FiRe Awards 2025 Launched: Promoting Transparency in Business Reporting
Financial institutions urge businesses to embrace accountability to unlock growth capital
By Naome Namusoke/KMA Updates
KAMPALA, Uganda – The Institute of Certified Public Accountants of Uganda (ICPAU) has officially launched the 14th edition of the Financial Reporting (FiRe) Awards 2025, calling on Ugandan businesses to prioritize transparency, sustainability, and proper financial reporting as a gateway to attracting funding and capital.
The awards, which were first introduced in 2011, are aimed at encouraging both private and public sector entities to embrace best practices in financial reporting, corporate governance, and sustainability disclosure.
Access to affordable capital continues to be one of the biggest barriers to business growth in Uganda. Financial institutions, including the Capital Markets Authority (CMA) and Uganda Securities Exchange (USE), have raised concerns about the persistent failure by businesses to access financing due to lack of transparency, poor financial records, and informal business operations.
“Many family-owned and small businesses remain informal and are not properly registered or documented, yet they make up nearly 70% of Uganda’s GDP,” Lyn Tukei from CMA stated
Without clear financial records, institutions find it difficult to assess the creditworthiness of businesses, pushing many entrepreneurs to rely on expensive, short-term, or informal sources of capital.
To address these financing challenges, the Capital Markets Authority (CMA) and Uganda Securities Exchange (USE) have introduced several innovations, including:Green bonds, Shariah-compliant bonds, Local government infrastructure bonds, The USE Commodity Exchange And The USE Academy. These initiatives are designed to not only diversify capital sources but also build the capacity of businesses to understand and leverage formal financing tools Lynn Tukei, Public Relations Officer at CMA, emphasized:
“We need to help businesses see the value in formalization and financial transparency. These are key to accessing long-term and affordable capital”
John Were, Senior Relations Officer at USE, added:
“Through platforms like the Commodity Exchange and USE Academy, we are working to empower businesses with the knowledge and systems required to participate meaningfully in capital markets.”
This year’s FiRe Awards 2025 will focus on “Sustainability Practice and Reporting in Uncertain Global Times”, a theme that reflects the growing demand for environmental, social, and governance (ESG) compliance in today’s investment climate.
“Companies must now go beyond basic financial reporting and show how they are contributing to sustainability. This builds credibility with both local and international funders.” Charles Lutimba, Director of Standards at ICPAU, noted:
“This is about demonstrating resilience, responsibility, and readiness to attract capital in a globally competitive environment.” Stephen Ineget, Chairperson of the FiRe Awards Committee, added:
Organizations that participated in the previous editions of the FiRe Awards have reported notable improvements in their operations and public engagement.
Peter Ssenyange, Chief Finance Officer at Post Bank, has indicated that, “The feedback we received helped us improve how we communicate our financial position and performance to stakeholders.”
“The awards pushed us to align our financial reporting with global standards. That visibility has had a positive impact on our partnerships.” Emmanuel Ahurira from the Infectious Diseases Institute (IDI) added:
Registration for this year’s FiRe Awards runs from 1st June to 30th September 2025. Companies, government bodies, NGOs, and other institutions are encouraged to submit their entries and showcase how they are embracing transparency, governance, and sustainability in their operations.
As Uganda continues to pursue economic resilience and sustainable growth, transparency in financial reporting is not just good practice it’s a strategic advantage that unlocks the doors to capital, investor confidence, and long-term success.