Remittances Are Uganda’s Economic Lifeline, Says UBA Chair Julius Kakeeto at Bankers Conference

Remittances are more than financial transactions—they are the lifeblood of Uganda’s economic resilience and the heartbeat of millions of families across the country. This was the compelling message delivered by Julius Kakeeto, the Managing Director of Post Bank and Chairperson of the Uganda Bankers Association (UBA), during his keynote remarks at the 8th Annual Bankers Conference held in Kampala.

Speaking to a distinguished gathering of financial sector leaders, economists, policymakers, and development partners, Kakeeto emphasised that remittances are a powerful engine for national development. “Behind every dollar, pound, dirham or shilling sent home is the story of sacrifice, perseverance, and hope,” he said, capturing the deeply human story behind the financial flows from Ugandans abroad.

Held under the theme “Harnessing the Potential and Maximising the Impact of Remittances on Development,” the conference attracted major stakeholders, including Bank of Uganda Governor Michael Atingi-Ego and Stanbic Bank CEO Kenneth Mumba Kalifungwa. Their discussions centred on one urgent goal—how to channel the country’s remittance inflows into more structured, long-term, and sustainable development strategies.

Kakeeto noted that in 2023 alone, Uganda received over USD 1.4 billion in remittances. These inflows not only surpassed Foreign Direct Investment (FDI) and Official Development Aid (ODA), but also played a critical role in poverty alleviation, employment generation, and financial inclusion. He described remittances as Uganda’s “unsung economic hero,” stressing that when managed properly, they become invisible threads connecting families and strengthening both community and national economies.

The Uganda Bankers Association, he said, is particularly focused on ensuring that this year’s engagement results in tangible action. These include strategies to address structural and logistical bottlenecks, reinforce policy and regulatory frameworks, and introduce financial innovations that allow remittances to be used more effectively—especially in funding infrastructure, housing, education, and enterprise development.

As part of its commitment to this agenda, Post Bank, one of the event’s key sponsors, announced significant progress in remittance facilitation through digital innovation. The bank’s Wendi Mobile Wallet now allows users to send and receive Western Union remittances seamlessly, improving access for both the diaspora and rural Ugandans who often depend on these funds. “At Post Bank, we are proud to be part of this solution. Wendi is one of the ways we are turning remittances into a reliable driver of home ownership, educational attainment, and household resilience,” Kakeeto said.

However, Kakeeto also acknowledged emerging concerns within the diaspora community, particularly about the declining quality of properties financed through remittance-driven mortgage arrangements. Many Ugandans living abroad have expressed frustration over substandard construction and a lack of accountability by some real estate developers. In response, the Uganda Bankers Association is introducing new safeguards to restore trust and protect diaspora investments. These include extending the developer liability period to two years, mandating that developers remain active members of condominium boards, forming special advisory teams to guide diaspora clients through property purchases, and enforcing strict reprimand clauses for developers who violate quality standards.

Kakeeto stressed that “every shilling sent from abroad is hard-earned and must never be lost to poor standards or oversight.” He noted that protecting diaspora investments is not only a matter of economic integrity but also a step towards building stronger emotional and financial connections between Ugandans abroad and their homeland.

Closing his remarks with a rallying call for unity and long-term vision, Kakeeto said, “Wherever we may be in the world, home remains our greatest treasure. Together, let us build a stronger, more inclusive, and more prosperous Uganda.”

His speech set the tone for what is expected to be one of the most action-oriented bankers’ conferences yet, bringing clarity to the often-overlooked role of remittances and offering a roadmap for transforming them into an enduring pillar of national development.

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