Navigating the Agency Banking-Financial Performance Nexus for Commercial Banks in Uganda: A Moderated Model Drawn from a Multi-Theoretic Approach
DOI:
https://doi.org/10.47672/ajf.2923Keywords:
Agency Banking (G29); Cash Management Practices (E41); Financial Performance (G30); Commercial Banks (G21)Abstract
Purpose: This study investigates the structural relationship between agency banking adoption and the financial performance of commercial banks in Uganda, explicitly evaluating how institutional cash management practices moderate this strategic nexus.
Materials and Methods: A quantitative, cross-sectional census research design was conducted across all 22 licensed commercial banks registered with the Uganda Bankers’ Association. Primary data were obtained through purposive sampling of 86 senior banking executives, utilising a validated 5-point self-administered questionnaire. Secondary financial performance indicators, including loan portfolio quality and profitability metrics, were derived from audited annual financial statements. Hypotheses were empirically tested using Pearson zero-order correlation coefficients and hierarchical multiple regression analysis
Findings: Pearson correlation analysis results confirm that agency banking and cash management practices exert strong, statistically independent positive effects on financial performance. Crucially, hierarchical regression modelling shows that adding the interaction term increases the explained variance in financial performance by a substantial 7.5%, confirming cash management as a moderator of the relationship.
Implications to Theory, Practice and Policy: The findings empirically support a combined approach using both Bank-led and Liquidity Preference theories. Agency banking acts as a fast, cost-effective method to expand market share and attract deposits from the unbanked. However, its ability to generate actual profits and reduce non-performing loan (NPL) ratios depends on maintaining efficient internal liquidity management.
Downloads
References
Abdallah, M. Ben, … S. B.-J. of E. and M., & 2025, undefined. (2025). The influence of solvency and liquidity ratios on the profitability of Tunisian banks: the moderating effect of asset quality. Emerald.Com. https://doi.org/10.1108/AJEMS-02-2024-0136
Abuelgasim, M., Management, S. T.-J. of R. and F., & 2025, undefined. (2025). Effects of Civil Wars on the Financial Soundness of Banks: Evidence from Sudan Using Altman’s Models and Stress Testing. Mdpi.Com. https://www.mdpi.com/1911-8074/18/9/476
Adebayo, Mensah, N., Advanced, T. A.-W. J. of, & 2025, undefined. (2025). Navigating liquidity management challenges in the era of digital banking in the United States. Papers.Ssrn.Com. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=5174581
Adebayo, W. (2021). Unauthorized Withdrawal of Money from Customer’s Account in Nigeria: The Legal Implications for the Banker/Customer Relationship. Papers.Ssrn.Com. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3828982
Agarwal, R., School, H. K., Agarwal, V., Ahmed, F., Bhalla, S., Breuer, L., Dell’ariccia, G., Ebrahimy, E., Garg, P., Giglio, S., Gopinath, G., Jaravel, X., Kedia, S., Mazarei, A., Mohapatra, S., Moretti, M., Ogawa, S., Pradhan, M., Roy, S., … Wuensch, O. (2023). The past & future of Indian finance. Hks.Harvard.Edu. https://www.hks.harvard.edu/sites/default/files/centers/mrcbg/212_AWP_final.pdf
