ACCA Uganda and Deloitte last week launched the third edition of the Chief Finance Officer (CFO) Awards 2019 under the theme “ethics and trust, the competitive advantage for business sustainability” with the aim of raising the profile of Chief Finance Officers and the role they have to play in developing good business and finance practices, both within the companies they operate and the finance sector in general.
This year, the awards categories have increased to seven; CFO of the year, Young CFO Award, Strategy Execution Award, Finance Transformation Award, Public Sector Award, SME sector Award and Not for Profit sector Award.
While speaking at the launch event held at the Golden Tulip Canaan Kampala, Beatrice Isagayite, Head of ACCA in Uganda said, “CFOs and professional accountants that hold the ACCA qualification have leading edge knowledge in ethical issues, combined with a wider view of business success that covers financial, ethical, digital and sustainability issues. So the aim of the awards this year is to raise the profile of the CFOs and the role they play in developing good business and finance practices embedding environmental and broader social issues into strategic decision making.”
Speaking at the same event, Mable Ndawula, Director Deloitte said, “What’s required of a CFO today is very dynamic in comparison to what we had back in the day. CFOs are expected to be very versatile that this individual not only focuses on your controls and ethics but also looks to the future and should be able to anticipate and be visionary and at the same time have emotional intelligence considering the fact that things are continuously changing.”
Last year’s winner of the CFO of the year award and CFO of Stanbic Bank Uganda, Samuel Mwogeza noted that, “Good business practices include things like effective financial book keeping. This is one of the reasons why some SMEs never make it past their 2nd anniversary. It’s because they have bad business practices.”
The CFO Awards were started as a way of recognising the role that CFOs and finance functions play within organisations, highlighting the good business and finance practices while raising the profile of this strategic role.
They are part of the bigger CFO agenda which presents a platform to share best practice, drive awareness, inspire action and develop a community of finance leaders committed to create more sustainable outcomes for their organisations.
- The nomination is open today and will close on Friday, 13 September 2019. Its done online via this link; https://www.accaglobal.com/africa/en/member/member-networks/uganda-cfo-awards.html
- Anyone is encouraged to nominate a CFO/Finance Director that meets the criteria which is; One must be a professional accountant, have been a CFO, Head of Finance or Finance Director (title may differ) for a minimum of three years and be a resident of Uganda.
- Self-nomination is also allowed.
- All winners shall have to demonstrate proficiency in the seven vital qualities of a professional accountant. Also referred to as the seven quotients in the ACCA report of Professional Accountants – The Future, or the seven skills for success in the ACCA competency framework, these quotients are intelligence, creativity, digital knowledge, emotional intelligence, experience, vision, technical and ethical skills. Details of the skills can be found on https://www.accaglobal.com/gb/en/qualifications/why-acca/competency-framework/quotients.html
- Once the nominations are closed, an eminent panel of judges shortlists and interviews the top contenders for all the awards.
- Its important that nominations include statements and evidence of what the nominee has achieved to deserve winning the award.
Below is a list of past winners and details on the award category.
CFO awards 2018 themed Finance in a Digital World
- CFO of the Year – Winner was Samuel Mwogeza – Stanbic Bank
- Public Sector – Winner was Edward Iruura – ERA
- Not for profit – Winner was Susan Shereni Lamunu – IDI
- SME Award – Winner was Cerinah Nalwoga – Milima Technologies Ltd -The Innovation Village Bureau Technologies
- Young CFO –Winner was Allan Kyambadde – UAP Old Mutual Group
- Strategy Execution –Winner was Samuel Mwogeza – Stanbic Bank
- Finance and Technology –Winner was Michael Segwaya – Barclays Bank
- Finance Transformation –Winner was Godfrey Centenary Bank Bank
CFO awards 2017, themed The Inaugural CFO Awards
- CFO of the Year Award –Winner was Alvin Mbugua – UBL)
- 1st Runner up for CFO of the Year Award Winner was Patrick Ayota – former CFO NSSF
- Public Sector CFO Award –Winner was Edith Kakuba – NMS
- Young CFO Award –Winner was Bruno Muhindi – KCB Bank
- Strategy Execution Award – Winner was Alvin Mbugua – UBL
- Finance Transformation Award –Winner was Samuel Mwogeza – Stanbic Bank
The CFO Award 2019 Categories
CFO of the Year
The CFO of the Year will have shown financial leadership, outstanding performance over a number of years and is the driving force behind the growth and profitability of their organization, striving for excellence in all aspects of the finance profession. The CFO/ Head of Finance should lead by example demonstrating leadership through their future-focus and proficiency in the seven vital qualities of professional accountants.
