UDB’s Dr. Patricia Ojangole appointed chairperson of Africa’s Development Finance Association

May 29, 2025 in Companies, Finance by Editor

Uganda Development Bank (UDB) Managing Director, Dr. Patricia Ojangole, has been appointed Chairperson of the Association of African Development Finance Institutions (AADFI), becoming the first woman to lead the continental body since its founding 50 years ago.

Her appointment was confirmed during the AADFI’s 51st Ordinary General Assembly held in Abidjan, Côte d’Ivoire this week, marking a significant milestone in the regional financial landscape. Dr. Ojangole, who previously served as the Association’s First Vice Chairperson from 2019 to 2025, now takes the helm of an organisation representing over 90 national and multilateral development finance institutions across the continent.

“This is not only a personal honour but also a strong signal of trust in Uganda’s leadership and the transformation journey of UDB,” said Dr. Ojangole during her acceptance speech. “Our shared goal must be to build prosperous African economies through strong and innovative development finance institutions.”

She succeeds Mr. Thabo P. Thamane, the CEO of Botswana’s Citizen Entrepreneurial Development Agency (CEDA), who had led the association since 2019.

In her remarks, Ojangole set an agenda that challenged member institutions to ask hard questions about their impact on the ground.

“Are we creating jobs at the scale needed to match our growing populations? Are we industrialising, boosting exports, and building local value chains?” she posed. “We must not shy away from big challenges or stay confined to traditional ways of running DFIs. It’s time to push boundaries.”

Ojangole also laid out her vision to foster economic transformation by strengthening national development banks to drive inclusive, sustainable growth across Africa.

Founded in 1975 under the auspices of the African Development Bank, AADFI plays a central role in advancing cooperation among development finance institutions and promoting sustainable economic development. It is also a founding member of the World Federation of Development Financing Institutions and holds Observer Status at the World Bank.

The Association’s Board is composed of senior representatives from across Africa’s five subregions and oversees strategy and governance of the network’s initiatives.

With more than two decades in finance and banking under the belt, Ojangole has been at the forefront of UDB’s transformation. Under her leadership, the Bank’s balance sheet has expanded tenfold—from UGX 109 billion in 2013 to UGX 1.78 trillion in 2024—solidifying UDB’s position as a key player in Uganda’s development financing ecosystem.

She holds a PhD and MPhil in Development Finance from Stellenbosch University, South Africa, and an Executive MBA from ESAMI. She is a Fellow of the UK-based Association of Chartered Certified Accountants and a member of several professional bodies in Uganda.

Beyond her executive role at UDB, Dr. Ojangole serves on various boards, including Liberty Life Assurance Uganda, Trademark Africa, and the Uganda Bankers Association. She is also a council member of Busitema University.

State-owned UDB is Uganda’s national development finance institution, tasked with accelerating socio-economic development through targeted financial and non-financial support to the private sector. The Bank’s operations are aligned with Uganda’s National Development Plan IV, focusing on agriculture, industry, tourism, ICT, and financial services.