About us

Management Team

Left to right:

  • Milly Kasozi – Director Human Resource and Administration
  • Daniel Kagwa - DirectorFinance
  • Patricia Ojangole – Chief ExecutivOfficer (CEO)
  • AndreMuluubya- Director Management Information Systems
  • DorothOchola – Bank Secretary
  • Patrick Oketa – Director Development Finance
  • Daphne Twinomucunguzi – Acting ChiefInternal Audit


Uganda Development Bank Ltd is the country’s only Development Finance Institution (DFI) established in 1972. The 
Bank has recently re-positioned itself as a partner to the Government of Uganda in delivering the theme of its National Development Plan (NDP): Growth, Employment and Socio- Economic transformation for prosperity, together with Vision Uganda 2040A transformed Ugandan society from a peasant to a modern and prosperous country within 30 years.

In order to deliver this aspiration, the Bank has refocused its operations and will only play in the key growth sectors as identified in the NDP and will source funding to finance socio-economic transformation activities at attractive terms. The Bank shall therefore work to develop a niche market for long term development finance. 

Loan Application |Loan Appraisal Criteria 

Corporate Governance

Uganda Development Bank Limited is cognizant of the fact that the legal and regulatory environment governing the financial sector in Uganda is rapidly evolving against the backdrop of the ever-changing trends in the global financial environment.

As such, UDBL recognizes the need to ensure that its processes, practices and systems conform with and adhere to applicable corporate governance standards and best practice.

Governance Framework

As a Bank wholly owned by the Government of Uganda under the Public Enterprises Reform and Divestiture Act, Cap.98, Laws of Uganda, the Bank is a public enterprise incorporated as a limited liability company under the Companies’ Act.

The Board has chosen to embrace as a benchmark the Association of African Development Finance Institutions (AADFI) prudential standards and guidelines to improve the efficiency and effectiveness of the Bank’s corporate governance structures.

Board of Directors

The Board is appointed by the Shareholders; the Minister of Finance, Planning and Economic Development and the Minister of State for Privatisation in the Ministry of Finance, Planning and Economic Development. The Board is accountable to the Minister, for ensuring compliance with the Public Enterprises Reform and Divestiture Act (Cap 98). Day to day operations of the Bank are performed by the Management team led by the Chief Executive Officer. The Board meets quarterly and adhoc meetings are held when required. Details of the Board and Board Committee meetings held in the year under review and attendance of those meetings are set out in table A below.

The Board fulfills key functions including reviewing, guiding and approving Bank strategy and has most recently approved for implementation a revamped Strategic Plan (2013-2017).

The Board of Directors have vast experience in financial consulting, strategic planning, auditing, project management, administrative and people management, legal and company secretarial affairs and management both in the public and private sectors and in development finance.

The Bank Secretary who is appointed by the Board is responsible for the proper administration of the Board proceedings, the provision of administrative and secretarial services as well as legal advice to the Board.

The Bank ensures that the Board receives continuous professional development on issues pertinent to the effective execution of their strategic oversight and governance role and in development finance.

The Board is in advanced stages of developing evaluation tools for the Board and its Sub-Committees, the Chairman, CEO, Company Secretary and the Internal Auditor.

Remuneration of the Board

The members of the Board are entitled to remuneration and allowances as determined by the Shareholders.

The Audit & Risk Committee

The critical role of internal audit makes it imperative to have an independent Audit Committee. In terms of its functions, the Audit Committee plays a critical role in the corporate governance structure by overseeing internal controls, accountability, reporting structures. The Audit Committee in addition is responsible for overseeing the Risk Management in the Bank.

The Credit & Risk Committee

The Credit Committee provides oversight of senior management activities in credit appraisal, credit risk management and credit governance and approves credit exposures that are over and above Management levels.

The Board Planning and General Purpose Committee.

The role of this Committee is to provide strategic oversight on human resource, administrative and other general matters of the Company.