Aguilar, M., Dream, Y. F.-T. C. G., I, V., & 2025, undefined. (2025). of Brazil, Ecuador, Bolivia, and Argentina. Books.Google.Com. https://books.google.com/books?hl=en&lr=&id=i_dpEQAAQBAJ&oi=fnd&pg=PA209&dq=++global+bank+credit+losses+increased+from+%24661+billion+in+2024+to+around+%24750+billion+in+2025,+&ots=ROSlPHMmZu&sig=hiuHfS5YeiU6jrYJ4BV0_C6Hv5w
Ahiase, G., Andriana, D., Agbemava, E., & Adonai, B. (2024). Macroeconomic cyclical indicators and bank non-performing loans: does country governance matter in African countries? Emerald.Com, 51(1), 62–80. https://doi.org/10.1108/IJSE-11-2022-0729/FULL/HTML
Akpan, S., Eno, G., Banking, E. U.-I. J. of, & 2024, undefined. (2024). Liquidity Management and Profitability of Deposit Money Banks in Nigeria. Researchgate.Net. https://www.researchgate.net/profile/Uwah-Etim/publication/387818552_Liquidity_Management_and_Profitability_of_Deposit_Money_Banks_in_Nigeria/links/677e46aa18ad70589ea35a45/Liquidity-Management-and-Profitability-of-Deposit-Money-Banks-in-Nigeria.pdf
Aliefendić, E. (2025). Wakala contract in collecting deposits and providing financing in islamic banking. http://ebiblioteka.efsa.unsa.ba/xmlui/handle/EFSA/905
Al Zaidanin, J. S., & Al Zaidanin, O. J. (2021). The impact of credit risk management on the financial performance of United Arab Emirates commercial banks. International Journal of Research in Business and Social Science (2147- 4478), 10(3), 303–319. https://doi.org/10.20525/IJRBS.V10I3.1102
Arts, M. A.-M. R. in, & S., & 2024, undefined. (2024). Cash is King: The Strategic Importance of Liquidity in Financial Management-a review. Books.Google.Com. https://books.google.com/books?hl=en&lr=&id=ngMlEQAAQBAJ&oi=fnd&pg=PA26&dq=Effective+cash+management,+guided+by+this+theory,+involves+balancing+the+need+for+liquidity+to+cover+transactions,+precautionary+needs,+and+speculative+opportunities+with+the+desire+to+earn+interest,+thereby+impacting+a+firm%27s+profitability+and+overall+financial+health.+&ots=D80eyu0zRV&sig=QxOPSLmxd5-EyVXH69_xDJ-fhsQ
Ashiru, O., Balogun, G., Globalization, O. P.-R. in, & 2023, undefined. (2023). Financial innovation and bank financial performance: Evidence from Nigerian deposit money banks. Elsevier. https://www.sciencedirect.com/science/article/pii/S2590051X23000102
Ashiru, O., Balogun, G., & Paseda, O. (2023). Financial innovation and bank financial performance: Evidence from Nigerian deposit money banks. Research in Globalization, 6, 100120. https://doi.org/10.1016/J.RESGLO.2023.100120
AWOGBEMI, E., Management, K. I.-… F., & 2023, Undefined. (2023). Effect Of Management Quality, Coverage Ratio And Loan To Deposit Ratioon Financial Performance Of Deposit Money Banks In. Journals.Umm.Edu.Ng, 3, 2023–2228. https://journals.umm.edu.ng/index.php/ummjafm/article/view/62
Awosanya, Y. A., Platonova, E., & Abdel-Haq, M. (2022). The impact of liquidity and credit risks on financial performance: a case study of Islamic banks in Africa. https://ub-ir.bolton.ac.uk/view/pdfCoverPage?instCode=44UOBO_INST&filePid=134093190008841&download=true
Ayadi, O. F., Oke, B., Oladimeji, A., & Aladejebi, O. (2023a). Agency Banking In Nigeria: Impact and Impediments. SEDME (Small Enterprises Development, Management & Extension Journal), 50(3), 227–247. https://doi.org/10.1177/09708464231195916
Ayadi, O. F., Oke, B., Oladimeji, A., & Aladejebi, O. (2023b). Agency Banking In Nigeria: Impact And Impediments. Journals.Sagepub. Com, 50(3), 227–247. https://doi.org/10.1177/09708464231195916
