By Chinedu Okafor, Nigerian CEO Magazine
Patricia Ojangole, Managing Director/CEO of Uganda Development Bank Limited (UDB), has emerged as one of Africa’s most influential voices in development finance. Recently honoured as Banker of the Year at the 2025 African Banker Awards, she also serves as Chairperson of the Association of African Development Finance Institutions (AADFI). In this conversation with Jide Akintunde, Managing Editor of Financial Nigeria Publications, Dr. Ojangole shares insights on Africa’s economic transformation, the challenges facing banks, and the strategic role of DFIs in delivering inclusive and sustainable growth.
Africa’s Transformation and Banking Challenges
Akintunde: The last few years have seen an acceleration of economic and industrial transformation across Africa. What challenges does this pose to the banking industry and its leaders?
Ojangole: Africa’s growth trajectory is impressive, with real GDP averaging 3–4 percent and projected at 4.3 percent in 2026. More than 20 economies are expected to post growth above 5 percent this year. But this transformation journey presents significant challenges for banks.
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Infrastructure gaps: Financing Africa’s colossal infrastructure needs strains banks’ resources.
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Environmental risks: Industrialisation brings climate threats, requiring banks to balance financing with sustainability.
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Digital disruption: Rapid technological change demands investment in fintech, AI, and cybersecurity.
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Governance deficits: Weak institutions hinder transformation, and banks must innovate to strengthen them.
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Regulatory shifts: Constantly evolving policies require banks to adapt quickly.
UDB’s Sustainability Pivot
Akintunde: How has UDB validated its strategic pivot towards sustainability?
Ojangole: Sustainability is embedded at the core of our strategy. We align financing with Uganda’s National Development Plans, climate resilience priorities, and inclusive growth. Governance oversight has been reinforced, and our credibility is validated by growing confidence from development partners who channel climate and impact capital through UDB.
Delivering Impact
Akintunde: What specific impact is UDB delivering?
Ojangole: UDB is catalysing transformation by financing SMEs, supporting innovation, and investing in green growth. In 2024 alone:
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SME financing: UGX 82.96 billion invested in 173 SMEs, with UGX 67.05 billion in risk capital.
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Job creation: 17,221 jobs for women and 33,332 for youth, with many high-paying positions.
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Regional inclusion: UGX 193.3 billion allocated to projects outside Kampala.
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Economic resilience: UDB-funded projects generated UGX 1,109 billion in foreign exchange earnings.
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Green financing: UGX 103 billion for low-carbon manufacturing, UGX 63.9 billion for climate-smart agriculture, and UGX 140.1 billion for resilient infrastructure.
Looking ahead, our 2025–2029 Strategic Plan adopts a demand-generation approach, targeting value chains and ensuring long-term impact.
Strategic Imperatives for African DFIs
Akintunde: What are the strategic imperatives for DFIs in Africa?
Ojangole: DFIs must be sustainable institutions first. At AADFI, we promote sustainability standards like PSGRS and SSCI. Resource mobilisation is critical, given Africa’s $1.3–1.7 trillion annual financing needs. Collaboration among DFIs is equally vital to support regional integration and development.
Gender Inclusion in Leadership
Akintunde: What is your perspective on gender inclusion in leadership?
Ojangole: Gender parity can boost per capita GDP by 20%. More inclusive institutions deliver better outcomes. Progress is being made, but barriers remain—patriarchal norms, caregiving burdens, and workplace biases. Intentional mentorship, partnerships, and policy advocacy are needed to sustain inclusion.
The Final Push to 2030
Akintunde: With 2026 marking the final five-year countdown to the SDGs, what role should banks play?
Ojangole: Banks must move from incremental financing to catalytic leadership. This means channeling capital into climate-resilient infrastructure, sustainable agriculture, renewable energy, and social services. Blended finance and risk-sharing mechanisms will be key to mobilising private capital. Embedding sustainability and inclusion into financial decision-making is essential for Africa to make meaningful advances by 2030.