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As CFO, Byarugaba leads the Bank of Uganda’s financial operations, managing everything from budgeting and compliance with international financial reporting standards to supervising critical government projects. These include the Agricultural Credit Facility for farmers and the Small Business Recovery Fund, which supports businesses impacted by the COVID-19 pandemic. Until recently, he also spearheaded the bank’s payment systems, licensing fintech operators and ensuring the seamless operation of systems like real-time gross settlements and the East African Payment System.
In his extensive role, Byarugaba ensures that every shilling spent by the central bank aligns with policy, integrity, and professionalism. His steady hand at the helm has been instrumental in maintaining public trust in Uganda’s financial system. But how has he thrived in a high-pressure, ever-evolving environment for over three decades?
In a candid interview with CEO East Africa Magazine’s Muhereza Kyamutetera for the #CFOPlaybook series— a production of the magazine aimed at enhancing finance leadership in the finance profession—Byarugaba revealed his “10 secrets” to career longevity and leadership, offering valuable lessons for professionals in the financial sector and beyond.
1. Start with a Strong Foundation
Byarugaba’s journey to success began with a solid academic and professional foundation. After graduating with a Bachelor of Commerce degree in 1991, he quickly realised the value of advanced qualifications in building a competitive edge in the workplace.
In 2000, he earned his ACCA (Association of Chartered Certified Accountants) qualification, a rare achievement in Uganda at the time. “ACCA made me what I am. Without it, I wouldn’t be CFO. It set me apart from others,” he said. The qualification opened doors for him, allowing him to compete for higher positions at BoU.
However, Byarugaba warns against relying solely on qualifications. “It’s not just about the paper. Can that paper produce results?” he emphasizes. For him, the ACCA was just the beginning of a lifelong commitment to learning and self-improvement, which ensured he was always prepared for new challenges.
2. Embrace Stability and Long-Term Thinking
For many professionals, a 32-year tenure at one organisation might seem unimaginable, but for Byarugaba, it was a natural fit. “The Bank of Uganda is very stable, with predictable systems. That suits my personality,” he shared.
Staying at BoU didn’t mean settling into a monotonous routine. Over the years, Byarugaba worked in eight different departments, including financial markets, internal auditing, and payment systems. Each move brought new challenges and opportunities to grow.
“I’ve not done one thing only. Moving between departments was like changing jobs within the same organisation,” he explained. His ability to embrace change and adapt to new roles kept him engaged and motivated throughout his career.
3. Patience Is Key
Patience is a virtue that has guided Byarugaba’s career, allowing him to grow steadily and avoid the pitfalls of rushing toward quick wins. “Some people want a lot of money yesterday,” he observed.
Instead, Byarugaba focused on earning each stage of his career and building a reputation for reliability and professionalism. “Being patient and professional allows your work to speak for itself,” he noted. This mindset has not only helped him advance but also ensured he was always prepared for the next challenge.
4. Uphold Integrity Above All Else
Integrity has been a cornerstone of Byarugaba’s career, particularly in his role as CFO. Maintaining high ethical standards is non-negotiable at the Bank of Uganda, where public trust is paramount.
“As a central banker, your behaviour must be beyond reproach. There’s zero tolerance for financial embarrassment,” he said. Financial embarrassment, he explained, includes behaviours like failing to repay debts or engaging in unethical financial practices. Such actions not only harm the individual but also tarnish the central bank’s reputation.
“You have to do the right thing, even when no one is watching,” he added. By consistently demonstrating integrity, Byarugaba has built a reputation as a trusted leader, earning the confidence of his colleagues and superiors.
5. Adapt to a Changing Workforce
Over the past three decades, Byarugaba has witnessed significant changes in the workplace, particularly as new generations of employees have entered the workforce. Today, he manages a team that includes Gen Z employees with different work styles and expectations from those of their predecessors.
“Gen Z employees want to work from home, use gadgets, and avoid physical documents,” he observed. While their preferences may differ, Byarugaba believes in bridging the gap through mutual respect and adaptability.
“As a leader, you need to connect with your team and motivate them. At the same time, they must learn the behaviour expected of central bankers,” he said. He emphasises the importance of balancing modern work styles with the professionalism required in a central bank setting.
6. Lead by Example
Byarugaba believes that leadership starts with setting a clear example for others to follow. “Your team should know what you stand for. There are things they won’t bring to my office because they know I won’t entertain them,” he said.
This clarity extends to fostering an open and inclusive environment where employees feel comfortable sharing ideas. “You can’t discourage innovation or suppress ideas. How will the organisation grow?” he asked.
His leadership style is characterised by a balance of firmness and approachability. This balance ensures that his team remains motivated while maintaining high standards.
7. Embrace Technology and Innovation
Since Byarugaba began his career, the financial sector has undergone a dramatic transformation. From the rise of mobile money to the challenges of regulating cryptocurrency, today’s financial leaders must navigate a complex and rapidly changing landscape.
“When mobile money first came to Uganda, we weren’t ready. The market was ahead of us,” he admitted. To address such challenges, BoU introduced a regulatory sandbox—a controlled environment where fintech innovations can be tested before they are fully implemented.
“Innovation will always be ahead of regulation, but trying to stifle it is not the solution. Understand it, study the risks, and integrate it into the regulatory framework,” he advised.
8. Stay Calm Under Pressure
As CFO, Byarugaba has faced numerous challenges that required him to remain calm and focused. One of his key strategies is to take a step back and reflect before reacting. “Sometimes, you just need to sleep over an issue, calm down, and address it the next day,” he said.
This approach has helped him navigate difficult conversations and deliver hard decisions with clarity and composure. “You must control your emotions as a leader. If you’re angry in the office, you’ll carry that anger home. By the time you reach your family, it should be gone,” he added.
9. Prioritize Collaboration and Learning
Byarugaba’s extensive career has taught him the importance of collaboration, both within organizations and across the financial sector. He cited recent instances where banks collaborated to address cybersecurity threats, preventing further attacks.
“Collaboration is key to protecting the financial system. If one institution is attacked, others must be informed to prevent the same thing from happening again,” he said.
Internally, he encourages teamwork and continuous learning, particularly for younger employees. “When you join the central bank, you start afresh. What we look for in new recruits is someone who is trainable and eager to learn,” he explained.
10. Recognition Fuels Motivation
In 2022, Byarugaba was honoured with the Public Sector Award at the CFO Awards, an achievement he describes as deeply fulfilling. “It lifted my morale and motivated me to keep going. Even the bank acknowledged it as an achievement,” he said.
For Byarugaba, the award was not just a personal milestone but also a testament to the importance of recognising excellence in the finance profession. “These awards motivate us to do better and highlight the value of professionalism and integrity,” he said.
Looking Ahead: A Legacy of Integrity and Excellence
As Byarugaba reflects on his 32-year journey at the Bank of Uganda, he remains committed to leaving a lasting legacy. His focus now is on grooming the next generation of leaders, ensuring they understand the values and professionalism required to succeed in central banking.
“We have to teach young professionals what it means to work at the central bank—the behaviour, the professionalism, the integrity,” he emphasised.
His advice for those who aspire to follow in his footsteps is clear: “Be professional, act with integrity, and stay patient. Let people know what you stand for, and always strive to do the right thing.”
Richard Byarugaba’s story powerfully reminds us that success is not about quick wins or shortcuts. It is about building a career rooted in trust, resilience, and a commitment to excellence—qualities that have made him a standout leader in Uganda’s financial sector.