The COVID-19 pandemic created enormous headwinds for the economy as well as the financial services sector. It became clear that banks needed to respond comprehensively, and embrace change to meet the new challenges. Ugandan banks seem to have navigated the initial storm. However, the optimistic outlook should not deceive. The need for transformation is urgent as ever because another period of uncertainty is ahead. It is still unclear how fast the economy will recover. The COVID -19 pandemic coupled with the rising cost of living attributed to geopolitics especially the Russia/ Ukraine war is exacerbating challenges already affecting borrowers thus…