The Uganda Bankers Association (UBA) has called for deliberate efforts to mobilise private capital and strengthen financing structures to support Uganda’s inclusive economic growth and accelerate the country’s Tenfold Growth Strategy.
Speaking on Day Two of the Local Development Partners Group (LDPG) Dialogue, UBA Executive Director Wilbrod Owor said unlocking private sector financing requires an enabling business environment, credible markets and a strong pipeline of bankable investment projects.
Owor highlighted three key fundamentals necessary to attract and convert available capital into productive investments, noting that improving the business environment, building market credibility and strengthening trust are essential to encouraging private sector participation in Uganda’s development agenda.
He also identified blended finance as an important mechanism for mobilising resources, particularly in sectors where conventional financing may be insufficient to support investment.
On financial inclusion, Owor emphasised the potential of group lending models to expand access to finance for women, while calling for greater use of mobile money transaction histories to assess the creditworthiness of micro, small and medium enterprises (MSMEs).
He noted that alternative credit assessment mechanisms could help bridge financing gaps among small businesses that often struggle to access formal credit due to limited collateral or conventional credit records.
Addressing the high cost of credit, Owor pointed to the importance of fiscal discipline and reducing government domestic borrowing, arguing that this would create more room for the private sector to access financing.
Reduced government borrowing, he said, would help release more resources into the private sector and contribute to sustainably lowering interest rates, making credit more accessible to businesses seeking to expand and create jobs.
The dialogue also explored opportunities for collaboration between UBA and the United Nations Country Team in advancing Uganda’s development priorities.
The proposed areas of cooperation include convening stakeholders, advocacy, capacity building and identifying new areas of intervention where the banking sector can contribute to inclusive economic transformation.
The UN Country Team also expressed interest in learning more about UBA’s partnership programme with the International Fund for Agricultural Development (IFAD), particularly its work in expanding rural finance and strengthening agricultural value chains.
The engagement comes amid growing calls for stronger collaboration between government, development partners and the private sector to mobilise financing for Uganda’s development ambitions.
Owor’s contribution underscored the role of the banking sector in bridging the gap between available capital and investment opportunities, particularly in supporting MSMEs, women entrepreneurs and agricultural enterprises that are central to inclusive economic growth.