Baraka, N. B. (2023). Accounting information system and decision making in selected banking institutions in Kampala Uganda. https://ir.kiu.ac.ug/bitstreams/ca77c1ef-f435-41f6-bfbc-037e08c6d23e/download
Barnabas, B. (2024). Cash Flow Optimization: Strategies for Enhancing Short-Term Liquidity. Papers.Ssrn.Com. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=5004465
Barnabas, B., 5004465, J. O.-A. at S., & 2024, undefined. (2024). Cash Flow Optimization: Strategies for Enhancing Short-Term Liquidity. Papers.Ssrn.Com. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=5004465
Bezabih, M. (2024). Assessment Of Internal Control Effectiveness In E-Banking; The Case Of Commercial Bank Of Ethiopia. http://repository.smuc.edu.et/handle/123456789/8344
Boachie, R., Aawaar, G., & Domeher, D. (2023). Relationship between financial inclusion, banking stability and economic growth: a dynamic panel approach. Emerald.Com, 39(3), 655–670. https://doi.org/10.1108/JEAS-05-2021-0084/FULL/HTML
Bongomin, G. O. C., Akol Malinga, C., Amani Manzi, A., & Balinda, R. (2023). Agent liquidity: A catalyst for mobile money banking among the unbanked poor population in rural sub-Saharan Africa. Cogent Economics & Finance, 11(1). https://doi.org/10.1080/23322039.2023.2203435
Bwire, T. (2023). Inflation Targeting Monetary Policy framework. https://cmi.comesa.int/wp-content/uploads/2024/04/Inflation-Targeting-Monetary-Policy-framework-implementation-and-Operation30.pdf
Carrillo-Yale, J. (2024). Platform Money. HeinOnline. https://heinonline.org/hol-cgi-bin/get_pdf.cgi?handle=hein.journals/yjor41§ion=21
Chamboko, R., Cull, R., Gine, X., Heitmann, S., Development, F. R.-W., & 2021, undefined. (2021). The role of gender in agent banking: Evidence from the Democratic Republic of Congo. Elsevier. https://www.sciencedirect.com/science/article/pii/S0305750X21001662
Chen, X., Wu, Y., Ding, Y., & Zhang, T. (2024). Exploring the nexus of liquidity regulation, bank risk-taking, and shadow banking: a comprehensive analysis of Chinese commercial banks. Springer. https://doi.org/10.1007/S13132-024-02013-9
Dahiyat, A., Weshah, S., Finance, M. A.-T. J. of A., & 2021, undefined. (2021). Liquidity and solvency management and its impact on financial performance: Empirical evidence from Jordan. Academia.Edu. https://www.academia.edu/download/69864080/5.pdf
Development, C. A.-H. of A. E., & 2024, undefined. (n.d.). Monetary policy and macroeconomic management in Africa. Elgaronline.Com. Retrieved 25 October 2025, from https://www.elgaronline.com/edcollchap/book/9781800885806/book-part-9781800885806-16.xml
Dhakal, S. (2024). Credit Management Of Commercial Bank In Nepal. Https://Elibrary.Tucl.Edu.Np/Items/52597af8-E913-4354-87d4-6726e62c9a73
Dibiah, S., Review, S. A.-A. B. and F., & 2025, undefined. (2025). Liquidity Management and Profitability of Deposit Money Banks in Nigeria. Abfrjournal.Com. http://www.abfrjournal.com/index.php/abfr/article/view/306
Dimbia, A., & F. W.-T. S. J. of B., & 2023, undefined. (2023). Agency banking and financial inclusion; A case of Kenya Commercial banks in Siaya County. Academia.Edu. https://www.academia.edu/download/124048545/2410.pdf
Dulacha, A. (2025a). Effect of agency banking on financial performance of commercial banks in Isiolo County, Kenya. http://41.89.31.5/handle/123456789/1860
