On Friday, March 13 2026, I&M Bank Uganda hosted financial markets stakeholders for a fire-side discussion under the theme ‘Shaping Uganda’s Financial Markets in the Oil Era,’ at the Kampala Serena Hotel.
The session brought together various players and regulators, with the sector positioning itself to support the opportunities that will arise as Uganda remains on track to achieve its first oil production this year, marking a major milestone for the country’s oil sector after nearly two decades of exploration.
Moderated by I&M Bank’s Head of Treasury- Nadia Mindra, the conversation featured Gilbert Kamuntu- Chief Commercial Officer at the Uganda National Oil Company (UNOC), who gave insights on how the East African Crude Oil Pipeline is expected to unlock value for businesses and communities, as well as how financial institutions can support investments across the value chain.
Kamuntu also outlined UNOC’s preparations for Uganda’s first oil, the progress made so far, the expected revenues from the sector, and the important role financial markets will play in supporting the growth and sustainability of Uganda’s oil industry.
“We are working around the clock to ensure that by Q3 or Q4 this year, we will have commissioned the facilities in the oil fields- an important step toward Uganda’s first oil. Uganda’s crude oil is of high quality, with low Sulfur content, and ranging from medium to heavy, with an API gravity between 17° and 33°, which positions us well in regional and global markets,” he said.
“As production readiness progresses, we are also coordinating with financial institutions and markets to ensure that the sector’s growth is supported by strong funding, investment frameworks, and risk-sharing mechanisms,” he added.
Sighting unrest in the Middle East, he noted that the company is fully aware of the geopolitical pressures affecting global energy markets. “While no one can predict exactly how these events will unfold, we are closely monitoring developments and adjusting our risk management strategies. We are confident in the strength and resilience of our supply chain.”
Rui Correia- the CEO ACI-Financial Markets Association, who was in the country for the first time, shared insights on the role of strong financial markets in supporting economic transformation.
“The transition into an oil-producing economy will require deeper and more resilient financial markets. Institutions must strengthen liquidity, transparency, and risk management, to support the scale of investment that the energy sector demands,” said Correia.
He further emphasised education, ethical standards, and collaboration, as key pillars for resilient markets as Uganda enters a new era of growth.
The session that featured Q&A sessions, also had the audience explore how Uganda’s evolving oil sector can unlock new opportunities for businesses and strengthen the country’s financial ecosystem.
As a key stakeholder in Uganda’s financial markets, I&M Bank provides clients with foreign exchange and fixed-income solutions, offering cash and hedging services in FX and facilitating structured investment opportunities through its fixed-income products.
“As Uganda enters the oil era, we want to make sure our clients have the right tools and support to take advantage of the opportunities ahead. This means providing practical solutions, guiding them through risks, and helping them make informed decisions that can drive growth for their businesses,” said Annette Nakiya, I&M Bank Head of Marketing and Corporate Communications.
Uganda’s oil and financial markets are interconnected, with the emerging oil sector influencing demand for investment and financial services, while the financial markets can play a role in supporting oil-related projects and future economic activity.
