Ugandan bankers to require professional practicing licenses

KAMPALA, Uganda — Banking professionals in Uganda will soon need a professional practicing license, aligning the industry with other regulated fields like law, engineering, accountancy, and medicine.

The move will establish the Uganda Institute of Banking and Financial Services (UIBFS) as the country’s banking standards body through an Act of Parliament, said CEO Goretti Masadde.

Masadde noted that current legal and regulatory frameworks are insufficient for today’s banking challenges, leading to “issues with today’s banker.” The new developments aim to realign the profession and help bankers advance from lower employment tiers, a current challenge.

She announced the rebranding of UIBFS with a new logo, which she said reflects the industry’s evolving environment. The institute was founded 57 years ago as an examination center. At that time, banking executives were certified by the Chartered Institute of Bankers in the U.K., as foreign banks dominated the industry.

Formerly known as the Uganda Institute of Banking, UIBFS initially focused on professional standards for bankers but has since expanded to include other financial sectors such as microfinance and insurance, Masadde said.

With its new logo and tagline, “Learn, Transform, Lead,” the rebranded institute will play a key role in the financial industry and in supporting Uganda’s economic growth.

The announcement preceded the institute’s 12th graduation ceremony, where 358 students from nine banking and finance fields received their degrees.

Bank of Uganda Governor Michael Atingi-Ego, who also serves as the institute’s patron, praised the rebranding. In a statement read by Richard Byarugaba, the Executive Director of Financial Services, Atingi-Ego expressed hope that the rebranding would lead to the promised transformation, making the banking industry more professional and beneficial for the economy. He commended the institute’s evolving, research-driven training architecture, which he said is crucial for developing human capital in the industry.

Michael Mugabi, UIBFS chairman, said the new logo, featuring a flying crane, symbolizes the institute’s promotion of continuous learning, growth, and leadership in economic transformation. He told graduates their training was meant to empower them to positively influence the country.

Once the new law is enacted, individuals without UIBFS training or certification may face difficulties securing or retaining banking positions.

Fabian Kasi, president of the institute’s Governing Council and managing director of Centenary Bank, stated that human resource departments in banks will soon be required to identify employees who meet the new regulatory requirements.