MTN Uganda Limited emerged as the overall winner, taking home the gold award at the 2025 Financial Reporting (FiRe) awards. The company beat 119 organisations to attain the coveted award which has traditionally rotated between the National Social Security Fund (NSSF) and Stanbic Uganda Holdings Limited.
Among other factors, the Financial Reporting Awards Committee observed that the MTN Uganda report provided a high level of integration, with a clear explanation of the entity’s value creation and strategy.
The evaluators were further impressed by the commitment and steps taken by MTN Uganda towards the enhancement of sustainability reporting.
“The report demonstrated an enduring commitment to laying the groundwork for more robust and impactful sustainability communication in future disclosures,” said CPA Stephen Ineget, the chairperson of the FiRe Awards Committee.
In second position, scooping silver was the National Social Security Fund, while Stanbic Uganda Holdings Limited came third, winning bronze.
According to the FiRe Awards Committee, the National Social Security Fund report articulated the measures undertaken by the company to integrate sustainability into its core business strategy, while the Stanbic Uganda Holdings Limited report demonstrated a distinctive grasp of the material issues most critical to its stakeholders which reflects thoughtful issue prioritisation and reinforces the entity’s strategic focus on sustainability as a driver of enduring performance.
Ineget highlighted the growing prominence of the FiRe awards, noting that they have become a key platform for promoting Environmental Social and Governance (ESG) adoption among Ugandan entities.
“The FiRe Awards have become an important vehicle for promoting sustainable corporate practices. However, meaningful participation requires resources, especially for small and medium entities. We therefore invite partners and sponsors to support this noble cause and help us continue evaluating and rewarding excellence,” Ineget said.
The Chief Guest, Professor Aaron Mushengyezi, the Vice Chancellor of Uganda Christian University emphasised the need for organisations to remain consistent in their vision and mission, embrace efficiency, and continuously review systems for relevance and effectiveness.
“We must build institutions that are resilient and adaptable to changing times. Invest in your people, improve internal systems, and ensure that bureaucracy serves efficiency rather than hindering it. Sustainability begins with self-reliance and strategic investment in human capital,” Professor Mushengyezi advised.
Delivering remarks on behalf of the Capital Markets Authority, Mr Denis Kizito, Director of Market Supervision – Compliance, underscored the importance of credible reporting in fostering investor confidence and sustainable market growth.
“Financial reporting is the foundation upon which confidence in our capital markets is built. For listed entities, accurate and transparent reporting is not merely a regulatory requirement, it is a reflection of accountability and a key driver of investor trust,” he said.
He further noted that quality reporting enables better investment decisions and lowers the cost of capital. This year’s theme emphasised the evolution of corporate reporting beyond financial figures to include Environmental, Social, and Governance (ESG) considerations.
“Sustainability integrates three interconnected pillars; the environmental, which emphasises responsible resource use; the social, which promotes inclusiveness and community development; and governance, which ensures accountability and ethics. At CMA, we continue to integrate ESG principles into our regulatory frameworks, in line with Uganda’s National Development Plan IV,” Kizito added.
In his remarks, Mr Paul Bwiso, Chief Executive Officer, Uganda Securities Exchange, hailed the FiRe Awards as a catalyst for responsible corporate leadership.
“Over the years, we have witnessed a profound shift, organisations are moving from just reporting numbers to reporting impact. A good business is not only about profit but also about its contribution to people and the planet,” Bwiso stated.
He cited global statistics showing that 96% of the world’s largest companies now publish sustainability reports, illustrating the growing importance of ESG accountability.
Bwiso announced that USE has developed Sustainability Guidance for Listed Companies to help issuers integrate ESG considerations into their operations, aligning Uganda’s capital market with international standards. He also noted ongoing collaboration with ICPAU to prepare for the adoption of IFRS Sustainability Disclosure Standards.
“Sustainability reporting is not just about compliance; it is a strategy for survival, growth, and trust,” Bwiso noted.
The FiRe Awards were introduced in 2011 to enhance the quality of financial and business reporting in Uganda by encouraging the implementation of International Financial Reporting Standards, following the adoption of the for use in Uganda and the need to monitor compliance. Now in its 15th edition, the FiRe Awards continue to play a pivotal role in strengthening corporate reporting practices in Uganda.
Through this initiative, ICPAU and its partners reaffirm their commitment to promoting transparency, accountability, and sustainability as essential pillars for national socio-economic transformation.
To streamline the sustainability reporting landscape, ICPAU has adopted IFRS Sustainability Disclosure Standards to be applied in Uganda. The standards provide a comprehensive global baseline of disclosure standards to facilitate consistent and comparable disclosures on risks and opportunities related to sustainability and climate, referred to as IFRS S1 and IFRS S2, respectively, and they address longstanding reporting challenges, enabling users of financial reports to better understand performance and comply with global reporting requirements.
An implementation roadmap has been released which encourages early adoption beginning January 2026, with mandatory adoption set to commence in 2028. ICPAU is engaging with various stakeholders and regulators to increase awareness and sensitise the public on application.
The FiRe Awards are organised by ICPAU, in partnership with the Capital Markets Authority, the Uganda Securities Exchange and Vision Group.
The event partners included the Office of the Auditor General, Centenary Bank, Uganda Insurance Association, Ronalds Partners and Law Development Centre.
The 2025 FiRe Awards ceremony was held at Hotel Africana, on 5 November 2025. The edition was organised under the theme, Sustainability Practices and Reporting in Uncertain Global Times.
Other top performers of the night included the following:
Special Awards:
- Corporate Governance Reporting Award – National Social Security Fund
- Sustainability Reporting Award – MTN Uganda Limited
- Presentation and Communication Award – Bank of Baroda (U) Limited
- Most Improved Report Award – Amref Health Africa in Uganda
- Best Listed Entity Award – Stanbic Uganda Holdings Limited
Financial Reporting Awards:
- Banking Services - Domestic Systemically Important Banks: Stanbic Uganda Holdings Ltd
- Banking Services - General Banking: PostBank Uganda Limited
- Microfinance Deposit-Taking Institutions: Winner – FINCA Uganda Limited
- Insurance Companies (Category A): Winner – UAP Old Mutual Insurance (U) Limited
- Parastatals/GBEs: Winner – National Social Security Fund
- Consumer & Industrial Products (Category A): Winner – MTN Uganda Limited
- Non-Profit Organisations: Winner – Infectious Diseases Institute
- Regulatory Bodies: Winner – Bank of Uganda
- SACCOs: Winner – Steadfin Uganda SACCO
END
