For years, Uganda’s digital lending sector has expanded at breathtaking speed, but without the underlying visibility required to support responsible growth. Borrowers have increasingly turned to mobile money as their...
There are years when an industry grows quietly, and then there are years when it changes character. For Uganda’s insurance industry, 2025 was unmistakably a change of character. Viewed from…
Paul Kavuma, the former Chief Executive Officer of Jubilee Allianz General Insurance Uganda, has announced his move to Liberty Uganda, where he takes up the role of Country Head of…
This festive season, Pearl Bank (formerly PostBank Uganda) reminded customers that banking can still feel human, warm, and personal, as it concluded its Christmas campaign dubbed “Pearl Santa.” The campaign…
Old Mutual Insurance Uganda, Uganda’s No.1 general insurer, has announced that its Managing Director and Chief Executive Officer, Stephen Chikovore, will step down from his role effective 31 January 2026.…
A delegation from Equity Bank Uganda led by Managing Director Gift Shoko today paid a courtesy visit to the Nation Media Group head office in Namwongo, a Kampala suburb. The courtesy visit is part of a series of meetings that the Bank is holding to help strengthen media collaborations. Accompanying Mr Shoko was Olivia Mugaba, Equity Bank’s Head of SME Banking, Clare Tumwebaze, Head of Marketing and Communications. The team was received by Nation Media Group Uganda MD Susan Nsibirwa flanked by Hajara Batuka, NMG Head of Marketing, Allan Chekwech, the Managing Editor, Daily Monitor, George Kihuria, General Manager, Finance…
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A consortium of commercial banks has initiated proceedings to auction off several prime properties belonging to the late billionaire businessman, Apollo Nyegamehe, popularly known as Aponye, in a sweeping debt recovery effort targeting loan arrears exceeding UGX 15 billion. According to sources close to the matter, dfcu Bank and the Uganda Development Bank (UDB) are among the financial institutions actively pursuing recovery of non-performing loans that were extended to Aponye’s business empire, primarily through his flagship company, Aponye (U) Limited. The debt portfolio, which has grown due to interest accumulation and prolonged non-repayment, is reportedly higher than initially estimated, with…
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African Export-Import Bank (Afreximbank) shareholders have appointed Dr George Elombi as the next president and chairman. The appointment marks a pivotal leadership transition as the continent’s premier trade finance bank seeks to become a $250 billion financial powerhouse over the next decade. Dr Elombi, a Cameroonian and long-serving executive within the bank, will officially take over in September 2025, succeeding Professor Benedict Oramah, whose tenure since 2015 saw Afreximbank expand its balance sheet, influence, and mandate. Elombi becomes the fourth president of the bank since its founding in 1993. The announcement, made during the bank’s 32nd Annual General Meeting, comes…
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In a bid to equip Small and Medium-sized Enterprises (SMEs) with the tools needed to grow and thrive, the Industry Enhancement Centre (IEC) hosted a three-day seminar dubbed ‘Access to…
In 2024, PostBank grew into a thriving digital bank, posting UGX35.4 billion in net profit and amassing UGX1.4 trillion in assets. This success builds on the momentum of 2023, a year marked by income growth to UGX206 billion and a deposit increase to UGX990 billion. A significant contributor to this growth? The bank’s Fintech arm, particularly the Wendi Mobile Wallet, has emerged as a key driver of PostBank’s transformation and profitability. Wendi’s inclusive digital footprint Since its launch in October 2023, the Wendi Mobile Wallet has onboarded more than 1.5 million users, including more than 10,000 Saccos and 8,000 agents….
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MTN in 2024 delivered yet another solid year, cementing its place as Uganda’s most profitable and actively traded listed company. With double-digit revenue growth and record earnings, the telecom giant showcased operational strength and investor confidence. Yet, looming over this strong performance is a strategic pivot that has analysts sounding the alarm: the planned spin-off of its fintech arm—MoMo—could significantly alter the company’s growth trajectory and valuation dynamics. Fintech Fuelled, But For How Long? MTN Uganda’s total revenue surged by 18.87% to UGX 3.17 trillion ($857.49 million) in FY2024, up from UGX 2.67 trillion in FY2023. Of this, fintech services…
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In a rare case of an efficiently managed public institution in Uganda, the Insurance Training College (ITC) emerges as an island of financial discipline in a sea of inefficient state enterprises. In his report for the 12 months ended June 2024, Auditor General Edward Akol delivers glowing praise: the College’s books are clean, its statements comply with International Financial Reporting Standards (IFRS), and its liquidity is not just adequate – it’s exemplary. But behind the commendation lies a quiet dysfunction: an execution gap that threatens to erode the very mandate the College was created to uphold. Clean accounts are no…
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In a notable leadership shift within Kenya’s financial services sector, KCB Group Chief Executive Officer Paul Russo has been elected Chairperson of the Kenya Bankers Association (KBA), the umbrella body…
Liberty Life Assurance Uganda has announced a phased withdrawal from its health insurance business in Uganda, signaling a major realignment of its business priorities in East Africa. The development follows a comprehensive business review by its parent company, Liberty Group, in 2024, which saw the decision to wind down the South African operations of Liberty Health (Pty) Ltd (LH) and localize operations to markets with in-country insurance licensing. In a letter dated 19 June 2025 addressed to healthcare providers and signed by Joseph Almeida, the Managing Director of Liberty Life Assurance Uganda, the company confirmed that it would cease offering…
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The National Social Security Fund (NSSF) is projecting robust performance at the close of the Financial Year 2024/25, with income expected to reach UGX 3 trillion and assets under management forecasted to grow to UGX 25 trillion—marking a continued upward trajectory for Uganda’s largest retirement benefits scheme. This projection represents significant year-on-year growth, building on the UGX 2.53 trillion in income and UGX 22.13 trillion in assets that the Fund recorded at the close of the Financial Year ended June 30, 2024. In light of the strong financial performance, NSSF is expected to declare a competitive interest rate to members…
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