Dulacha, A. (2025b). Effect of agency banking on financial performance of commercial banks in Isiolo County, Kenya. http://41.89.31.5/handle/123456789/1860
Dulacha, A. (2025c). Effect of agency banking on financial performance of commercial banks in Isiolo County, Kenya. http://41.89.31.5/handle/123456789/1860
Duncan, N. M., & Kenyatta, J. (2015). The effect of agency banking on financial performance of commercial banks in Kenya. https://erepository.uonbi.ac.ke/handle/11295/94726
Ediagbonya, V., Sustainability, C. T.-T., & 2023, undefined. (2023). The role of fintech in driving financial inclusion in developing and emerging markets: issues, challenges and prospects. Emerald.Com, 2(1), 100–119. https://doi.org/10.1108/TECHS-10-2021-0017/FULL/HTML
Efuntade, O., Efuntade, A., & FCIB, F. (2023). Electronic Businesses, Services and Profitability of Banking Sector in Nigeria (Bank-Focused Theory, Bank-Led Theory, Non-Bank Led Theory). Iiardjournals.Org. https://doi.org/10.56201/ijbfr.v9.no3.2023.pg13.32
Egbuna, N., Barry, A., Adjapong, E., Okorie, G., & Olaoye, O. (2021a). Declining correspondent banking relationship in the West African Monetary Zone. https://www.econstor.eu/handle/10419/264236
Egbuna, N., Barry, A., Adjapong, E., Okorie, G., & Olaoye, O. (2021b). Evaluation of banking crisis resolution framework in the West African Monetary Zone. https://www.econstor.eu/handle/10419/264235
Ekwaro, F., … D. L. S. A. R. B. of the, & 2024, undefined. (2220). Modernising records management in selected commercial banks in Uganda: challenges and strategies. Ajol.Info. https://doi.org/10.4314/esarjo.v43i1.3
Esther Nasimiyu, A. (2024). Cash Flow Management In Modern Businesses: Techniques For Liquidity Optimisation. Ijoeete.Com, 4(3), 252–263. https://doi.org/10.59413/ajocs/v4.i3.7
Finance, O. M.-A. E. and, & 2023, undefined. (n.d.). Sudanese Banking Sector and Stress Testing. Researchgate.Net. Retrieved 24 October 2025, from https://www.researchgate.net/profile/Omer-Mustafa-10/publication/372330059_Sudanese_Banking_Sector_and_Stress_Testing/links/64aff06eb9ed6874a517b3bf/Sudanese-Banking-Sector-and-Stress-Testing.pdf
Ghani, U., and, M. H.-I. J. of S., & 2023, undefined. (2023). The Role and Importance of Liquidity Preference, Marginal Efficiency of Capital, and Marginal Propensity to Consume in Keynes’s General Theory. Researchgate.Net. https://www.researchgate.net/profile/Usman-Ghani-9/publication/369250073_The_Role_and_Importance_of_Liquidity_Preference_Marginal_Efficiency_of_Capital_and_Marginal_Propensity_to_Consume_in_Keynes’s_General_Theory/links/64150952315dfb4cce89ecbe/The-Role-and-Importance-of-Liquidity-Preference-Marginal-Efficiency-of-Capital-and-Marginal-Propensity-to-Consume-in-Keyness-General-Theory.pdf
Githaiga Ngware, S. (2021). Banks’ Portfolio Diversification on Financial Performance of Commercial Banks in Kenya. http://ir.jkuat.ac.ke/handle/123456789/5640
Gurisha, H. S. (2023a). Contribution of agency banking on the financial performance of commercial banks in Tanzania. http://41.59.211.104:8080/handle/123456789/961
Gurisha, H. S. (2023b). Contribution of agency banking on the financial performance of commercial banks in Tanzania. http://41.59.211.104:8080/handle/123456789/961
Gurisha, H. S. (2023c). Factors influencing the use of agency banking by bank customers in Makueni sub-county, Kenya. https://repository.seku.ac.ke/handle/123456789/7344
