THE INSTITUTE OF BANKING AND

MINUTES OF THE ANNUAL GENERAL MEETING HELD AT THE WESTERN GARDENS ON FRIDAY 21st JUNE 2019.

PRESENT:

The attendance list is provided under Schedule I to the minutes.

RECORD OF ATTENDANCE:

A record of attendance of members at the Annual General Meeting is provided under Schedule II to the minutes.

IN ATTENDANCE:

1. Ms. Alice Nalwoga and Francis Kalanda- representing M/S Sebalu & Lule Advocates, Company Secretary.

2. Mr. Yunus Musoke - representing M/S Grant Thornton, the External Auditors.

ADOPTED AGENDA:

1. Opening Prayer 2. Ascertainment of quorum, registration of proxies and apologies 3. Confirmation of Minutes of Previous Meeting and Matters Arising 4. Welcome Remarks by the Board Chairman and presentation of the Board Report 5. Presentation of Accounts and Auditor’s Report 6. Appointment of External Auditors for the year 2019 7. Appointment and re-election of a director 8. Ratification of reappointment of directors 9. Appointment / election of board and council members 10. Appointment / election of Council President and Deputy Council President 11. Remarks by the Council President 12. Remarks by the Patron 13. Closing prayer.

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DELIBERATIONS

MINUTE DISCUSSION AND RESOLUTION LED BY

MIN 1/06/19 WELCOME REMARKS AND OPENING PRAYER

The Chief Executive Officer (C.E.O), Mr. Anthony Mulindwa, Mr. Anthony Mulindwa welcomed all members in attendance to the meeting.

He further welcomed the Board members and recognized the presence of the representative of the Patron as well as the Council President, Fellows, Associates, students and other members of the Institute.

The meeting was called to order at 6.18 p.m.

MIN 2/06/19 ASCERTAINMENT OF QUORUM, REGISTRATION OF PROXIES AND APOLOGIES Ms. Alice Nalwoga Confirmation of quorum was led by Ms. Alice Nalwoga of Sebalu & Lule Advocates. Upon establishing that the required minimum number of paid up members were in attendance, quorum for the meeting was duly constituted in accordance with Clause 35(a) of the Articles of Association of The Uganda Institute of Banking and Financial Services.

The meeting was informed that there were 5 pre-registered proxies for the meeting. The proxies are noted in schedule 1 of the minutes.

No apologies from members were noted.

MIN 3/06/19 CONFIRMATION OF MINUTES OF PREVIOUS MEETINGS AND MATTERS ARISING

Members were led through the minutes of the previous Annual Ms. Alice Nalwoga General Meeting by Ms. Alice Nalwoga with no amendment to the minutes.

The minutes of the meeting held on the 8th June 2018 were adopted.

MIN 4/06/19 WELCOME REMARKS BY THE BOARD CHAIRMAN AND PRESENTATION OF THE BOARD REPORT Mr.

The Chairman , Mr. Mathias Katamba welcomed those in attendance to the meeting and proceeded to present the Board Report.

A copy of his welcome remarks and the Board Report is attached under Schedule III to the minutes.

MIN 5/06/19 PRESENTATION OF ACCOUNTS AND AUDITOR’S

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REPORT

The Institute’s audited accounts were presented by Mr. Richard Mr. Richard Ojwiya- Ojwiya-Oola, chairman of the Institute’s Audit and Risk committee Oola of the Board.

He noted that the Institute’s total assets had dropped by 4% from UGX 2.65 bn in 2017 to UGX 2.49 bn in 2018 on account of: the drop in net current assets (cash and cash equivalents); that the Institute had no significant non- current liabilities and its current liabilities were sufficiently matched by current assets.

Regarding cash flows, the Institute had closed the year with a positive cash balance of UGX 233 million largely driven by earnings from the East African Banking School.

EXTERNAL AUDITOR’S OPINION:

Mr. Yunus Musoke representing the External Auditor, M/S Grant Thornton, confirmed that the accounts as presented were a true representation of the performance of the Institute during the year Mr. Yunus Musoke 2018.

Mr. Yunus Musoke further informed members that their role as External Auditors was to express an opinion on the financial statements of the Institute as prepared by , in accordance with International Financial Reporting Standards (IFRS).

The External Auditor informed members that the audit evidence availed to them by management had been sufficient and appropriate to form a professional opinion to the effect that proper books of accounts had been kept by the Institute.

The External Auditor informed members that the financial position as prepared fairly represented the true financial position of the Institute as at 31 December 2018 and that the financial statements had been prepared in accordance with both the IFRS and the Companies Act, 2012.

