Nairobi, Kenya: Uganda Development Bank, the country’s national Development Finance Institution, has been named the Regional Bank of the Year – East Africa at the Annual African Banker Awards.

Now in its 18th edition, the prestigious African Banker Awards celebrate 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. They emerged as the stars of the show in both institutional and individual recognition categories, underscoring their integral role in the African financial ecosystem.

According to the event organizers, the judges awarded UDB ‘Regional Bank of the Year – East Africa’ because it showed leadership in every category required of a hugely progressive development bank, making significant contributions in uplifting the lives of Ugandans whilst weathering extreme external shocks, and extending socially and economically supportive lending that improved institutional reach and performance – yet still put powerful green and sustainability strategies at its heart.

“We are honored to receive this coveted Award, particularly considering the high-caliber recipients who have received it in the past. 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,” Ms Patricia Ojangole, the Managing Director of UDB said at the Award Ceremony that was held in Nairobi, Kenya.

This Award is given to a bank operating either across a specific region or in one country within a region (North, East, South, West, or Central Africa). The winner will have excelled 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.

Silver Award by the Association of African Development Finance Institutions

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), which assess operational efficiency, governance systems, development impact, and overall institutional sustainability, amongst African DFIs. UDB was one of only five institutions on the continent rated A+ and above.

“An A+ rating by AADFi reflects the Bank’s commitment to excellence and its dedication to promoting sustainable socio-economic development in Uganda. The Bank has demonstrated its strong commitment to meeting the highest standards of performance. We’re excited for 2024 and beyond, with our endeavors inspired by innovation and our commitment to excellence,” Ms Ojangole said while receiving the Award earlier in the day.

The Association of African Development Finance Institutions (AADFI) Peer Review is a rigorous evaluation process that assesses the performance of African DFIs against the Performance Standards for Green and Inclusive Recovery-oriented Services (PSGRS). UDB was assessed on key areas such as governance, risk management, financial management, and impact assessment, among others.

UDB has embraced a holistic sustainability approach, undergoing a comprehensive review of its operations. The Awards come as an authentication of the Bank’s critical role in enhancing the country’s development agenda in alignment with the government priorities.

“I take this opportunity to thank the government, Board, Management, and staff of UDB for their unwavering commitment towards the growth and success of the Bank,” Ms Ojangole concluded.