Procurement management and financial performance of banks in Uganda : case study - Fina Bank Uganda Limited
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This study looked at the effect of procurement management on the financial performance of banks in Uganda with a case study of FINA Bank Uganda Ltd. Specifically the study reviewed procurement planning, controls and monitoring and how they affected the performance of banks. It was hypothesised in the study that procurement planning, controls and monitoring positively affect the performance of banks. Empirical data was collected from the staff of FINA Bank Uganda and the study had 33 respondents from the targeted population of 35; this sample was selected using purposive sampling. The empirical data was analysed both quantitatively and qualitatively to examine the relationships between procurement management and bank performance. The key findings of the study indicated that the three procurement management attributes i.e. procurement planning, controls and monitoring positively affected the performance of the bank. This was because there were significant relationships that were established from the study between these variables and the financial performance of the bank. From the study, it was recommended that the existing procurement planning processes be revised and strengthened to further improve bank performance; the controls be thoroughly reviewed and adherence enforced; while monitoring be carried out regularly and by independent personnel. Further research was recommended to cover other procurement management attributes and a wider population of banks in Uganda.