The accounts for the year ended 31st December 2018 were received and adopted by the members.

MIN 6/06/19 APPOINTMENT OF EXTERNAL AUDITORS FOR THE YEAR 2019

This agenda item was led by Mr. Richard Oola Ojwiya, the Mr. Richard Oola chairman of the Audit and Risk committee of the Board. Ojwiya

Mr. Richard Oola Ojwiya informed the meeting that the Institute’s Board of Directors at its sitting of 27th April 2019 recommended the appointment of M/S PFK Certified Public Accountants, in the capacity of External Auditor to replace M/S Grant Thornton for a period of one year i.e. 2019. The motion to appoint M/S PFK

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Certified Public Accountants was moved by Ms. Sylvia Muloni representing Standard Chartered Bank (U) Limited and seconded by Mr. Richard Ssekabira of Absa Bank Uganda Limited (formerly Barclays Bank (U) Limited).

M/S PFK, Certified Public Accountants were appointed as the Institute’s External Auditors for the year 2019.

MIN 7/06/19 APPOINTMENT AND RE-ELECTION OF A DIRECTOR

This agenda item was led by Ms. Alice Nalwoga. Ms. Alice Nalwoga

The meeting considered and, deemed it fit, to approve the reappointment of Mr. Richard Oola – Ojwiya as director (whose first term would be ending on 30th June 2019) for a second three year term in accordance with the provisions of the Company’s Articles of Association.

MIN 8/06/19 RATIFICATION OF REAPPOINTMENT OF DIRECTORS

This agenda item was led by Ms. Alice Nalwoga. Ms. Alice Nalwoga The Company ratified the reappointment of the following members as directors: a) Mr. Mathias Katamba; b) Mr. Joram Kahenano; c) Ms. Veronica Namagembe; and d) Mr. Elliot Mwebya.

MIN 9/06/19 APPOINTMENT / ELECTION OF COUNCIL MEMBERS

This agenda item was led by Ms. Alice Nalwoga. Ms. Alice Nalwoga The meeting considered and approved the appointment of the following nominees to the Company’s Council: a) Mr. Anthony Ndegwa; b) Mr. Arthur Isiko; c) Mr. Olalekan Sanusi; d) Mr. Dennis Kakeeto; e) Mr. Jesse Timbwa; and f) Mr. Edgar Byamah.

MIN 10/06/19 APPOINTMENT / ELECTION OF COUNCIL PRESIDENT AND DEPUTY COUNCIL PRESIDENT

The meeting considered and confirmed the appointment of the following nominees for Council President and Deputy Council President respectively:

Mr. Julius Kakeeto – Council President;

Ms. Mary Katarikawe – Deputy Council President.

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MIN 11/06/19 REMARKS BY THE COUNCIL PRESIDENT

The incoming Council President, Mr. Julius Kakeeto thanked members for confirming him as Council President and promised to work with everyone for the betterment of the Institute.

A copy of his welcome remarks is attached under Schedule V to the minutes.

MIN 12/06/19 REMARKS BY THE PATRON

Mr. Solomon Oketcho, Executive Director Administration, Bank of Uganda represented the Patron, Prof. Emmanuel Tumusiime Mutebile, Governor Bank of Uganda.

Mr. Oketcho delivered apologies from the Governor who had another engagement but had nevertheless wished members a fruitful deliberation.

His remarks are attached as Schedule VI to the minutes

MIN 13/06/19 CLOSING PRAYER

The meeting ended at 7:15 pm and the attendees proceeded to a cocktail party.

I CERTIFY THAT THIS IS A TRUE RECORD OF THE MINUTES OF THE ANNUAL GENERAL MEETING OF THE UGANDA INSTITUTE OF BANKING & FINANCIAL SERVICES THAT TOOK PLACE ON 21 JUNE 2019.