Hillowle, M., Finance, F. W. C. A. in, and, B., & 2021, undefined. (2021). Innovative banking practices and financial performance of commercial banks in Kenya. Ir-Library.Ku.Ac.Ke, 3(1), 41–53. https://doi.org/10.35942/ijcfa.v3i1.180
Howarth, D., & James, S. (2022). Bank politics: structural reform in comparative perspective. https://books.google.com/books?hl=en&lr=&id=w72ZEAAAQBAJ&oi=fnd&pg=PP1&dq=limitations+of+Bank-led+Theory+They+may+intentionally+keep+certain+transactions+and+activities+outside+the+agency+banking+system+to+avoid+paying+taxes+or+other+risks+on+these+profits.+&ots=furK5Vk5om&sig=Vl3dYYywMpFNdMBU6kCF6EF7S3w
Jeremiah, F. E., & Ejedegba, R. U. (2025). Electronic Banking and Banking Sector Performance in Nigeria. International Journal of Advanced Economics and Sustainable Development | IJAESD, 6(1), 1–13. https://doi.org/10.5281/zenodo.17002786
Joseph, I., 4349839, O. A.-A. at S., & 2023, undefined. (2023). Liquidity management and financial performance of deposit money banks in Nigeria. Papers.Ssrn.Com. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4349839
… J. S. annual bank conference on development, & 1998, undefined. (n.d.). The role of the financial system in development. Kleinteilige-Loesungen.De. Retrieved 24 October 2025, from http://www.kleinteilige-loesungen.de/globalisierte_finanzmaerkte/texte_abc/s/stiglitz_financial_system_in_development.pdf
Kalimashi, A., Ahmeti, S., Applied, M. A.-I. J. of, & 2022, undefined. (2022). The relationship between liquidity risk management and commercial bank performance: evidence from the western Balkans. Researchgate.Net. https://www.researchgate.net/profile/Skender-Ahmeti/publication/364355734_The_Relationship_between_Liquidity_Risk_Management_and_Commercial_Bank_Performance_Evidence_from_the_Western_Balkans/links/634ef2fd8d4484154a15643e/The-Relationship-between-Liquidity-Risk-Management-and-Commercial-Bank-Performance-Evidence-from-the-Western-Balkans.pdf
Kilonzo, E. (2023). Factors influencing the use of agency banking by bank customers in Makueni sub-county, Kenya. https://repository.seku.ac.ke/handle/123456789/7344
Kinyua, R., Kihara, P., and, J. M.-A. J. of S. S., & 2025, undefined. (2025). Agency Banking Strategy And Performance Of Commercial Banks Of Tier Three Banks In Kenya. Ajsse.Org, 13(2), 1–10. http://www.ajsse.org/index.php/1/article/view/304
Koech, D., Accounting, W. K.-R. J. of F. and, & 2021, undefined. (2021). Cash management on financial performance of non-financial firms listed at Nairobi Securities Exchange. Researchgate.Net. https://www.researchgate.net/profile/Divinah-Koech/publication/360790928_Cash_Management_on_Financial_Performance_of_Non-Financial_Firms_Listed_at_Nairobi_Securities_Exchange/links/628b9462cd5c1b0b34f0f758/Cash-Management-on-Financial-Performance-of-Non-Financial-Firms-Listed-at-Nairobi-Securities-Exchange.pdf
Laghari, F., Ahmed, F., & de las Nieves López García, M. (2023). Cash flow management and its effect on firm performance: Empirical evidence on non-financial firms of China. Journals.Plos.Org, 18(6 JUNE). https://doi.org/10.1371/JOURNAL.PONE.0287135
Lamido Sanusi, S., & Governor, C. (2020). The role of commercial banks in economic development In Kenya. https://erepository.uonbi.ac.ke/handle/11295/154121
Lian, Y., Gao, J., Production, T. Y.-J. of C., & 2022, undefined. (2022). How does green credit affect the financial performance of commercial banks? ——evidence from China. Elsevier. https://www.sciencedirect.com/science/article/pii/S0959652622007028
