ABIDJAN, Côte d’Ivoire — Dr. Patricia Ojangole, managing director of Uganda Development Bank (UDB), won the prestigious Banker of the Year award at the 19th African Banker Awards ceremony held Wednesday. She is the first Ugandan to receive this recognition.
The announcement came from the Sofitel Hotel in Abidjan during the African Development Bank Annual Meetings.
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The Banker of the Year Award honors influential and inspirational leaders in the African banking sector. It recognizes those whose leadership and vision have driven strong financial performance and guided their institutions to new heights.
The judging committee seeks individuals of outstanding integrity who have articulated a clear vision for their institutions and ensured their banks actively contribute to socio-economic empowerment and development within their communities. Recipients typically exhibit inspirational leadership, demonstrate novel best business practices, expand into new markets, and innovate new services and technologies for customer convenience and protection.
“It gives me great honor to receive this recognition. This award is a foundation for me to advance Africa’s development agenda leveraging tailored financial solutions that respond to the needs of Africans in a sustainable manner,” Ojangole said. “This is a testament of hard work, resilience, consistency and commitment to serve the region.”
For 2025, awardees were recognized for their leadership in empowering women through lending to women-led businesses and promoting women to leadership positions. They were also noted for extending credit to the real economy, particularly small and medium-sized enterprises (SMEs).
Ojangole was nominated alongside Abdulmajid Mussa Nsekela of CRDB Bank Plc; Jeremy Awori of Ecobank; Karim Awad of EFG Holding; Léon Konan Koffi of AFG Holding; Mukwandi Chibesakunda of Zanaco Inc.; and Sidi Ould Tah, president of the Arab Bank for Economic Development in Africa.
Omar Ben Yedder, chair of the Awards Committee, emphasized the critical role of the private sector and banks in transforming the continent.
“Thomas Sankara said the ones that feed you, rule you. To paraphrase him, we could easily say the ones that finance you, rule you. We need strong African-owned banks,” Yedder said. “The private sector is the key to unlocking scale, and banks are the fuel for driving Africa forward. African DFIs have won big because of the catalytic role they are playing in transforming the investment landscape as well as working more closely with the African private sector to support SMEs and other asset classes that are underfunded.”
UDB was one of only six development finance institutions in Africa to receive an award. The others included Trade and Development Bank Group (TDB Group), African Trade & Investment Development Insurance (ATIDI), Afreximbank, Africa Finance Corporation (AFC) and Bank of Industry (BOI).
On the same night, Uganda’s central bank recognized UDB among the best participating financial institutions in the Agricultural Credit Facility (ACF) and Small Business Recovery Fund (SBRF). The bank received an award for timely and full loan payments.
Additionally, UDB was recognized for disbursing the highest number of loans to projects contributing to value addition and supporting the growth and development of Uganda’s agricultural sector. In 2024, UDB won the Regional Bank of the Year for East Africa at the same African Banker Awards for its outstanding contribution to the growth and development of Africa’s banking sector.
The bank also received a Silver Award (A+ rating) from the Association of African Development Finance Institutions (AADFI) for its operational efficiency, governance systems, development impact and overall institutional sustainability.
The African Banker Awards celebrate excellence and best practices in African banking, recognizing the reforms, modernization, consolidation, integration and expansion of Africa’s financial system.
Ojangole is a professional accountant with more than 20 years of experience in banking and finance. She holds a Ph.D. and a Master of Philosophy in Development Finance (cum laude) from the University of Stellenbosch Business School, South Africa. She also holds an Executive Master of Business Administration from Eastern and Southern Africa Management Institute (ESAMI), Arusha, Tanzania, and a Bachelor of Commerce (Hons) Degree from Makerere University, Uganda. She has completed several leadership and management programs.
Ojangole is a Fellow of the Association of Certified Chartered Accountants (UK) and a member of the Certified Public Accountants of Uganda (ICPAU) and The Institute of Internal Auditors Uganda (IIA). She serves on the boards of Uganda Development Bank Ltd., Uganda Banker’s Association, Trademark Africa, Liberty Life Assurance (U) Ltd., Uganda, and is a Council member at Busitema University Ltd.
She has been instrumental in transforming Uganda Development Bank into a modern and efficient institution that plays a catalytic role in the government’s agenda of private sector development and job creation. Under her leadership, UDB’s balance sheet has grown tenfold, from UGX 109 billion in 2013 to UGX 1.78 trillion in 2024.