______Chairman Secretary

SCHEDULE I

ANNUAL GENERAL MEETING ATTENDANCE LIST

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NAME ORGANIZATION COUNCIL MEMBERS 1. Mr. Julius Kakeeto Uganda Limited 2. Mr. James Onyutta FINCA - Uganda BOARD MEMBERS 1. Mr. Joram Kahenano (FCIB, FUIB) 2. Mr. Mathias Katamba dfcu Bank Limited 3. Mr. Paul Senyomo Mercantile Limited 4. Mr. Richard Oola – Ojwiya Uganda Development Bank 5. Mr. Wilbrod Humphrey Owor Uganda Bankers Association 6. Mr. Clement Dodoo Uganda Limited CORPORATE MEMBER CHIEF EXECUTIVE OFFICERS 1. Ms.Mary Manyonga - proxy Guaranty Trust Bank 2. Ms. Patricia Ojangole -proxy Uganda Development Bank 3. Mr. Mugabi Michael 4. Mr. Edgar Byamah KCB Bank Uganda Limited 5. Mr. Fred Mugisha ( Proxy) Stanbic Bank Uganda Limited 6. Ms. Sylvia Malomu (Proxy) Standard Chartered Bank Uganda Limited 7. Mr. Etoori T(ED) - Proxy Ugafode Microfinance Limited (MDI) 8. Mr. Jesse Timbwa ABC Capital Bank Uganda Limited 9. Mr. Martin Aceguese ( Proxy) 10. Mr. Alfred kizza ( Proxy) NC Bank Uganda Limited 11. Mr. Sylver Kyeyune (Proxy) Pride Microfinance Limited (MDI) 12. Mr. Mathias Katamba dfcu Bank Limited 13. Mr. Paul Senyomo Limited 14. Mr. Clement Dodoo Limited 15. Mr. Julius Kakeeto Orient Bank Uganda Limited 16. Mr. James Onyutta FINCA - Uganda HONORARY FELLOWS AND FELLOWS 1. Mr. Leo Kibirango Financial Intelligence Authority

2. Mr. Bukumunhe Perez Seth Tenhwa 3. Mr. Erongot Jembrance 4. Mr. Kayinja Guster Bank of Uganda 5. Mr. Thambi Varghese FUIB Hon Diamond Trust Bank Uganda Limited ASSOCIATE MEMBERS

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1. Ms. Kabuye Harriet Naggayi Opportunity Bank Uganda Limited 2. Mr. Ofumbi Paineto Uganda Institute of Banking and Financial Services 3. Mr. Mudonyi Paul Housing Finance Bank 4. Mr. Masai Stephen Post Bank Uganda Limited 5. Ms. Namyalo Birungi Lillian Musoke dfcu Bank Uganda Limited 6. Mr. Nabende Nicholas Post Bank Uganda Limited 7. Mr. Kyambadde Ibrahim Limited 8. Ms. Nabwire Katherine T. Private 9. Ms. Naiga Catherine Bank of Uganda 10. Mr. Kaggwa Robert Post Bank Uganda Limited 11. Mr. Tusabe Vincent Mugisa Bank of Uganda 12. Mr. Omukola Michael United Bank for Africa 13. Ms. Kobutesi Immaculate East African Development Bank 14. Mr. Kayongo Vincent Raymond Pride Microfinance Limited (MDI) 15. Ms. Nagawa Florence Private 16. Mr. Sazir Mayanja Nsubuga Sharia Finance Support Organisation ORDINARY MEMBERS 1. Mr. Nyombi Abdul M 2. Ms. Dorris Ojara 3. Ms.Atukunda Irene Bank of Uganda 4. Mr. Opio Tonny Leo (Uganda) Limited 5. Ms. Nabuuma Beatrice 6. Mr. Kyeyune Peter 7. Mr. Senteza K Joseph 8. Mr. Kasirye Fred Victoria University 9. Mr. Richard Sekabira Absa Bank Uganda Limited 10. Ms. Christine Ninsiima AAR 11. Mr. Kwesiga Stephen Ecobank Uganda Limited 12. Mr. Kabanda Henry Premium Credit 13. Ms. Namara Moreen Uganda Bankers Association 14. Mr. Taban Wilbert Diamond Trust Bank Uganda Limited 15. Mr. Tumukunde Maximus 16. Ms. Achom Grace Post Bank Uganda Limited 17. Mr. Mukasa Emanuel Louis Uganda Institute of Banking and Financial Services 18. Mr. Asimirwe Benjamin University 19. Ms. Rutaro Carolyne Stanbic Bank Uganda Limited

