As the Chairperson of UBA, please give an overview of the banking sector’s performance in Uganda and how it enhances economic growth and development. The banking sector has been relatively stable, save for the two financial institutions that were closed by the Bank of Uganda, whose closure did not present any systemic risk across the industry. Most of the member Supervised Financial Institutions (SFIs) met the new capital requirements as of 30th June 2024, and three (3) of our members opted to transition to Tier II status as a strategic direction. Deposits increased from UGX34.3 trillion as of June 2023…
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