Public Sector Award
This should be a CFO or Head of Finance in a government ministry, agency or department demonstrating outstanding financial management and has demonstrated the vital qualities of professional accountants.
This award will go to an outstanding CFO or Head of Finance, currently making a vital contribution to the financial leadership of a not-for-profit organisation and has demonstrated the 7 vital qualities of professional accountants.
This award will recognize a CFO or Head of Finance in a small and medium enterprise, who has demonstrated outstanding financial management and has contributed to the growth of the enterprise. Small and medium enterprises include all types of formal enterprises irrespective of their legal form (such as family enterprises, sole proprietorship or cooperatives), employing between 5 – 100 employees and total assets not exceeding UGX 360 million.
Young CFO Award
This award will recognise a rising star in the accounting profession, aged no more than 35 years and has demonstrated the 7 vital qualities of professional accountants.
This award recognises a CFO or Head of Finance who has championed transformative solutions in their finance function and has been successful in redefining the role of finance within the organisation.
Strategy Execution Award
This award recognises a CFO or Head of Finance who has shown agility and resilience in dealing with serious and intense changes in the business environment, enabling the business to successfully adapt to new demands and challenges. This CFO or Head of Finance will have shown great leadership in creating the right (financial) conditions to execute the organisation’s strategy.
Ugandan travellers to China to enjoy better services with Orient Bank’s partnership with China’s UnionPay
Orient Bank Uganda Limited and UnionPay International have announced a partnership in which all UnionPay Cards are now accepted at all ATMs and POS terminals of Orient Bank, one of the leading and fastest growing banks in Uganda.
Annoucing the partnership in Kampala today, Darshana Bhatia, Orient Bank Excutive Director said, “This is yet another demonstration of our commitment to anticipate and meet our customer needs through technology, innovation and partnership. Uganda and China enjoy a robust trading relationship which relies greatly on each country’s intergration into the global financial system if ease of doing business is to be attained.”
UnionPay International is accelerating the promotion of digitized payments in East Africa. Today, UnionPay has over 80% acceptance on ATMs in Uganda and over 85% acceptance on POS terminals.
Mr. Luping Zhang, General Manager of UnionPay International Africa Branch said, “This partnership will offer holders of UnionPay cards a seamless payment experiece. Based on this collaboration, the two sides will explore future cooperation in rolling out UnionPay’s innovative products, including UnionPay QR Code payment and B2B online payment.”
Orient Bank has continued its quest to provide fast, convenient and safe payment systems to serve its niche customers in SME and High Networth Banking Segments.
This partnership will further boost trade between Uganda and China as visitors from China will be able to process payments at Orient bank ATMs and Point of Sale terminals across various merchants .
In partnership with more than 2,000 institutions worldwide, UnionPay has enabled card acceptance in 176 countries and regions, and realised card issuance in 58 countries and regions. UnionPay provides high quality, cost effective and secure cross-border payment services to the world’s largest cardholder base and ensures convenient local services to a growing number of global UnionPay cardholders and millions of merchants.
FINANCIAL DILEMMA: BoU needs fresh UGX 671bn in capital- Auditor General
Bank of Uganda (BoU) is undercapitalised to a tune of UGX671.712Billion According to the Auditor General, John Muwanga this poses a risk to the Central Bank’s operations.
The details of the Central Bank’s woes are contained in the 2018/2019 audit report of Bank of Uganda which carries queries that were raised by the Auditor General’s team.