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20. Ms. Sseruwo Claire Absa Bank Uganda Limited 21. Mr. Wagaba Godfrey K Centenary Bank 22. Mr. Outa Charles Bank of Baroda (Uganda) Limited 23. Mr. Innocent Okia 24. Mr. Gordon Mpagi of Africa 25. Mr. Ssenteza Godfrey KCB Bank Uganda Limited 26. Ms. Atopi Brenda 27. Mr. Katuluba Hassan ABC Capital Bank Uganda Limited 28. Ms. Dorrin Ojara 29. Ms. Karungi Carolyne (U) Limited 30. Ms. Sindoga Deborah 31. Mr. Teeba Musa Topten consultants 32. Ms. Sonia Ajok Lamunu 33. Mr. Joseph Kabuye 34. Ms. Mary Asiimwe Bank of Uganda 35. Ms. Barbra Kateme Orient Bank Uganda Limited 36. Mr. Bulemu Ivan 37. Ms. Christine Sooka 38. Mr. Edward Nkurunungi 39. Mr. Buyeyo Fred Capital Finance Consultants 40. Ms. Annet Nakijoba 41. Ms. Fatina Nakalema 42. Ms. Namayanja Christine Bamuga Group 43. Mr. Barnabas O Retired Banker 44. Mr. Isaac Mukasa Guaranty Trust Bank 45. Ms. Akampurira Judith Centenary Bank 46. Ms. Agogong Elizabeth Bank of Africa (U) Limited 47. Mr. Mugabi Richard 48. Mr. Ssegawa Henry 49. Mr. Safari Abdul Mufaransa 50. Mr. Collins Ziraba 51. Mr. Basirima Rogers IFDC 52. Mr. Mike Onega Okwirson 53. Mr. Onata Joseph Fred 54. Mr. Clayton Omona Diamond Trust Bank Uganda Limited 55. Mr. Sserwadda Tamudadde Med

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56. Ms. Tusiime Rhitah Joy STUDENT MEMBERS 1. Mr. Ojok Isaac Bank of Uganda 2. Mr. Edema Johnstone Uganda Institute of Banking and Financial Services 3. Mr. Etochu Joseph Uganda Institute of Banking and Financial Services 4. Ms. Nantumbwe Stella Uganda Institute of Banking and Financial Services 5. Ms. Kaanyi Diana Uganda Institute of Banking and Financial Services 6. Ms. Nabukalu Saidat Uganda Institute of Banking and Financial Services 7. Mr. William Atalyeba Wazalendo Sacco Ltd 8. Mr. Anyagan Andrew Timothy Centenary Bank 9. Ms. Owembabazi Sylvia Bank of Uganda 10. Ms. Naturinda Juliet Uganda Institute of Banking and Financial Services 11. Mr. Robert Eladu E Uganda Institute of Banking and Financial Services 12. Ms. Julie Hamala Uganda Institute of Banking and Financial Services 13. Mr. Drake N MCF - tours 14. Ms. Ibanda Joan Uganda Institute of Banking and Financial Services 15. Mr. Kaijabwango Walter Uganda Institute of Banking and Financial Services 16. Ms. Nerima Betty Uganda Institute of Banking and Financial Services 17. Mr. Rodgers Kalema Uganda Institute of Banking and Financial Services 18. Ms. Maganda Rachael Uganda Institute of Banking and Financial Services 19. Ms. Kwaaga Chrisbella Vivian Uganda Institute of Banking and Financial Services 20. Ms. Ndora Martha Uganda Institute of Banking and Financial Services 21. Ms. Biira Joseline Uganda Institute of Banking and Financial Services 22. Mr. Imunat Ben Uganda Institute of Banking and Financial Services 23. Mr. Jason Namanya Uganda Institute of Banking and Financial Services 24. Mr. Stephen Galiwango Uganda Institute of Banking and Financial Services 25. Mr. Kasujja Shafik Bridge Credit Finance 26. Mr. Aheebwa Moses Uganda Institute of Banking and Financial Services 27. Mr. Byaruhanga Ivan Uganda Institute of Banking and Financial Services 28. Mr. Mugenyi Kenneth Uganda Institute of Banking and Financial Services 29. Mr. Kimera Ronald Uganda Institute of Banking and Financial Services 30. Mr. Nsibambi Sowedi Uganda Institute of Banking and Financial Services 31. Mr. Madolo Alex Uganda Institute of Banking and Financial Services 32. Mr. Clyde Odhiambo Uganda Institute of Banking and Financial Services 33. Mr. Kaluba George W Uganda Institute of Banking and Financial Services 34. Ms. Birungi Julia Uganda Institute of Banking and Financial Services

