UDBL’s Credit Director, Samuel Edem-Maitum (L) receives a Certificate of Recognition from CPA Rehema Nakirembe (R) during the 29th CPA Seminar at Imperial Resort Beach Hotel in Entebbe.
Uganda Development Bank Limited (UDBL) has expressed its willingness to partner with the Institute of Certified Public Accountants of Uganda (ICPAU) in creating a robust ecosystem that supports sustainable economic growth, enhances financial transparency, and builds public trust.
The pledge was among what formed discussion during the recently concluded CPA Annual Seminar held at Imperial Resort Beach Hotel in Entebbe. The week-long seminar which brought together close 2000 accounting professionals was themed on driving sustainability and trust.
Addressing the seminar, UDBL’s Credit Director, Samuel Edem-Maitum, made a case for how ICPAU and UDBL can work to drive sustainability and trust.
He highlighted the importance of CPAs providing assurance of financial reports as these form critical basis for Credit Assessments and Decision make for Lending.
Another area would be in provision of Advisory Services to clients on Financial and Debt Management – Preparation of Business Plans and Projections which integrate sustainability concerns. In addition to developing appropriate localized Sustainability Reporting Standards (ESG) and encouraging entities to adopt them in line with international best practices but considerate of National Development aspirations.
UDBL is a recipient of international recognition for the Bank’s strong financial and sustainability strengths. The Bank is rated by Fitch, EOSD/SSCI Council and GCR. In July 2022, the Bank commenced the recertification process under the more rigorous version 2 of the Sustainability Standards and Certification Initiative (SSCI) following its initial certification in July 2020 in which the Bank was awarded the SSCI Level 5 Certification. Since then, the Bank has enjoyed numerous benefits that have positioned it for sustained success in meeting the needs of all its stakeholders.
In the same year, the Bank and its Managing Director, Ms. Patricia Ojangole, were named Sustainability Leader of the Year 2022 at the Karlsruhe Sustainability Awards Ceremony that was held during the Global Sustainable Finance Conference which took place in Germany.
This made UDBL the first sustainability rated Bank on the continent & one of the first five globally consistently rated an A+ institution by the Association of African Development Financial Institutions (AADFI) as a Best Performing development finance institution. The Bank was awarded Regional Bank of the Year – East Africa, at the 2024 Africa Bankers’ Awards.
At the CPA seminar which brought together accountants and other professionals from the different sectors of the economy, emphasis was placed on how critical it is for organizations and companies to adopt financial reporting standards.
Dr. Ndidi Nnoli-Edozien, a board member of the International Sustainability Standards Board (ISSB), who delivered the keynote address at the opening ceremony lauded the progress Africa has made on the standards compliance front, said ISSB standards are necessary in enhancing investor-company dialogue on sustainability-related disclosures that are both comprehensive and reassuring.
“As of 2024, there are 20 key jurisdictions that have embraced ISSB Standards in their legal or regulatory frameworks. Together, these jurisdictions account for 55 percent of the global Gross Domestic Product (GDP), 40 percent of global market capitalization and over 50 percent of global greenhouse gas emissions,” Dr. Ndidi said.
She said ISSB is working with the Africa Development Bank (AfDB) to help and direct public and private finance to where it is needed most on the African continent.
“What we at ISSB are doing is developing standards and supporting you on this journey so that these standards are not just interoperable with the other standards but also ensuring that we are able to provide the necessary capacity-building support over time to ensure that adoption, whether mandatorily or voluntarily, is proportionate, cost-effective and useful in terms of providing useful information that is required by investors to unlock capital flows,” she further told the seminar.
The CPA seminar has become a coveted platform for accounts and other financial professionals to discuss and share thoughts on issues pertaining to the accounting profession, personal development and available networking opportunities. The event brings together a collection of distinguished speakers with diverse experiences and backgrounds to share their views on topical issues relating to the accountancy profession, personal being and prosperity.