Uganda financial sector targets tenfold economic growth by 2040

Uganda’s financial sector is positioning itself to support the nation’s Tenfold Growth Strategy, which aims to expand the economy from approximately $50 billion to $500 billion by 2040.

At the REDi Mbarara 2026 conference, Housing Finance Bank emphasized that achieving this scale of growth requires mobilizing capital into productive sectors, including housing, infrastructure, and business development. Joel Matsiko, Acting Head of Business and Institutional Banking at Housing Finance Bank, noted that financing must reach sectors that create tangible economic value.

In support of these goals, the Uganda Bankers Association (UBA) has announced the 9th Annual Bankers Conference, scheduled for September 18, 2026, in Kampala. UBA Chairman Michael Mugabi stated that the banking industry aims to expand private sector credit to Shs 490 trillion by 2040. Because commercial banks alone cannot meet the total funding requirements, the conference will focus on leveraging capital markets and implementing regulatory reforms to attract domestic, regional, and international investment. Key discussion areas include financing for the minerals, oil, and gas sectors, as well as science, technology, and agro-industrialization.