Women Fixing Uganda: How Patricia Ojangole Transformed UDB into a 10x Engine for Inclusive Growth

When Dr. Patricia Ojangole took the helm of Uganda Development Bank (UDB) in December 2012, the Bank was managing just UGX 173 billion in assets, with a modest lending portfolio and minimal national visibility. Fast forward to 2024, and UDB has grown tenfold, closing the year with UGX 1.782 trillion in total assets, a net loan book of UGX 1.532 trillion, and a record UGX 57.8 billion in profit, cementing its position as the country’s leading development finance institution.

More than just financial growth, Dr. Ojangole’s leadership has been marked by intentionality, inclusivity, and impact, turning UDB into a catalyst for Uganda’s industrialisation, SME development, job creation, and green transition.

The Numbers Tell the Story: A Decade of Sustained Growth

Under her 12-year stewardship, UDB’s loan book has expanded nearly 17 times, and its profitability surged more than 27-fold, driven by strategic investment in interest-earning assets, tight cost control, and aggressive capitalisation support from the Government of Uganda.

Building an Impact-First Institution

While financial metrics often capture the headlines, the true story of Uganda Development Bank’s transformation lies in how it deploys capital to drive real development outcomes. In 2024 alone, the Bank’s financing efforts led to the creation or sustenance of 55,553 jobs across the country. Enterprises supported by UDB generated UGX 6.05 trillion in annual output, contributed UGX 318 billion in tax revenues, and realized UGX 1.109 trillion in foreign exchange earnings—concrete evidence of the Bank’s catalytic role in Uganda’s economic engine.

But beyond economic indicators, UDB’s impact has become increasingly inclusive. In 2024, youth-owned businesses made up 51% of the Bank’s financing portfolio, a dramatic rise from just 33% the previous year. Women’s participation also deepened, with women holding 41% ownership in financed enterprises, occupying 42% of Board positions, and representing 39% of senior management across UDB-supported businesses. The Bank has further prioritized investment in underserved regions, SMEs, and climate-smart sectors, ensuring its resources reach the communities and industries most critical to Uganda’s sustainable development.

“These are not just development outcomes—they are national transformation outcomes,” Dr. Ojangole noted in the Bank’s 2024 Annual Statement. “We’re proving that a development bank can be both profitable and purpose-led.”

Strategic Investment for a Green and Inclusive Uganda

Under Dr. Ojangole’s leadership, Uganda Development Bank embraced climate-smart and inclusive financing long before it became a global imperative. By 2024, this forward-looking approach had matured into a core pillar of the Bank’s investment strategy. That year alone, UDB approved UGX 311.1 billion for climate action projects, reinforcing its commitment to supporting Uganda’s green transition. Over UGX 104 billion was channelled into start-ups, while UGX 82.9 billion was invested in small and medium-sized enterprises, enabling 173 businesses to access critical capital for growth and innovation. In collaboration with the Uganda Management Institute (UMI), UDB also incubated 72 early-stage businesses, providing them with the skills, structures, and support needed to become sustainable and bankable.

Through these efforts, UDB has established itself not merely as a financier, but as a national enabler of value-added production, green growth, and inclusive prosperity—demonstrating that climate responsibility and economic transformation can go hand in hand.

Lean and Efficient Operations

UDB continues to deliver impact through lean and efficient operations, maintaining a stable cost-to-income ratio of 31% in 2024. With return on assets rising to 3.26% and return on equity increasing to 3.89%, the Bank remains committed to generating long-term value for its stakeholders.

Recognition: Honouring Excellence in Leadership and Institutional Impact

Uganda Development Bank’s exceptional performance and commitment to impact-driven finance under the leadership of Dr. Patricia Ojangole have earned the institution widespread acclaim both locally and internationally.

