ICPAU returns with 2025 FiRe awards to ignite transparency and accountability in Uganda

The Institute of Certified Public Accountants of Uganda (ICPAU) officially launched the 2025 Financial Reporting (FiRe) Awards today at a press conference held at the Millennium Terrace Hotel in Kampala.

The prestigious awards aim to assess, support, and elevate financial reporting practices across all sectors of Uganda’s economy, from public and private companies to non-profit organizations.

CPA Stephen Ineget, Chairperson of the FiRe Awards Committee, emphasized the awards’ transformative vision: “The FiRe Awards were created to promote accountability, not just to reward reports, but to inspire a culture of integrity and governance across Uganda. Every entity that participates benefits, whether through recognition or expert feedback.”

He cited PostBank and DFCU as examples of organizations that have significantly enhanced their credibility through embracing the principles of the FiRe Awards.

The Director Standards and Regulation at ICPAU, CPA Charles Lutimba, further highlighted the importance of transparent and forward-looking annual reporting. He stressed the need for businesses to balance profitability, competitiveness, and community concerns, and to effectively communicate this balance to their stakeholders.

The launch event also underscored the collaborative efforts between ICPAU and other key stakeholders in Uganda’s financial ecosystem. Lyn Tukei, PR & Communications Manager at the Capital Markets Authority (CMA), reinforced this sentiment. “FiRe Awards and CMA programs like the Deal Flow Facility are here to help businesses become investment-ready. We’re not just regulators—we’re enablers,” she affirmed.

Tukei addressed the prevalence of family-owned and informal businesses in Uganda, explaining that formalization, facilitated by participation in initiatives like the FiRe Awards, is crucial for accessing capital and building credibility.

“Formalisation isn’t about losing control but about unlocking capital and credibility. At the Capital Markets Authority, we believe the FiRe Awards are not just about recognition, they’re about building confidence in Uganda’s financial ecosystem.”

John Were of the Uganda Securities Exchange (USE) echoed Tukei’s point, encouraging businesses to consider the benefits of opening up for investment. “Owning 100% of a small business is less powerful than owning 20% of a thriving one.”

He highlighted the USE’s Specialised Market (USE Edaala) as a platform to help businesses grow without relinquishing full control. “USE is here to hand-hold you—through the USE Academy, USE Commodities Exchange, or USE Edaala.” He stressed that the free participation in the FiRe Awards removes any excuse for non-participation.

“At the USE, we see the FiRe Awards as more than recognition, they’re a gateway to readiness,” Were explained. “The Awards help entities build the discipline of transparency, which is essential for raising capital in today’s market.”

Vision Group’s CPA Margaret Saano emphasized the broader societal benefits of the FiRe Awards. “The public deserves to know how entities perform financially and beyond. Informed reporting builds informed investment.”

She urged all organizations to participate, emphasizing the need to bridge the information gap between entities and the public. “Entities must feed the media with accurate reporting, so the public can make sound decisions and investors can see who stands for transparency and accountability.”

Saano also highlighted the importance of non-financial performance. “FiRe Awards go beyond financials. Non-financial performance matters, values, impact, and sustainability. That’s what today’s investor is watching for.”

Peter Ssenyange, Chief Finance Officer of PostBank, offered a powerful testimonial on the transformative impact of the FiRe Awards. He emphasized that the awards helped PostBank use their reporting as a voice to communicate its values and impact to Ugandans.

“Sustainability can’t be imported. It must be defined by context, culture, and purpose. At PostBank, we tell a Ugandan story, about people, governance, and prosperity. FiRe helped us shape it through integrated reporting.”

Ssenyange concluded by highlighting the forward-looking nature of their reporting. “Our reports no longer speak in hindsight—they project the future. You should be able to read our annual report today and understand where we’ll be 10 years from now. That’s the power of integrated storytelling.”

Submissions for the 2025 FiRe Awards are now open until September 30, 2025. Organizations are encouraged to submit their annual reports online at: https://pulse.ly/nmkripl68z or deliver 3 printed copies to ICPAU Offices, Bukoto.

This is a crucial opportunity for Ugandan businesses to demonstrate their commitment to transparency, accountability, and sustainable growth, ultimately contributing to a stronger and more resilient financial ecosystem in Uganda.