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35. Mr. Richard Mwesigye Uganda Institute of Banking and Financial Services 36. Ms.Audrey Kyomugisha Uganda Institute of Banking and Financial Services 37. Mr. Geoffrey Semwanga Uganda Institute of Banking and Financial Services 38. Mr. Denis Kato Uganda Institute of Banking and Financial Services 39. Ms. Mbabazi Catherine Uganda Institute of Banking and Financial Services 40. Ms. Lalam Beatrice Uganda Institute of Banking and Financial Services 41. Ms. Aryatwongyera Angella Uganda Institute of Banking and Financial Services 42. Mr. Opio Joseph Uganda Institute of Banking and Financial Services 43. Ms. Amanyire Sharon Uganda Institute of Banking and Financial Services 44. Ms. Nansamba Stella Uganda Institute of Banking and Financial Services TRAINERS 1. Ms. Gingo Roland Uganda Institute of Banking and Financial Services 2. Ms. Nassejje Centenary Bank 3. Ms. Mary N Manyonga Guarantee Trust Bank OTHER INVITED GUESTS 1. Ms. Nalumansi P Cairo International Bank (CIB) 2. Ms. Alice Nalwoga Sebalu and Lule Advocates 3. Mr. Francis Kalanda Sebalu and Lule Advocates 4. Mr. Anthony Musoke 5. Mr. James Odeke Trans 5 Ltd 6. Mr. Godian Ngabirano Nation Media Group Limited 7. Ms. Christine Kasemire Publications 8. Ms. Nicky Ntiruhungwa 9. Mr. Joseph Ntiruhungwa 10. Mr. Bob Munene Ministry of Finance 11. Mr. Komalee Moses UIB 12. Mr. Younusu Musoke Grant Thornton Auditors 13. Mr. Kwizzeera Rashid Grant Thornton Auditors 14. Ms. Agnes Nantambi The 15. Mr. Katongole Sabiiti Floyo Studio 16. Ms. Grace Isabirye PKF Auditors 17. Ms. Nampeewo Zeanah 18. Ms. Nabra Among A Compuscan Credit Reference Bureau 19. Ms. Josephine Mukumbya aBi Development Limited 20. Ms. Candiru Juliet Post Bank Uganda Limited 21. Mr. Freeman Crispus EFC Uganda Limited (MDI)

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22. Ms. Nanyonga Maureen EFC Uganda Limited (MDI) 23. Ms. Ngobi Barbie 24. Mr. Palneck Muwonge dfcu Bank Uganda Limited STAFF MEMBERS 1. Mr. Anthony Mulindwa Uganda Institute of Banking and Financial Services 2. Mr. Mark Alex Ssimbwa Uganda Institute of Banking and Financial Services 3. Mr. Richard Semakula Uganda Institute of Banking and Financial Services 4. Mr. Engwau Apollo Uganda Institute of Banking and Financial Services 5. Mr. Sulaiman Semakula Uganda Institute of Banking and Financial Services 6. Mr. Alex Byaruhanga Uganda Institute of Banking and Financial Services 7. Ms. Hamida Ajio Uganda Institute of Banking and Financial Services 8. Mr. Mukasa Geoffrey Uganda Institute of Banking and Financial Services 9. Mr. Abaho Derrick Uganda Institute of Banking and Financial Services 10. Mr. Walusimbi John Uganda Institute of Banking and Financial Services 11. Ms. Katumba Sandra Uganda Institute of Banking and Financial Services 12. Ms. Namono Solome Uganda Institute of Banking and Financial Services 13. Mr. Lubega Derrick Uganda Institute of Banking and Financial Services 14. Mr. Ssemaganda Josephat Uganda Institute of Banking and Financial Services 15. Ms. Nalumansi Stella Uganda Institute of Banking and Financial Services 16. Mr. Damba Samuel Uganda Institute of Banking and Financial Services 17. Mr. Olupot Benjamin Uganda Institute of Banking and Financial Services 18. Mr. Davis Sekamwa Uganda Institute of Banking and Financial Services 19. Mr. Atuhurra Elijah Uganda Institute of Banking and Financial Services 20. Ms. Nakyeyune Trisha Cynthia Uganda Institute of Banking and Financial Services 21. Mr. David Masinde Uganda Institute of Banking and Financial Services 22. Mr. Ssali Isaac Uganda Institute of Banking and Financial Services 23. Ms. Mwesige Priscilla Uganda Institute of Banking and Financial Services 24. Mr. Semwanga Ahmed Uganda Institute of Banking and Financial Services 25. Mr. Leo Ssewanyana Uganda Institute of Banking and Financial Services 26. Mr. Buhanguzi Benedict Uganda Institute of Banking and Financial Services 27. Ms. Tumusiime Priscilar Uganda Institute of Banking and Financial Services

SCHEDULE II

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MEMBERS’ ATTENDANCE RECORD

No. Category Total Number 1. Corporate members 16 2. Fellows and Honorary Fellows 5 3. Associate members 16 4. Ordinary members 56 5. Student members 44 GRAND TOTAL 137

SCHEDULE III

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CHAIRMAN’S REMARKS AND BOARD REPORT

CHAIRMAN’S 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 the 2019 Annual General Meeting of the Uganda Institute of Banking & Financial Services.