The audit report highlighted that as per the Bank of Uganda Act, Section 14 (3), the issued and paid up capital of the Bank shall be a minimum of UGX 2 Trillion but as of June 30, 2019, the core capital of the Bank was below the minimum required capital by UGX671.712Billion while in the same period in 2018, the Central Bank was undercapitalized to a tune of UGX482.730Billion.
The audit report further explains that the operating losses of the Bank during the year ended June 30, 2019 were mainly attributable to interest expense paid to financial institutions on deposit auctions and vertical repos issued by the Bank in the management of monetary policy as per the Bank’s mandate and currency costs of UGX 198.274Bn which is equivalent to 89 % of the interest income) yet in 2018 the loss was recorded at UGX 155Bn representing 79% of the interest income.
The Central Bank management has explained that the costs of implementation of monetary policy that have caused erosion of the Bank’s core capital are currently fully borne by the Bank.
“I considered this to be a key audit matter because inadequate capital poses a business risk to the Bank and its operations. I performed the following audit procedures in this area, among others,”Muwanga cautioned.
The Central Bank also reported that during the period between July 2018 to June 2019, the Non-Executive Directors were each paid UGX.5Million net of tax per month as retainer fees and UGX2.5million net of tax per meeting as their sitting allowance.
The Central Bank’s board comprises of Prof. Emmanuel Tumusiime-Mutebile who doubles as Board Chairman and Governor, Dr. Louis Kasekende, James Kahoza, William Kalema, Judy Obitre Gama, Keith Muhakanizi and Josephine Okui Ossiya.
Stanbic September report bullish about economy; demand grows backed by credit growth
The Stanbic Purchase Manager’s Index (PMI) for September shows that the private sector activity remained in the growth territory at the end of the third quarter of 2019.
The survey, sponsored by Stanbic Bank and produced by IHS Markit, indicates that ability of firms to secure additional customers resulted in higher new orders and a subsequent expansion of business activity. Meanwhile, both input costs and output prices continued to increase.
The headline PMI was 55.7 in September, down from 57.5 in August, but still above the 50.0 no-change mark.
Stanbic Bank Fixed Income manager Benoni Okwenje, stated that the Private sector activity remained solid at the end of the third quarter of 2019. Despite the PMI declining to 55.7 in September from 57.5 in August, overall activity remains robust.
“Domestic demand continues to improve, partially driven by private sector credit growth over the last year. Despite higher input costs, the rise in new orders has supported overall output. It has now been 32 months in a row of improving business conditions and we suspect this trend will carry through for the rest of the year,” said Okwenje.
The report shows that new orders increased in September, with a number of panelists indicating that they had been able to secure new customers during the month.
The survey, which has been conducted since June 2016 and covers the agriculture, industry, construction, wholesale & retail and service sectors, contains the latest analysis of data collected from the monthly survey of business conditions in the Ugandan private sector.
According to the PMI report for September, the expansion in demand, alongside successful marketing, led to a thirty-second successive monthly rise in business activity. All five broad sectors saw growth of output.
“Purchasing activity continued to rise, extending the current sequence of expansion to 19 months. Faster suppliers’ delivery times meant that the increase in input buying fed through to an accumulation of inventories. Overall input prices increased, with panelists reporting higher costs for electricity and purchased items including cement, food products and stationery,” Okwenje added.
Companies responded to higher input costs by raising their output prices accordingly. Selling prices have increased throughout the 40-month survey so far.
The PMI report further states that the likelihood of continued new order growth and business expansion plans led to optimism among firms that output will rise over the coming year. “Over 74% of panelists were confident regarding the outlook,” the report showed in part.
The PMI is a composite index, calculated as a weighted average of five individual sub-components: New Orders (30%), Output (25%), Employment (20%), Suppliers’ Delivery Times (15%) and Stocks of Purchases (10%). Readings above 50.0 signal an improvement in business conditions on the previous month, while readings below 50.0 show a deterioration.
The headline figure derived from the survey is the Purchasing Managers’ Index™ (PMI™) which provides an early indication of operating conditions in Uganda.
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