PostBank and UBA's Julius Kakeeto on Banking's Digital Future and theRemittance Opportunityc
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| File Photo/Courtesy: Chairman and CEO for Uganda Bankers Association and Post Bank respectively, Mr. Julius Kakeeto, delivering the Opening Remarks during the recent Eighth (8th) Annual Bankers Conference held at Kampala Srtena Conference Centre. |
Uganda's Most UnderusedAset: Why the Remittance System Needs a Total Rebuild
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| Fjle Photo/Courtesy: Governor, Bank Γ² Uganda, Dr. Micheal Atingi-Ego, Delivering a Key Note address during the Eighth (8th) Annual Bankers Conference held recently at Kampala Serena Conference |
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Diaspora Remittances: De jure Vs De facto
"We must understand why people go abroad because that understanding will guide us in designing products that truly serve their needs" – Hon. Amongi Betty Ongom, Minister for Gender, Labor, and Social Development.
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| File/Courtesy Photo: Key Note Address – Hon. Amongi Betty Ongom Minister for Gender, Labour and Social Development. |
At the heart of Uganda's growing remittance economy lies a critical insight: migration is driven by both necessity and opportunity.
She further said that to better serve the millions of Ugandans working abroad and sending money home, we need research-driven, human centered innovation.
Catch the conversation live on our YouTube channel: Annual Bankers Conference 2025
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What You Need to Know:
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1. Profiles: Uganda Bankers Association (UBA), Members, and Conference Sponsors
Uganda Bankers Association (UBA):
The Uganda Bankers Association (UBA) is the umbrella body for licensed commercial banks and financial institutions in Uganda. Established in 1981, its primary objectives are:
To promote and uphold professional standards within the banking industry.
To act as a collective voice for its members on policy matters affecting the financial sector.
To facilitate the sharing of best practices and foster a stable and efficient banking system.
To engage with the Central Bank of Uganda, the government, and other stakeholders to shape a favorable regulatory environment.
The UBA plays a crucial role in initiatives aimed at financial inclusion, digital transformation, and capacity building within Uganda's financial landscape.
Members of the Uganda Bankers Association:
The UBA comprises all licensed commercial banks in Uganda. As of my last update, this includes a mix of local and international banks. Key members include:
Absa Bank Uganda Limited
Bank of Africa Uganda Limited
Bank of Baroda (Uganda) Limited
Bank of India (Uganda) Limited
Cairo Bank Uganda
Centenary Rural Development Bank Limited
Citibank Uganda Limited
DFCU Bank
Diamond Trust Bank Uganda Limited
Ecobank Uganda Limited
Equity Bank Uganda Limited
Exim Bank (Uganda) Limited
Finance Trust Bank
Guaranty Trust Bank (Uganda) Limited
Housing Finance Bank
KCB Bank Uganda Limited
NCBA Bank Uganda Limited
Opportunity Bank
PostBank Uganda Limited
Stanbic Bank Uganda Limited
Standard Chartered Bank Uganda Limited
Tropical Bank Limited
United Bank for Africa (Uganda) Limited
Sponsors of the Eighth Annual Conference:
Based on information related to the UBA Annual Conferences, typical sponsors include a mix of financial technology (FinTech) companies, professional services firms, and technology providers that work closely with the banking sector. For the Eighth Annual Conference, prominent sponsors would likely include:
Major Technology Providers: Companies like Mastercard, Visa, and leading core banking software providers.
Professional Services Firms: Top audit and advisory firms such as PwC, Deloitte, Ernst & Young (EY), and KPMG.
FinTech Companies: Local and international FinTech companies that provide payment gateways, digital lending solutions, and other financial innovations.
Media Partners: Leading business and news publications in Uganda.
2. Definitions: De Jure vs. De Facto Remittances
The terms "de jure" and "de facto" are used to distinguish between what is formally stated by law and what happens in actual practice.
De Jure Remittances: This refers to the official, legally recognized, and formally recorded flow of money from migrants to their home countries. These are the funds that pass through formal channels such as banks, registered money transfer operators (e.g., Western Union, MoneyGram), and other financial institutions that report these transactions to central banks and other regulatory authorities. These are the figures that appear in official national statistics.
De Facto Remittances: This refers to the actual, total flow of money, which includes both formal and informal transfers. "De facto" remittances encompass the "de jure" (formal) flows plus all unrecorded or informal transfers. These informal channels can include:
Money carried by hand by friends, relatives, or travelers.
Transfers through informal, unregistered operators (often called "hawala" or "hundi" systems).
In-kind remittances, such as sending goods (e.g., electronics, clothing, vehicles) for family use or resale, which have monetary value but are not recorded as cash transfers.
The value of de facto remittances is almost always higher than de jure remittances, but it is very difficult to measure accurately due to the unrecorded nature of informal flows.
3. Comparative Analysis: Diaspora Remittances in Commonwealth Countries
Diaspora remittances are a vital source of external finance for many of the 56 Commonwealth countries. However, the scale and impact vary significantly.
Country
2023 Remittance Inflows (USD Billions)
Key Characteristics & Corridors
India
$125.0
The world's largest recipient. Large, highly skilled, and geographically diverse diaspora in North America, Europe, and the Gulf Cooperation Council (GCC) countries.
Nigeria
$20.5
Africa's largest recipient. Significant other.....,for continuation with the deep dive research, open the repository link text.
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