I wish to take this opportunity to thank our Patron [represented by Mr. Solomon Oketcho, Executive Director Administration Bank of Uganda] for gracing this occasion with his presence and for the support rendered to the Institute and the cause of promoting professionalism in the banking 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 wish to thank the members of the Institute for their contribution to the life of the Institute without which the Institute would lose the reason for its existence.

I wish to 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 wish to thank our trainers and staff of the Institute for their dedicated service to the Institute.

Thank you all!

BOARD REPORT

1. GOVERNANCE MATTERS

1.1 The Board:

As you may recall, at the close of the previous AGM, held on 8th June 2018, the Institute had a 10-member Board of Directors comprised as follows:

Representing the interest of Banks:

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

Representing the interest of Micro Deposit Taking Institutions (MDIs)

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

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Representing the interest of Fellows & Honorary Fellows:

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

Representing the interest of Credit Institutions

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

Representing the interest of the :

Mr. Elliot Mwebya, (FUIB), ED ICT, Bank of Uganda.

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

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

Ex Officio Member:

Mr. Anthony Mulindwa (FUIB), Chief Executive Officer.

In regard to the Board, I wish to note that in October 2018, Mr. Mark Alex Ssimbwa was appointed to the position of Executive Director and thus enlisted as an ex officio member of the Board.

1.2. Board & Committee meetings:

In the course of 2018, 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 our commitment to serve the Institute to the best of our abilities.

1.3. The Council: As you may recall, at the close of the previous AGM, the Institute had an 11-member Council comprised as follows:

Representing banks, central bank and credit institutions 1. Mr. Juma Kisaame, former MD DFCU Bank (Council President). 2. Mr. Julius Kakeeto, MD Orient Bank (Deputy Council President). 3. Mr. Pooran Chand Kukreja (RIP), former MD ABC Bank. 4. Mr. Ajay Kumar Panth, MD Bank of India. 5. Mr. Sam Ntulume, MD NC Bank. 6. Mr. James Onyutta, MD FINCA. 7. Ms. Mary Katarikawe, ED Operations BOU.

Representing Fellows and the rest of the members

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1. Mr. Guster Kayinja (FUIB), Deputy Director Audit, BOU 2. Mr. Henry Kibirige (FUIB, Hon), retired banker. 3. Mr. Paul Jembrance Erongot (FCIB), retired banker. 4. Mr. Abraham Titre (AUIB), Postbank Uganda.

With regard to the Council, I wish to note as follows:

First, to pay my tribute to Mr. Juma Kisaame, former MD of DFCU Bank and outgoing President of the Council for his invaluable service to the Institute.

Secondly, I wish to recognise in a special way, the late Mr. Pooran Chand Kureja, former MD ABC Bank and Council Member who passed away on 5th January 2019. I propose a minute of silence in honour of the late Pooran Chand Kukreja. Our gratitude also goes to outgoing Council members, Mr. Olufemi Omotoso (former MD GT Bank) and Mr. Samuel Odeke (former MD Commercial Bank of Africa) for their service to the Institute. Nominations to fill the position of President and Deputy President of Council shall be considered at a later stage during the AGM.

2. DEVELOPMENT PARTNERS I wish to extend my gratitude to our development partners for the support extended to us in the course of the year. Special mention is made of the German Development Cooperation to whom we are especially grateful for supporting the advancement of professionalism in our financial services industry.

3. FINANCIAL PERFORMANCE The Institute registered a 22% increase in revenues in 2018 as compared to 2017 growing from UGX 1.78 Bn. in 2017 to UGX 2.18 Bn. in 2018 Overall however, the Institute registered an overall deficit of UGX 34mn, an improvement when compared with the 2017 deficit position of UGX 116mn.

4. TRAINING ACTIVITIES

4.1. Student Enrolment and Performance

Total enrolment for Institute courses during 2018 stood at 2,374, representing a growth in absolute terms of 470 (or 29%) when compared with 2017. Of these, 2,040 (or 86%) enrolled on short skills courses and 334 (or 14%) undertook professional and post graduate programmes, an indication of the growing inclination of the industry towards targeted programs. I am happy to report that among those who attended the short skills programs were a total of 526 bank agents.

