduate programmes, an indication of the industry’s growing inclination towards targeted programs.

The average pass rate on professional programs stood at 88.5%, a slight decline when compared to 2018 which stood at 89%.

The Institute also offers an M.A. in Financial Services under the auspices of Makerere University. During 2019, this program registered a total of 33 students.

4.2. The 9th Graduation Ceremony

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THE UGANDA INSTITUTE OF BANKING & FINANCIAL SERVICES BOARD REPORT TO AGM OFJULY 17, 2020

The Institute was to host her 9th Graduation Ceremony on 24th April 2020 but this ceremony was postponed indefinitely due to the COVID 19 Pandemic that led to lockdown of all activities of training Institutions.

4.3. Programs introduced/Reviewed

During the course of 2019, the Institute introduced and extensively reviewed a number of training programs. To highlight some of the notable ones:

 The revised Professional Programs including Chartered Banker, Diploma in Microfinance, Certified Professional banker and Banking Certificate. These programs have been submitted to National Council for Higher Education (NCHE) for accreditation.

 The introduction and development of short courses in the areas like IFRS 16: The Lease Standard, Regulations and Market Practices for Capital Markets, Auditing Methodology, Combating Financial Crime, Case Management Turnaround Strategy, Negotiation Skills, Stakeholder Management and Engagement Skills, Introduction to Financial Services Sector, Procurement Management, Ethics & Professionalism in Financial Services, Mindset Change and Leadership, Effective Selling Skills among others.

 I am glad to inform you that having mainstreamed E-Learning as a mode of delivering its training programs, the Institute now offers a blend comprising a mix of face- to- face and e- learning. The following programs have been loaded on the platform: Certified Credit Management, Chartered Banker Level 1, Certified Professional Banker, Banking Certificate, Diploma in Microfinance, Basic Banking, Banking for non-Bank executives, Appraisal of Agribusiness and Agricultural value Chain Financing.

 The Institute has developed capacity to deliver all short programmes on-line.

4.4. Partnerships and Activities in other Jurisdictions

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THE UGANDA INSTITUTE OF BANKING & FINANCIAL SERVICES BOARD REPORT TO AGM OFJULY 17, 2020

The Institute continues to conduct professional courses in Kigali – Rwanda, with a total of 20 bankers sponsored by Rwanda Bankers Association being trained annually.

The Institute continues to maintain collaborations with renowned entities to offer a range of programs to the industry. These include:

 The Chartered Institute of Securities & Investment for the conduct of programs in the area of capital markets operations;

 ACI- FMA for the conduct of Treasury related & Financial Markets programs as well as being a Local Testing Centre for these courses at which over 150 students have been tested since its inception;

 The Frankfurt School of Finance & Management for the conduct of specialised courses in areas such as SME, Digital and Climate Finance as well being as a Local Testing Centre for these courses;

 The London Institute of Banking & Finance (formerly the Chartered Institute of Bankers) whose professional programs have been mapped against those of the Institute and now attract up to 50% in exemptions. Other short programs are now on offer and include among others: Leadership Crisis Management, Digital Finance solutions at awareness level, Mid-Level and Senior Executive level.

 I am glad to report that there are ongoing efforts to expand this list of partners to include names such as: the General Council for Islamic Banks and Financial Institutions (CIBAFI) for Islamic courses certification and the Corporate Finance Institute (CFI) of Canada in offering of Certification programs in Financial Modelling and Valuation Analyst.

4.5 Academic Board (Senate) At the Board sitting of 22nd November 2019, the Board resolved to establish The Academic Board (Senate) under the University and other Tertiary Institution Act 2001. The Senate

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THE UGANDA INSTITUTE OF BANKING & FINANCIAL SERVICES BOARD REPORT TO AGM OFJULY 17, 2020

is comprised of 25 of the Institute’s key stakeholders and will handle technical aspects related to training on an on- going basis. It will be responsible for advising the Board on matters relating to teaching/training, programme development, research, consultancy and related activities. The Senate will play an important advisory role in the governance of the Institute by linking the Institute’s Board, Management and the broader Financial Services Sector. I am glad to report that the nomination process was completed last month and the Senate is now constituted.

5) MEMBERSHIP ACTIVITIES

5.1. Membership – Corporate and Individual

The Institute is a membership body comprised of two broad categories, that is, Corporate Members (being regulated financial institutions) and Individual Members ranked variously as Fellows, Associates, Student and Ordinary Members.

As at the close of 2019, the number of corporate members stood at 32 and that of individual members at 966.

Accolades awarded

In 2019, a total of 14 Accolades were awarded and formally conferred during the Annual Bankers Dinner held on 22nd November 2019.I wish to congratulate all those who received awards, among whom, were three distinguished colleagues to whom were conferred the rank of Honorary Fellow in recognition of their outstanding contribution to the industry namely:

 Mr Herman Kasekende, CEO, Standard Chartered Bank, Zambia and former CEO of Standard Chartered Bank Uganda;  Mrs. Margaret Matovu, a retired Banker, formerly working for Bank of Uganda. She served in various capacities in the Bank Supervision Department of BOU for 33 years until her retirement as Director Commercial Banking; and  Mr. David Ssebaddawo ( retired UIBFS staff) was also recognized as long serving employee of the Institute.

