BY PAUL TENTENA
KAMPALA, UGANDA- Stanbic Bank Uganda Limited were announced winners of the 2017 Financial Reporting Awards popularly known as the FiRe awards organized by the Institute of Certified Public Accountants of Uganda (ICPAU).
This was the sixth time this top banking institution in Uganda has scooped the award since its inception in 2011.
They only missed out on this top accolade in 2016 when they came second to Lion Assurance Company.
National Social Security Fund (NSSF) took the Silver Award while DFCU Bank was announced the bronze winner.
Protazio Begumisa the President of the Institute of Certifierd Public Accountants (ICPAU) said organizations that scored below average at their first participation in the awards demonstrated tremendous improvement in financial reporting with their subsequent participation over the years.
“The FiRe awards have impacted participants in various ways. This is evidenced in increased funding for Non-Governmental Organizations, increase in shareholder numbers for listed entities among others,” said Begumisa.
He said there were 19 new entrants in this years FiRe awards. “To us, every new entrant is celebrated for the growing usage of International Reporting Standards in our country,” he said.
Dr. Louis Kasekende the Deputy Governor Bank of Uganda warned Small and Micro Medium Enterprises against avoiding the use of Equity Financing to resort to debt financing.