Following the approval of its new structure, the Bank of Uganda has made changes in its management structure as well as key changes in its top management.

In the changes, David Kalyango, who has been the Executive Director of Finance, has been appointed as the new Head of Bank Supervision, replacing Dr. Twinemanzi Tumubwine.

The influential Supervision Directorate has under it, the Commercial Banking, Non-Banking Financial Institutions and Financial Stability Departments.

Twinemanzi, who joined the Bank in 2018, replacing the disgraced Justine Bagyenda has now been transferred to serve as Executive Director, National Payments Systems.

“Following the Board approval of the new Organization Structure on 07 May 2024, and in consideration of the skills, qualifications, competencies and experience, this is to inform you that with effect from 06 August 2024, Heads of Directorate and Department at the rank of Executive Director and Director respectively have been deployed,” reads an August 5th 2024, staff memo by Dr. Michael Atingi-Ego.

According to the memo, Mackay Aomu, who previously served as Director in Charge of National Payments Systems has been moved to head the supervision arm of non-bank financial institutions.

Dr Jacob Opolot, previously the Executive Director and Economic Advisor to the Governor, is now the Head of Operations.

The position of Executive Director and Economic Advisor to the Governor, for now, remains vacant.

Phillip Wabulya, who has been the Executive Director Petroleum Investment Fund and Chairman Contracts Committee, has been moved to head the Risk and Strategy function.  Some positions however remain vacant and the Deputy Governor in his memo, said the “vacant positions will be filled competitively at an appropriate time.”

The announcement of the changes settles a long period of waiting following what was reported to be internal resistance to the restructuring, over various reasons. Following the internal squabbles, BoU initially put the plans on hold to allow the Board of Directors to review and address some key issues raised by the staff.

To the various concerns, management put in place mechanisms to formally receive and consider both structural and individual issues, reviewing them on their merits and making appropriate recommendations. This process ended in December 2023, paving the way for the board to review and approve the new structure in May 2024.  

The Central Bank has always defended the new structure, saying it was being implemented following a review by a consultant, KMPG and that it had even been suggested by the deceased governor. 

Who is David Kalyango, the new Head of Supervision?

David L. Kalyango has hitherto to the new appointment been the  Chief Internal Auditor since March 2018.

Before that, between July 2012 and February 2018, he served in the role of Executive Director Finance,  overseeing the Accounts and National Payments System Departments.

He was also in charge of the Agricultural Credit Facility at the Central Bank. Before he was appointed Executive Director of Finance, he held the portfolio of Chief Accountant. 

David has experience of over thirty (30) years with the Bank of Uganda. He joined the Bank in 1992 as a banker examiner and rose through the ranks to become Senior Principal Banking Officer. He was a key person in the development of the Regulation and Supervision framework for Microfinance Deposit Taking Institutions.

He holds a Master’s degree in Economic Studies from the University of Queensland, Australia.

He was awarded a two-year Merit Scholarship by the Australian Development Corporation (Australian Government) to pursue a Master’s Degree in Economics at the University of Queensland, Brisbane, Australia from 1995 to 1996. 

He also holds a Bachelor of Statistics (First Class) Degree and served as a Teaching Assistant/Assistant Lecturer Institute of Statistics and Applied Economics, Makerere University until 1995.