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THE UGANDA INSTITUTE OF BANKING & FINANCIAL SERVICES BOARD REPORT TO AGM OFJULY 17, 2020

5.2. The 2019 Annual Bankers Sports Gala

The 20th Edition of the Bankers Sports Gala was successfully held on 13th and 20th October 2019. The event attracted a total of 1,492 participants from across 32 financial institutions. DFCU Bank and Centenary Bank emerged overall winner and runner up respectively. The Institute in collaboration with UBA, plans on enhancing the Sports Gala by among others, expanding the range of activities and participation, as well as introducing support for a social cause.

The Institute had planned to hold the sports gala as usual but due to the COVID – 19 Pandemic, the gala will now next happen in 2021. We regret any inconveniences caused.

5.3. The 19th East African Banking School

The East African Banking School is a regional knowledge forum and an invaluable source of cross border industry experience. It is held annually and hosted on a rotational basis by the banking institutes of Uganda, Kenya and Tanzania. The 2019 edition of the School was hosted by the Tanzania Institute of Bankers (TIOB)at Ngurdoto Mountain Lodge, Arusha, Tanzania between 12th and 16th August 2019 under the theme “The Role of Ethics in the Digital Age of Financial Services”. The School attracted a total of 20 participants from Uganda and its opening ceremony was graced by the Governor, Bank of Tanzania.

5.4. Enhancing the Institute’s visibility

A range of initiatives were undertaken in the course of 2019 to enhance the Institute‘s visibility. These include the monthly newsletter and quarterly Financial Services Magazine featuring key developments in the industry, UIBFS’ participation in the 2019 National Council for Higher Education ( NCHE) and the organization of an exhibition at the UMA show grounds, Lugogo in April 2019.

6. REGIONAL, CONTINENTAL AND GLOBAL ENGAGEMENTS

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THE UGANDA INSTITUTE OF BANKING & FINANCIAL SERVICES BOARD REPORT TO AGM OFJULY 17, 2020

The Institute maintains close collaboration with sister institutes in the region, continent and globally. The Institute is playing an active role in deliberations geared at establishing a regional East Africa Banking Certification Program as well as those of the Alliance of African Institutes of Bankers (AAIOB) where it now holds the position of Deputy Chair.

The 2019 AAIOB meeting was held in Kasane- Botswana on 01 November 2019 hosted by the Botswana Institute of Banking & Finance. The meeting focused on reinforcing the value proposition of Banking Institutes in Africa by way of promoting professionalism in the Banking & Financial Services Industry through knowledge, skills and behaviour.

The Institute is also an active participant in the Global Banking Education Standards Board (GBEStB) and World Conference of Banking Institutes (WCBI), a global knowledge forum that brings together perspectives from across the world on the forces shaping the future of the financial services sector. The 2019 edition of the Conference was held in London, UK on 16thand 17th September 2019 under the theme “Growth and Sustainability in an Age of Disruption.”

7. ADMINISTRATIVE MATTERS

In the course of 2019, three staff members resigned from the service of the Institute, namely:

 Ms Stella Nalumansi, Executive Assistant to the CEO;  Ms Hilda Katono, Assistant Registrar;  Ms Namono Solome, Finance Officer.

In the same period, one staff member retired from the service of the Institute, namely:

 Mr. David Ssebaddawo, Training & Partnerships Executive.

Lastly, one staff member was terminated from the service of the Institute, namely:

 Mr Mark Alex Ssimbwa, Training Manager/ Executive Director

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THE UGANDA INSTITUTE OF BANKING & FINANCIAL SERVICES BOARD REPORT TO AGM OFJULY 17, 2020

On a special note I wish to inform the AGM that in March 2020, the Institute appointed a new CEO, Mrs. Goretti Masadde who replaced Mr. Anthony Mulindwa whose contract expired on April 30, 2020. Goretti brings to the Institute a wealth of experience that we believe she will utilise to take the Institute to greater heights.

At this point, I wish to extend my gratitude to the outgoing staff members for their dedicated service to the Institute.

8. NEW STRATEGIC PLAN AND THE JOURNEY AHEAD

During the period, the Institute continued to implement the new strategic plan 2018 to 2022 whose strategic pillars are :

 Strengthening Organizational Effectiveness and Visibility;  Enhancing Stakeholder Outreach, Engagement and Collaboration;  Improving Relevance in the Financial Services Industry; and:  Advancing Ethics and Professionalism in the Financial Services Sector.

Some of the key developments include the focused update and enhanced utilization of the e-learning platform and the development of the student management system that is under rollout.

Furthermore in line with the new strategic priorities, the institute developed a revised membership structure in the second quarter of 2020 which was deliberated and approved by the board for presentation and consideration at this AGM. The new structure aims at advancing membership growth and acceleration of professionalism in the industry, through aligning member knowledge, skills and experience to career growth and a robust continuous professional development program among other initiatives. Implementation of the strategy continues.

10. GRATITUDE

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THE UGANDA INSTITUTE OF BANKING & FINANCIAL SERVICES BOARD REPORT TO AGM OFJULY 17, 2020

Once again, on behalf of the Board, I would like to express my sincere gratitude to the Patron and all of you currently attending the Institute’s 2020 1st Virtual / scientific AGM. I look forward to your continued support of our cherished Institute.

Thank you and God bless you.

______Matthias Katamba Board Chairman

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