Liao, Y. (2024). Super-efficiency and Stock Market Valuation: Evidence from Listed Banks in China (2006 to 2023). https://arxiv.org/pdf/2407.14734
Magnus, S., Palit, L., Reba, W. H., Lian, T., & Purba, D. (2022). General Banking Activities and Financial Performance Analysis: A case of Al Arafah Islamic Bank. Dinastires.Org. https://doi.org/10.38035/jlph.v4i4
Matagaro Brian, O. (2021). The effect of agency and mobile banking on liquidity of commercial banks in Kenya. https://erepository.uonbi.ac.ke/handle/11295/161103
Mawejje, J., & Odhiambo, N. M. (2021). Uganda’s fiscal policy reforms: What have we learned? Wiley Online Library, 41(2), 89–107. https://doi.org/10.1111/PBAF.12283
Mbhele, S. (2021). Non-Bank and Bank-Led Electronic Banking Policy: A Comparative Study Between Kenya and South Africa. https://search.proquest.com/openview/81f0a29ed1b446f96db7142fc134566e/1?pq-origsite=gscholar&cbl=2026366&diss=y
Mengistie, F., Misganaw, A. &, Worku, D., & Debas Worku, M. (2025). Impacts of corporate governance mechanisms on dynamics of banks financial performance: empirical evidences from private commercial banks of Ethiopia. Taylor & Francis, 12(1), 2477286. https://doi.org/10.1080/23311975.2025.2477286
Mohere, M. (2023). Effects of quality service delivery on agency banking performance. https://repository.mocu.ac.tz/handle/123456789/965
Morrissey, B., Books, G. K.-S., & 2025, undefined. (2025). Emerging Economies and Financial Markets. Springer. https://link.springer.com/content/pdf/10.1007/978-3-031-85669-3.pdf
Mulama, B. K., Maina, S., & Muathe, S. M. (2021). Effect of Mobile Banking on the Financial Performance of Saccos in Nakuru County, Kenya. Theijbmt.Com, 3(9), 400–418. https://www.theijbmt.com/archive/0953/335208028.pdf
Muriithi, S. (2021). The Impact of COVID-19 on African SMEs, possible remedies and source of funding. https://repository.daystar.ac.ke/bitstream/handle/123456789/3614/The%20Impact%20of%20Covid-19%20on%20African%20SMES,%20Possible%20Remedies%20and%20Source%20of%20Funding.pdf?sequence=1&isAllowed=y
Mwasakabeto, Z. I. (2020). Effect of Agency Banking on Performance of Commercial Banks: http://dspace.iaa.ac.tz:8080/xmlui/handle/123456789/456
Ndirangu, E., and, J. K.-I. J. of F., & 2022, undefined. (2022). Effect of agency banking on performance of microfinance banks in Kenya. Academia.Edu. https://www.academia.edu/download/107461887/1775.pdf
Ngari, J., & Muiruri, J. (2014). Effects of financial innovations on the financial performance of commercial banks in Kenya. https://www.academia.edu/download/102679709/7.pdf
Ngumi, P. M. (2014). Effect of bank innovations on financial performance of commercial banks in Kenya. http://ir.jkuat.ac.ke/handle/123456789/1238
Njoki, N., and, W. N.-J. of F., & 2023, undefined. (2023). Factors affecting financial performance of commercial banks in Kenya. Stratfordjournalpublishers.Org. https://doi.org/10.53819/81018102t2122
Nsabimana, I. (2024). Effect of Agency Banking Services on Operational Performance of Commercial Banks in Rwanda. A Case of Bank of Kigali Plc. Stratfordjournalpublishers.Org. https://doi.org/10.53819/81018102t30151
Nurtrontong, P., Suhadak, Rahayu, S. M., & Handayani, S. R. (2018). The Effect Of Corporate Governance And Credit Risk Toward Liquidity And Profitability On Banking Listed In Indonesia Stock Exchange In 2012-2016. Russian Journal of Agricultural and Socio-Economic Sciences, 83(11), 34–39. https://doi.org/10.18551/RJOAS.2018-11.05
