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Nairobi, Kenya | THE INDEPEDEPENDENT | Uganda Development Bank, is named the best bank in East Africa at the 18th edition of the Annual African Banker Awards.
The country’s national Development Finance Institution, was on Tuesday named the Regional Bank of the Year – East Africa at the Annual African Banker Awards.
Now in its 18th edition, the African Banker Awards are conducted by the African Banker Magazine and this year’s awards ceremony was held in Nairobi, Kenya. It recognises the achievements of individuals and institutions that have contributed significantly to the growth and development of Africa’s banking sector over the past year.
This year’s awards ceremony in particular saw Development Finance Institutions (DFIs) triumph in both institutional and individual recognition categories, underscoring their integral role in the African financial ecosystem.
UDB scooped the ‘Regional Bank of the Year – East Africa’ award because it excelled in every category whilst weathering extreme external shocks, and extending socially and economically supportive lending that improved institutional reach and performance, according to the organisers.
“Being named Regional Bank of the Year – East Africa is a testament to hard work, dedication, and resolve to not only accelerate financial inclusion in the country but also facilitate Uganda’s socio-economic transformation,” Patricia Ojangole, the Managing Director of UDB said at the ceremony.
This Award is given to a bank that excels in the banking industry in the region by reaching out to new customer segments, offering innovative products and services, adopting inclusiveness by bringing the unbanked into the banking space, making use of new technologies, and contributing to a stronger financial sector.
UDB also received a Silver Award (A+ rating, under the category of Best Performing DFI) for adhering to the strict prudential guidelines of the Association of African Development Finance Institutions (AADFI).
AADFI assess operational efficiency, governance systems, development impact, and overall institutional sustainability, amongst African DFIs. UDB was also a nominee for Bank of the year, a feat that was scooped by African Export Import Bank (Afreximbank).
UDBs good performance with amongst it peers was also seem in the Managing Director, Patricia Ojangole who managed to feature on the nominations list for Banker of the Year, which was won by Admassu Tadesse, TDB Group President and Managing Director.
In his speech, Omar Ben Yedder, the Awards Committee chair said that African financial institutions are transitioning well especially to fill the vacuum left by the retreating international lenders.
“We are seeing a coalition of DFIs taking shape and these will have to see considerable capital increases to plug the gap in infrastructure, trade, climate and also SME Financing. These will have to be supported by policy makers in an even more meaningful way,” he said.
Uganda also scooped, through Centenary Rural Development Bank, the second edition of AFAWA (Affirmative Finance Action for Women in Africa) Bank of the Year Award.
Introduced in 2023, this award recognises banks that have excelled in the support for the growth of women-led small and medium-sized enterprises as part of their SME strategy.
Razia Kahn, Chief Economist Middle East and Africa at Standard Chartered Bank Group was named African Banker Icon.
The Airtel Uganda Initial Public Offer that was worth 500 million dollars (about 1.9 trillion shillings) conclude late last year, earned Absa Bank a nomination for Deal of the Year – Equity. However, the award went to Rothschild and Co for the 1.1 billion dollar investment into Mopani copper mines.
