KCMA

Kikonyogo Capital Markets Award 2009; Banking the Unbanked

62% of Ugandans are unserved by any form of financial institution, neither banks, MDIs, SACCOs, nor any informal financial institution.

90% of Ugandans save in secret hiding places (eg. Mattresses)

These facts were revealed at the 2009 Kikonyogo Capital Markets Award on 2nd April 2009 at Sheraton Kampala Hotel, on the theme; Banking the unbanked. 

While presenting his keynote speech at the ceremony, Dr. James Mwangi, the Managing Director of Equity Bank alerted the audience to the enormous potential demand for financial products in Uganda, banking in particular. Emphasizing the need for creativity and innovation, ‘Banks need to reinvent themselves to be demand driven,’ he said, in order to facilitate access to banking and financial services. Such innovation has enabled Equity Bank to hold 51% of all the bank accounts in Kenya.

The Kikonyogo Capital Markets Award is held in honour of Mr. Charles N. Kikonyogo (R.I.P), Governor of Bank of Uganda (May 1990 to May 2000), who was exceptionally instrumental in negotiating and harnessing technical as well as financial support for the establishment of the Capital Markets Authority. It thus seeks to recognise commendable efforts of individuals or organisations towards the development of capital markets in Uganda.

Presiding over the function, Hon. Syda Bumba, The Minister of Finance, Planning and Economic Development recognized the importance of the financial sector in mitigating the global financial crisis and reiterated Government commitment to creating an enabling environment in which capital markets and the financial sector as a whole, can flourish.

And the winner is….

The highlight of the event was the Award ceremony that recognized various winners under the following categories;  

• Kikonyogo Capital Markets Award for Financial Journalism, which sought to recognise the role of the media in promoting the development of the capital markets industry especially as a medium for public education and policy advocacy.

• Kikonyogo Capital Markets Award for Investor Education; this arose from the recognition that public education plays an important role in the development of the capital markets industry in Uganda. This Award therefore recognised an individual or a firm that made considerable effort to this end.

The following were declared winners in the respective categories;

Investor Education

1. Akamai Global
2. Crested Stock and Securities 
3. African Alliance Uganda Ltd
   

1. Martin Luther Oketch, The Monitor Publications
2. Jeff Mbanga, The Observer
3. Walter Wafula, The Monitor Publications
   

Financial Journalism- broadcast category

1. Irene Birungi Mugisha, UBC TV
2. Samuel Settumba, NTV Uganda

The Monitor emerged winner under the media house category.

The function was graced by the presence of Mrs. Florence Kikonyogo, Hon. Ephraim Kamuntu, Minister of State for Finance (Investment), Hon Ruth Nankabirwa, Minister of State for Finance (Microfinance), Ambassadors, foreign dignitaries, government officials and various financial sector players.

We bring you highlights of the event in a pictorial.

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Dr. Mwangi is the Managing Director and Chief Executive of Equity Bank (Kenya), a role he has held since 2004. Under his leadership, Equity Bank has transformed from a technically insolvent building society to a leading microfinance bank in Africa; converted into a fully regulated commercial bank, a publicly listed company and home to 42% of all bank accounts in Kenya. Equity Bank also has begun operations in Uganda, after acquiring Uganda Microfinance Ltd.
Dr. Mwangi made a presentation on ‘Banking the unbanked; Equity Bank’s Experience.’