Kampala: The Uganda Institute of Banking and Financial Services (UIBFS) on Friday hosted the third Annual Microfinance and SACCOs Governance Forum at Hotel Africana, Kampala Under the theme: The role of Microfinance Institutions and SACCOs in wealth creation.
The main objective of this conference was to provide an in-depth understanding on how Microfinance institutions and SACCOs can contribute to wealth creation through empowering their members, hence leading to economic development.
Speaking during the event, the CEO of UIBFS, Mrs. Masadde Goretti stated that the Institute’s mandate is to promote professionalism and continuous learning within the banking and finance sector, and this is made possible through forums such as this.
“Microfinance Institutions and SACCOs play a critical role in empowering citizens especially the bottom of the pyramid citizens, hence uplifting communities. However, the demands of modern governance and sustainable wealth creation require us to continually rethink and improve our approaches. Today’s discussions on wealth creation will provide valuable insights on how to help Microfinance Institutions and SACCOs contribute to the 10-times growth program,” she says.
The guest of honor Mr. Kaggwa Moses, the Director Economic Affairs- Ministry of Finance, Planning & Economic Development delivered an insightful session on “The role of Microfinance institution and SACCOs in wealth creation.” He noted that SACCOs and Microfinance institutions are central to Uganda’s financial inclusion agenda, reaching 85% of Ugandan adult population which were not financially included.
He said, “Before that, Banks, we call them high street banks. They don’t entertain what they see as poor people. If you have no collateral, if you don’t have a title, they don’t want you. If you come with your money, and they ask you for your source of finance, source of employment, source of income, and you don’t have, they may not bank you. But we know that SACCOs and microfinance institutions have played a very good role in this”.
The keynote speaker, Prof. Allan Katwalo Member, Board of Trustees CEO Summit Uganda also shared his remarks on the topic: “Aligning MFIs Governance Frameworks with national wealth creation and financial inclusion goals.”
Other speakers at the event included; Denis Tukahikaho, PhD, Cluster lead; Financial services specialist for PSFU and GROW of the World Bank Project who spoke about: “Carbon credit banking in an emerging economy”.
Mr. Charles Isingoma , the Managing Director Hofokam Ltd Who gave insights on the “Challenges of transforming MFIs for Regulation in Uganda”
Mr. Geoffrey Okidi, Agriculture & MSME Lead Financial Sector Deepening Uganda (FSDU) Talked about “Governance’s role in ensuring digital transformation promotes wealth creation among underserved communities”
Brig. Gen. Godfrey Muwanguzi, Deputy Chief Coordinator of Operation Wealth Creation (OWC). Spoke about ; “Aligning Microfinance Operations with National Development Plan (NDP IV).”
Mrs. Racheal Vanesa Muhwezi, Assistant Commissioner Microfinance Regulation-Ministry of Finance, Planning & Economic Development Spoke about “Corporate Governance in line with Regulation and Supervision.”