Odongo. (2024). Liquidity Risks and Financial Performance of Commercial Banks in South Sudan. https://ir-library.ku.ac.ke/bitstreams/d52e311c-f177-4a53-9b08-fa1e5159a770/download
Ofosu-Mensah Ababio, J., Yiadom, E. B., Sarpong-Kumankoma, E., & Boadi, I. (2023). Financial inclusion: a catalyst for financial system development in emerging and frontier markets. Emerald.Com, 15(6), 530–550. https://doi.org/10.1108/JFEP-06-2023-0155/FULL/HTML
Okoth Ongore Assistant Commissioner, V., Revenue Authority, K., & Berhanu Kusa, G. (2013). Determinants of financial performance of commercial banks in Kenya. Dergipark.Org.Tr, 3(1), 237–252. https://dergipark.org.tr/en/pub/ijefi/issue/31956/351900
Okumu, M. I., Namirembe Kavuma, S., & Bogere, G. (2021). Efficacy of COVID-19 Macro-economic Policy Responses in Uganda. https://opendocs.ids.ac.uk/articles/report/Efficacy_of_COVID-19_Macro-economic_Policy_Responses_in_Uganda/26432554
Oluoch, C. O. (2022). Effects of Information Technology on Internal Auditing in Commercial Banks in Kenya. https://erepository.uonbi.ac.ke/handle/11295/162279
Ombongi, B. (2021). The effect of agency and mobile banking on liquidity of commercial banks in Kenya. https://erepository.uonbi.ac.ke/handle/11295/161103
Pervin, T., Economic, B. S.-J. of B. M. and, & 2021, undefined. (2021). The evolution and prospect of agent banking in Bangladesh: A study based on Bangladesh banking sectors. Jobmer.Org, 2021(4), 121–134. https://doi.org/10.29226/TR1001.2021.271
Qatar, K. A.-K.-P. of S. S. A. in-depth S. of, & 2025, undefined. (2025). Conflict Deterrence as a Smart Power State Strategy. Springer, 187–231. https://doi.org/10.1007/978-981-96-9997-1_6
Quamar, M., Hameed, S., India’s, P. K.-P. G. 2023: & 2023, undefined. (2023). United Arab Emirates. Springer, 335–382. https://doi.org/10.1007/978-981-99-6380-5_9
Randall, W. (2023). Post-Keynesian liquidity preference theory four decades later: a reexamination. Taylor & Francis, 46(4), 498–516. https://doi.org/10.1080/01603477.2023.2242332
Ratna Gumilang, R., Nugraha, N., Suryadi, E., Sari, M., & Heryana, T. (2023). Accounting Evaluation: Digital Transformation as Moderating Variable in Fintech, Green Finance, And Blue Finance Impact on Banking Financial Performance. Ejournal.Upi. Edu. https://doi.org/10.17509/jaset.v17i1
Roosmawarni, A., Fatihudin, D., & Mauliddah, N. (2025). Digital banking efficiency: analyzing the impact of paperless systems on EBL’s financial performance. Jurnal Analisis Bisnis Ekonomi, 20(2), 124–136. https://doi.org/10.31603/bisnisekonomi.v20i2.7835
Saliba, C., Farmanesh, P., & Athari, S. A. (2021). Impact of non-performing loans on bank’s profitability: Empirical evidence from commercial banks in Kosovo. Springer, 9(1). https://doi.org/10.1186/s40854-023-00494-2
Salimata, S. (2025). Impact of Financial Development on the Interest Rate of Selected West-African Countries (WACs). Pjlss.Edu.Pk, 1, 23. https://doi.org/10.57239/PJLSS-2025-23.1.00522
Shakya, P. (2022). Agent Banking and Its Effect on Financial Inclusion In Nepal. https://elibrary.tucl.edu.np/JQ99OgQIizUxyjI9nB0on9OyLkqsGIf4/api/core/bitstreams/c7c7dbbe-503e-49be-ba45-e3dcb3350005/content
Shavshukov, V., Financial, N. Z.-J. of R. and, & 2023, undefined. (2023). National and International financial market regulation and supervision Systems: Challenges and solutions. Mdpi.Com. https://www.mdpi.com/1911-8074/16/6/289
