Over 50% of Uganda’s GDP is attributed to the informal sector (UBOS 2024 Census Report). It is therefore inevitable that financial institutions have to tap into it to sell their…
The past three months have witnessed several submarine cable interruptions across the African continent, resulting in the degradation of the Internet experience of users in multiple countries at different times during this period. Submarine cables are responsible for connecting Africa to the rest of the world using high-speed fibre optic infrastructure. As countries continue to roll out fibre optic infrastructure further into the hinterlands and last-mile access to customers, access to the global Internet largely depends on submarine cables. Over 90% of the Internet traffic to and from Africa is via submarine cable systems. As more users in Africa adopt…
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By Catherine Ndungu It was called CMO breakfast for a reason, I can’t remember the last time I sat in a session and learnt so much at a go. Call it mentoring, coaching, and hard truths all combined in the most inspiring of ways! Being a Friday morning, the energy that comes with a Friday was already high, but nothing had prepared me for how better this day was about to turn….not just for a day, but for a lifetime…..but as they say, success is sweeter when shared, I will share my key takeouts and urge us all to look…
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By Phillip Karugaba & Rehema Nakirya Ssemyalo The Supreme Court of Uganda gave its judgment last week in the much-anticipated appeal in Ham Enterprises Ltd, Kiggs International (U) Ltd and Hamis Kiggundu vs. Diamond Trust Bank (U) Ltd and Diamond Trust Bank (K) Ltd (Civil Appeal No. 13 of 2021). The court held that a lending transaction between a foreign bank and a Ugandan borrower does not constitute “transacting financial institutions business” as defined by the Financial Institutions Act 2004 (“FIA”). This finally clarifies that a foreign lender does not require a licence from the Bank of Uganda (“BoU”) under…
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Africa’s population growth is one of the fastest in the world. In 2020, the population was estimated to be 1.3 billion and by 2050, it’s projected to reach 2.5 billion. This surge in population is putting a severe strain on the continent’s struggling food supply which is currently heavily dependent on imports and a record amount of wastage. According to the African Development Bank, Africa’s food imports will reach $90 billion by 2030 unless a drastic change occurs. The United Nations Environment Programme also reports that up to 50% of food produced in Africa is lost or wasted, exacerbating the…
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Dear Shareholders. I have the honour of writing this first letter to Shareholders in my capacity as Chief Executive Officer of Ecobank Transnational Incorporated, a position I have occupied since 1 March 2023. Over the years, Ecobank Group has consistently delivered value for Africa, Africans and friends of Africa. I am excited about the opportunities to deliver even greater value and continue to play our part in providing world-class financial services and contributing to the economic integration of the continent. Despite the challenging global macroeconomic environment, including the volatility affecting the banking sector, I am conscious of the significant opportunities…
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By Scott Mumford, Chief Commercial Officer Liquid Dataport & Chief Executive Officer Liquid Satellite Besides drumming up fascination on social media as people share photos and debate the “strange strings of lights in night’s sky,” satellites play a vital role in bringing connectivity to more than half of Africa’s 1.3 billion people who live in rural communities. This is because, despite Africa having come a long way in its connectivity journey, it still faces many challenges. There is no one-size-fits-all solution to improving connectivity on the continent. Africa has tricky terrain and lower population density in large rural areas, making…
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In 2021, we looked forward to and planned for 2022 with a high degree of optimism as the COVID-19-induced lockdown approached its end. The reopening of the economy in January 2022 would signal the release of critical sectors that are key to driving business growth throughout the economy. However, lurking in the shadows was the crisis in Ukraine and the spillover effect this would have on the global business environment. In Uganda, this would translate into high energy prices and rising commodity prices which led to a higher cost of living and put a considerable strain on both individuals and…
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This is seemingly the same script but a different cast; the profiteering and greed of big pharma knows no boundaries. We have barely pulled out of the COVID-19 pandemic, during which big pharmaceutical companies once again insisted on putting profits before lives. According to Action Aid, Moderna, BioNTech, and Pfizer were reaping astronomical and unconscionable profits due to their monopolies of mRNA COVID vaccines, with the three corporations having earned more than $26 billion in revenue in the first half of 2021. This was despite the fact that taxpayers were the primary funders of COVID-19 vaccine research, development, and production…
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By James Asiimwe Kamara Tax is a price we pay for a civilised and organised society. It is the major source of revenue that enables governments the world over to provide public amenities for their citizens. Whereas the Government of Uganda is mandated to collect tax from eligible citizens, it performs the role within the premises of a set legal framework and puts into consideration the rights and obligations of taxpayers. Uganda is operating a modern tax regime where the opportunity to determine how much tax to pay is first extended to the taxpayer. This is referred to as a…
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