Nyombi Urges Businesses to Embrace Technology in Corporate Reporting

What the report says

Uganda Communications Commission executive director Nyombi Thembo has urged businesses to adopt digital tools in corporate reporting, saying technology can improve transparency, efficiency and investor confidence if it is backed by strong controls. Speaking at the Financial Reporting (FiRe) Awards, he said organisations should not treat digital systems as a substitute for good governance, warning that weak oversight, cybersecurity gaps and poor data protection could undermine the credibility of reported information.

Thembo said tools such as artificial intelligence, data analytics, cloud computing and automation can help companies collect, process and present information more accurately and with less manual work. He argued that better reporting can support accountability, strengthen internal controls and help leaders make more informed decisions. He also linked credible reporting to Uganda’s wider economic ambitions, saying businesses need reliable systems to attract and retain investment.

He added that collaboration between government, businesses and other stakeholders is important if digital transformation is to produce transparent and accountable institutions. The event was held under the theme of driving sustainability reporting through technology and innovation.

Timothy David Ediomu, president of the Institute of Certified Public Accountants of Uganda, also called on organisations to prepare early for mandatory sustainability reporting standards. He said clearer and more comparable disclosures would help investors assess risks and opportunities, while improving access to finance and direct investment. According to the article, the institute is already working with institutions to build capacity ahead of the deadline.