Shrestha, B., and, S. C.-T. L. J. of B., & 2023, undefined. (2023). Impact of liquidity management on profitability of joint venture commercial banks in Nepal. Nepjol.Info. https://nepjol.info/index.php/ljbe/article/view/54322
Sohrab, T., Idris, F., Social, N. S.-E. and, & 2024, undefined. (2024). The relationship between financial inclusion and women’s empowerment in rural Bangladesh: The moderating effect of agent banking. Researchgate.Net. https://www.researchgate.net/profile/Noorasiah-Sulaiman/publication/376310720_The_relationship_between_financial_inclusion_and_women’s_empowerment_in_rural_Bangladesh_The_moderating_effect_of_agent_banking/links/65728498ea5f7f02054d0e38/The-relationship-between-financial-inclusion-and-womens-empowerment-in-rural-Bangladesh-The-moderating-effect-of-agent-banking.pdf
Theiri, S., International, S. H.-C. R. A., & 2024, undefined. (2024). Digitization effects on banks’ financial performance: the case of an African country. Emerald.Com. https://www.emerald.com/cr/article-abstract/34/1/144/1219239
Thiong’, P. K., Matata, K., & Kamau, C. G. (2024). Loan portfolio growth and financial performance of commercial banks in Kenya. 3, 2024–2051. https://doi.org/10.59413/eafj/v3.i1.2
Udoh, M. E. (2025). Automated Teller Machine and Account Opening Services As Predictors Of Customer Satisfaction In Commercial Banks. Mail.Globalacademicstar.Com, 9(1). https://mail.globalacademicstar.com/download/article/automated-teller-machine-and-account-opening-services-as-predictors-of-customer-satisfaction-in-commercial-banks.pdf
Uganda Bankers’ Association. (2023). Banking Sector Report for the Year 2023. chrome-extension://efaidnbmnnnibpcajpcglclefindmkaj/https://ugandabankers.org/Uganda’s%20Banking%20Sector%20Report%20for%20the%20year%202023%20and%20June%202024%20.pdf
Vol. N. J.-N. J. of M. S., & 2023, undefined. (n.d.). Cash management practices and financial performance of listed brewery companies in Nigeria. Researchgate.Net. Retrieved 24 October 2025, from https://www.researchgate.net/profile/Jonah-Moses/publication/373549414_cash_management_practices_and_financial_performance_of_listed_brewery_companies_in_nigeria/Links/64f0e8484a2a2214db29694c/cash-management-practices-and-financial-performance-of-listed-brewery-companies-in-nigeria.pdf
Volta, L. (2025). Averting public debt sustainability crises: The United States case. Amslaurea.Unibo.It. https://amslaurea.unibo.it/id/eprint/32217/
Wilson, J. O. S., Nguyen, L., Sobiech, A., & Kgari, L. (2025). Bank business model identification, evolution and outcomes: evidence for South Africa. Wiley Online Library, 93(1), 112–137. https://doi.org/10.1111/SAJE.12395
Zaidanin, … O. A. Z. R. in B. and, & 2021, undefined. (2021). The impact of credit risk management on the financial performance of United Arab Emirates commercial banks. Search.Proquest.Com. https://search.proquest.com/openview/b56a9783ba60c700e3813b5bb0bbcd58/1?pq-origsite=gscholar&cbl=2032017
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2026 John Rwakihembo, John Baguma Kule
This work is licensed under a Creative Commons Attribution 4.0 International License.
Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution (CC-BY) 4.0 License that allows others to share the work with an acknowledgment of the work's authorship and initial publication in this journal.
