UGAFODE Microfinance participated in the 9th Annual Bankers’ Conference 2026, held on 18 September 2026 at the Kampala Marriott Hotel, where leaders from Uganda’s financial sector, government and development partners discussed how financial institutions can support the country’s Tenfold Growth Agenda.

Organised by the Uganda Bankers’ Association (UBA), the conference brought together representatives from banks, Microfinance Deposit-taking Institutions (MDIs), other financial institutions, government, development partners, private sector leaders, academia and civil society.

UGAFODE was represented by Chief Executive Officer Shafi Nambobi , joining other industry leaders to learn, share experiences and benchmark approaches that can support the institution’s alignment with Uganda’s Tenfold Growth Agenda.

Held under the theme “The Role of Uganda’s Financial Institutions in Facilitating Tenfold GDP Growth,” the conference focused on Uganda’s Tenfold Growth Agenda, which seeks to expand the country’s economy from about US$50 billion to US$500 billion by 2040.

Achieving this ambition will largely be driven through the ATMS, which prioritises Agro-industrialisation, Tourism, Minerals including oil and gas, and Science, Technology and Innovation. Discussions therefore examined how financial institutions can mobilise, structure and deploy the capital needed to finance these priority sectors and support Uganda’s long-term economic transformation.

Opening the discussions, MICHAEL K. MUGABI , Chairperson of the Uganda Bankers’ Association (UBA) and CEO of Housing Finance Bank, Uganda , said achieving the tenfold growth ambition would require the financial sector to rethink how it mobilises and deploys capital.

He emphasised the need to move beyond traditional lending towards patient capital, expanded private-sector credit, stronger capital markets and innovative financing solutions. He also stressed that commercial banks cannot meet the country’s full capital requirements alone, making collaboration with other sources of domestic, regional and international capital critical.

Dr. Michael Atingi-Ego, Governor of the Bank of Uganda , emphasised that Uganda’s economic transformation must be built on a stable financial system capable of financing productive investment.

He highlighted the need for financial institutions to evolve from conventional lending towards financing models suited to different sectors, including cash-flow lending, venture debt and intellectual-property financing for innovation-driven enterprises.

He also pointed to the importance of mobilising savings and deepening capital markets so that the financing required for tenfold growth does not depend on bank balance sheets alone.

The Governor further challenged financial institutions to translate the national ambition into credible and measurable financing plans, noting that institutions will need appropriate funding, savings mobilisation and capital to support significant growth in private-sector credit.

Representing government, Hon. Henry Musasizi, Minister for the Ministry of Finance, Planning and Economic Development Uganda, called on financial institutions to increase their contribution to productive sectors.

His key asks included bringing down the cost of credit, increasing lending to the ATMS sectors, embracing long-term financing instruments and taking financial inclusion to scale.

Hon. Musasizi also emphasised that inclusion should go beyond simply opening access to financial services and should enable ordinary Ugandans to participate meaningfully in economic transformation.

 He noted that a farmer producing for the market should be able to save, borrow, insure, receive payments and invest, highlighting the importance of connecting financial inclusion directly to productive economic activity.

H.E. Samura Angele , Ambassador of the Kingdom of the Netherlands to Uganda, highlighted the importance of building an innovative and resilient financial sector capable of mobilising capital towards Uganda’s long-term development priorities.

She also highlighted the Netherlands’ support to Uganda’s financial sector through initiatives involving FMO and other partners, including work on sustainable finance, climate-risk management, ESG integration and expanding financing to agriculture and other underserved sectors.

Speaking on behalf of title sponsor Mastercard , Victor, Vusumuzi Ndlovu Vice President and Head of Business Development for East Africa, highlighted the role of digital financial infrastructure in supporting economic transformation.

He noted that digital identities and transaction histories can provide farmers and small businesses with greater financial visibility, creating information that financial institutions can use when assessing customers for financing.

Ndlovu also stressed that delivering Uganda’s tenfold growth ambition will require an ecosystem approach involving government, banks, capital-market participants, development finance institutions and technology partners.

His remarks also highlighted the potential for digitalisation to support financial inclusion, agriculture, SMEs, tourism and other productive sectors.

A major learning session came from keynote speaker Lodewijk Govaerts , whose address formed part of the conference’s examination of how other markets have mobilised finance for large-scale economic transformation.

This session provided participants with an opportunity to draw lessons from international experience and consider how appropriate financing structures and approaches could be adapted to Uganda’s economic context.

Discussions went deeper into patient capital for mining and oil and gas, financing science, technology and innovation, tourism development, agro-industrialisation and export-led development.

Digital finance emerged as another important enabler of inclusion. Participants discussed how digital identities, transaction histories and other forms of financial data can help make farmers and small businesses more visible within the formal financial system, particularly where conventional records or collateral may be limited.

The conference further highlighted the need for long-term and patient capital, recognising that traditional short-term bank credit alone cannot finance the scale of transformation Uganda is pursuing. Banks, MDIs, pension funds, insurers, development finance institutions and capital markets will therefore have complementary roles in mobilising resources for productive investment.

For UGAFODE Microfinance , participation provided an opportunity to engage with the wider financial sector and benchmark lessons on how the institution can adopt and contribute to the Tenfold Growth Agenda, particularly through financial inclusion, agriculture and MSME financing, digital financial services and solutions that expand access to finance for underserved communities.