The average pass rate on professional programs stood at 89%, a slight improvement when compared to 2017 which stood at 88%.

The Institute also offers an M.A. in Financial Services under the auspices of University. During 2018, the Program registered a total of 39 students.

4.2. The 8th Graduation Ceremony

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The Institute hosted her 8th Graduation Ceremony on 29th November 2018 under the theme ‘’Transforming the Financial Services Sector- the 21st Century Challenge’’ at which a total of 62 students formally received their awards.

4.3. Programs introduced During the course of 2018, the Institute introduced and extensively reviewed a number of training programs. To highlight some of the notable ones:

a) The revised Chartered Banker Program, a multilevel program with three distinct stages, that is, Professional, Executive and Chartered and significantly broader subject coverage.

b) The MA in Financial Services and Credit Management certification were substantially revised to bring them in line with contemporary trends.

c) The introduction of short courses in the areas of Agent Banking (in collaboration with the Uganda Bankers Association), Business Intelligence, Digital Marketing & Corporate Communications, Bancassurance, Securities & Investment etc... More recently, the introduction of courses in Business Mentorship, IFRS16 and Electronic Records Management among others.

d) I am glad to inform you that having mainstreamed E-Learning as a mode of delivering its training programs, the Institute now offers blend comprising a mix of face- to- face and e- learning.

4.4. Partnerships and Activities in other Jurisdictions The Institute continues to conduct professional courses in Kigali – and was also represented at the Graduation Ceremony held in Kigali on 7th December 2018 at which a total of 20 students formally received their awards. The Juba Centre, however, received no enrolment in 2018 on account of prevailing circumstances but efforts are underway to revamp the Centre.

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

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

b) 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 100 students have been tested since its inception;

c) 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;

d) 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.

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I am glad to report that there are ongoing efforts to expand this list of partners to include names such as Upgrad (the Bangalore based Digital School) and the renown New York Institute of Finance.

5. MEMBERSHIP ACTIVITIES

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

As at the close of 2018, the number of corporate members stood at 31 and that of individual members at 800.

Accolades awarded In 2018, a total of 13 Accolades were awarded and formally conferred during the Annual Bankers Dinner held on 23rd November 2018. I wish to congratulate all those who received awards, among whom, were two distinguished colleagues to whom were conferred the rank of Honorary Fellow in recognition of their outstanding contribution to the industry namely: • Mr. Juma Kisaame, former MD, DFCU Bank and outgoing Council President of the Institute; • Ms. Annette Kihuguru, ED, Ecobank.

5.2. The Annual Bankers Sports Gala The 2018 Bankers Sports Gala was successfully held on 14th and 21st October 2018. The event attracted a total of 2,500 participants from across 30 financial institutions. Centenary Bank and DFCU Bank emerged overall winner and runners up respectively. Starting 2019, 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.

5.3. The 18th 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, and . The 2018 edition of the School was hosted by the Uganda Institute between 6th and 10th August 2018 under the theme “The Future of Banking in a Digital and Disruptive Environment”. The School attracted a total of 110 participants from across East Africa and its opening ceremony was graced by the Institute’s Patron.

The 2019 edition of the School shall be hosted by the Tanzania Institute in Arusha, Tanzania between 12th and 16th August 2019 under the theme ‘’The Role of Ethics in the Digital Age of Financial Services’. I wish call upon you to nominate participants to this august School, details of which are readily available on the Institute‘s website.

5.4. Enhancing the Institute’s visibility A range of initiatives were undertaken in the course of 2018 to enhance the Institute‘s visibility including the introduction of a monthly newsletter featuring key developments in the industry,

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redesigning of the Institute‘s website and the introduction of a Financial Education Program targeting students and SMEs.

6. REGIONAL, CONTINENTAL AND GLOBAL ENGAGEMENTS 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 certification program as well as those of the Alliance of African Institutes of Bankers where it now holds the position of Deputy Chair.

The Institute is also an active participant in the World Conference of Banking Institutes, 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 shall be held in London on 16th and 17th September 2019 under the theme “Growth and Sustainability in an Age of Disruption ‘. At this juncture, I wish to call upon all of you to nominate participants from your respective institutions to this conference details of which are readily available on the website of the London Institute of Banking & Finance.

7. ADMINISTRATIVE MATTERS In the course of 2018, two staff members retired from the service of the Institute, namely; a) Ms. Florence Kayaga, Finance & Administration Manager; b) Ms. Beatrice Muwonge, Information & Membership Executive.