In 2024, UDB was named Regional Bank of the Year – East Africa at the prestigious African Banker Awards, a recognition of its resilient, purpose-led lending, and consistent delivery on sustainability priorities despite a challenging economic environment. The Bank also earned a fourth consecutive win as Sustainability Leader of the Year at the Karlsruhe Sustainability Awards in Germany—celebrating Dr. Ojangole’s leadership in embedding environmental, social, and economic value into the Bank’s performance.

Further validating its financial soundness and governance, UDB secured a ‘AA+ (Uga)’ National Long-term Rating with a Stable Outlook from Fitch Ratings, and maintained a ‘B’ Long-Term Issuer Default Rating (IDR), in line with Uganda’s sovereign rating. The Bank also retained an ‘AA’ scorecard rating from the Association of African Development Finance Institutions (AADFI)—ranking it among the continent’s top-performing DFIs based on stringent criteria of operational efficiency and institutional integrity.

In recognition of its contributions to Uganda’s agricultural transformation, UDB was awarded by the Bank of Uganda as one of the best participating financial institutions under the Agricultural Credit Facility (ACF) and the Small Business Recovery Fund (SBRF). The Bank received accolades for: Timely and full repayment of loans due, disbursing the highest number of loans to value-adding projects, and supporting the growth of Uganda’s agricultural sector through strategic financing.

A defining moment came in May 2025, when Dr. Patricia Ojangole was appointed Chairperson of AADFI during its 51st Ordinary General Assembly in Abidjan, Côte d’Ivoire. This historic appointment makes her the first woman to hold this esteemed role in the Association’s 50-year history.

“Dr. Ojangole distinguished herself as the first vice chairperson of AADFI from 2019 to 2025, and her elevation to Chairperson marks a historic moment – she is the first woman to hold this esteemed position since the Association’s inception,” read a citation from AADFI.
“Her leadership reflects UDB’s commitment to excellence, inclusion, and transformative development across Africa.”

At the 19th African Banker Awards, held in Abidjan during the African Development Bank Annual Meetings, where Dr. Patricia Ojangole was named Banker of the Year. The award celebrates visionary leadership and institutions advancing Africa’s socio-economic transformation.

Government Confidence and Capital Support

One of the standout legacies of Patricia Ojangole’s tenure has been the deepened and sustained partnership between Uganda Development Bank and the Government of Uganda. In 2024 alone, the government injected UGX 80.7 billion in additional capital, reinforcing its confidence in the Bank’s strategic direction and impact. Over the course of her leadership, cumulative capitalisation has grown exponentially—from UGX 157 billion in 2012 to UGX 1.512 trillion by the end of 2024, reflecting a remarkable 9.6-fold increase. This unwavering support has been instrumental in enabling UDB to scale its interventions, particularly in underserved sectors and regions, and to consistently deliver on its national development mandate.

Leading into the Future and A Legacy of Impact

With a new Strategic Plan (2025–2029) now in motion, Dr. Patricia Ojangole is steering Uganda Development Bank into its next chapter with renewed ambition and clarity of purpose. The plan emphasizes a supply-driven approach to scaling investments in transformative public and private sector projects, while leveraging technology and human capital to enhance institutional efficiency and resilience. It prioritizes climate-aligned and inclusive capital deployment, ensuring that every shilling invested contributes to a more equitable and sustainable Uganda. At the same time, the Bank is strengthening its position as a thought leader on socio-economic development, using its platform and partnerships to shape Uganda’s future growth narrative.

“We are building an institution that will outlast us,” Dr. Ojangole affirms. “Our mandate is not just to lend, but to lead Uganda into a sustainable, resilient, and prosperous future.”

In many ways, the story of Uganda Development Bank over the last decade is the story of Patricia Ojangole’s leadership—visionary, data-driven, inclusive, and unwavering in purpose. From a modest asset base and limited influence, she has transformed UDB into a continental model of how a development finance institution can deliver impact, not just returns. And with every loan disbursed, job created, business incubated, and climate-smart project financed, her legacy continues to grow—not just in figures, but in lives changed.