Louis Kasekende: Examining developments in Uganda's financial sector

Remarks by Dr Louis Kasekende, Deputy Governor of the Bank of Uganda, at the occasion of celebrating 10 years of KCB Bank (Uganda) Limited's Banking Operations in Uganda, Kampala, 3 November 2017.

The views expressed in this speech are those of the speaker and not the view of the BIS.

Central bank speech  | 
11 January 2018

I bring warm greetings from the Governor, Prof. Emmanuel Tumusiime-Mutebile, who is unable to join us this evening. None-the-less, I am greatly honoured this evening to preside over this function, at which KCB Uganda is celebrating ten years of successful operations in Uganda. Let me start by congratulating the Shareholders, the Board of Directors, Management and Staff of KCB for all their achievements over the last ten years. KCB Uganda is a subsidiary of the KCB group which has assets of nearly US$ 6 billion and operates in seven different countries.

I listened to the remarks by the leadership of the KCB Group, and I would like to emphasize two issues. First; is the fact that contrary to the narrative by some Ugandan media commentators, the government of Kenya is only a minority shareholder in the KCB Group, holding about 18 percent of shares as at August 2016. Second, is a lesson for our business community in Uganda to strive to emulate our Kenyan counterparts in terms of foresight and discipline in managing our businesses so that we too can have Ugandan businesses successfully establishing base across the borders.