In addition, two staff members resigned from the service of the Institute, namely; a) Mr. Geoffrey Lwayi, Microfinance Training Executive; b) Mr. Stephen Othieno, Finance Officer. 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 A new strategic plan covering the period 2018 to 2022 was developed. The Plan outlines four strategic goals namely: a) Strengthening Organizational Effectiveness and Visibility; b) Enhancing Stakeholder Outreach, Engagement and Collaboration; c) Improving Relevance in the Financial Services Industry; and: d) Advancing Ethics and Professionalism in the Financial Services Sector.

Implementation of the plan has commenced with one of the notable developments in this regard being the decision by corporate member institutions to allot 20% of their training budgets to the Institute. In the months ahead, a range of initiatives are envisaged touching on the key issues of the range and standing of training programs, membership growth, advancing professionalism in the industry etc.

10. GRATITUDE Again, on behalf of the Board, I would like to express my sincere gratitude to the Patron and all of you for coming this evening to attend the Institute’s 2019 AGM. I look forward to your continued support of our cherished Institute.

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Thank you and God bless you. ______Matthias Katamba Board Chairman

SCHEDULE IV

COUNCIL PRESIDENT’S REMARKS

Welcome note • The Patron of the Institute [represented by Executive Director Administration, BOU, Mr. Solomon Oketcho]; • Council and Board Members present; • Members of the Institute; • Fellow Heads of Financial Institutions; • Colleagues in the industry; • All Guests here present.

I welcome you all to the 2019 Annual General Meeting of the Uganda Institute of Banking and Financial Services and in a special way thank our Patron for gracing the occasion with his presence.

Brief Remarks As we celebrate this year’s AGM, I wish to share a few thoughts regarding emerging trends in the industry as they relate to banking and finance education.

First: the transition to a new dispensation marked by volatility and complexity The acronym VUCA (which stands for ‘’Volatility’ ‘Uncertainty’, ‘Complexity’ and ‘Ambiguity’) ably describes the challenge that players in the financial services industry today are faced with as they transition from well-known models and approaches of the past into the complex and less understood sphere of today.

From a personal development perspective, this necessarily implies a striving to keep pace with this fast- evolving environment through continuous learning, continuous acquisition of skills and an ongoing appreciation of ever new models and ways of doing business.

In this regard, the evidence suggests that this effort is best accomplished through a combination of formal and self-learning approaches. As an instance, a good grounding in subjects of interest such as the new financial reporting standard for the treatment of leases, (IFRS16), Islamic Banking, Climate Finance or Business Intelligence [these being examples of programs currently on offer at the Institute] is certainly obtainable from a certification programme.

However, a basic appreciation of these subjects in good time (which is necessary to sustain a head start competitive advantage) cannot wait until a formal training opportunity presents itself. Today’s professional ought to be on his feet taking stock of the various developments on the horizon on a

Page 19 of 26 continuous and largely self-learning basis as well as deciphering their implications for him (or herself) , their institution and ultimately the broader industry and macro economy.

Second: the renewed focus on sustainability and culture and conduct issues The question of sustainability as it relates to the financial services industry has several interrelated dimensions.

In the first place is the basic question of institutional survival and long term business growth in the face of the challenge earlier highlighted.

A second dimension is the aspect of the conduct and culture exhibited by players which, as we know too well, has a direct bearing on the level of trust accorded to the industry.

A third dimension – a most critical one in our age - is the interplay between the activities of our industry and the physical environment, the now well publicized phenomenon of planetary or environmental boundaries.

A fourth dimension is social consciousness, an awareness that as players in the industry, we are ultimately instruments at the service of society and our activities should benefit and advance the communities in which we operate.

The implication is that today’s financial services professional needs to be overtly mindful of all these dimensions and abandon the temptation (especially strong in the face of contemporary pressures) to reduce banking to nothing more than institutional revenue generation. Thus, capacity development programs ought to encompass this broader picture and practitioners in the industry (especially those in senior positions) ought to take steps to rekindle this broader view of the place and role of the financial services industry in the minds and hearts of their subordinates and colleagues.

I am especially glad that both the East African Banking School and the World Conference of Banking Institutes scheduled to be held later this year, and of which the Institute is a participant, will address the key issues of sustainability and conduct in the increasingly volatile and complex environment in which we operate. I invite you to nominate participants to both of these forums.

Concluding Remarks Once again, I wish to thank our patron and indeed all of you all for making time to attend the AGM and for your show of support to the Institute. ______Julius Kakeeto Deputy Council President

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SCHEDULE V

PATRON’S REMARKS

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