As schools across Uganda reopen for the first term of the academic year, dfcu Bank has rolled out a nationwide back-to-school campaign aimed at easing the heavy financial burden that...
If ESG were a person, at Letshego Uganda, he/she would not be seated in a boardroom quoting frameworks. It would be on the road, on the phone, and occasionally on…
Eri Ssebowa is a seasoned finance and accounting professional with over nine years of progressive experience in strategic financial management, business partnering, financial reporting, and performance management across the banking,…
Following a reputational and financially bruising fraud scandal — in which the brewer estimates to have lost about UGX 9 billion — and the subsequent exit of its Heads of…
Kampala Associated Advocates (KAA) has been tapped to represent Stanbic Bank Uganda and its parent, Stanbic Uganda Holdings Limited, in one of the largest transfer-pricing disputes to reach the Tax…
Paul Graham, the founder of the highly influential Y Combinator accelerator program penned arguably his most famous essay in September 2012. In this essay, titled Startups = Growth, Paul Graham argued that startups are built to grow fast. “Being newly founded does not in itself make a company a startup. Nor is it necessary for a startup to work on technology, take venture funding, or have some sort of “exit”. The only essential thing is growth.” he argued. This mantra of hyper-growth is something that startups worldwide have followed to the dot, raising millions of dollars to capture as big…
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According to a report from the Uganda Counseling Association and the Ministry of Health, 14 million Ugandans are currently mentally sick. Essentially, this implies that in every 100 Ugandans, 35 are battling a mental disorder, most probably silently. The mental disorders can range from depression, bipolar disorder, dementia and autism among others. In Africa, Uganda ranks in the top 6 in Africa in the rates of depression (4.6% of the population) while 2.9% live with mental disorders. But these are 2017 statistics. Mental Health problems were exacerbated by COVID-19 and the ensuing lockdowns that drove more people into poverty and…
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Diamond Trust Bank Uganda, the Ugandan subsidiary of the Kenya-headquartered Diamond Trust Bank Group has released its 2022 financials reporting double-digit growth in deposits, lending, income, profits and assets. According to results made public last, DTB Uganda reported a 25% growth in deposits from UGX1.5 trillion in 2021 to UGX1.88 trillion⏤ an increase of UGX375.6 billion. The bank also reported that it extended 15.8% more credit than it did in 2021, extending some UGX791.3 billion in loans, to retail, SME and corporate clients, up from UGX 683.4 billion in 2021. Growth in lending fuelled a 14.9% growth in income from…
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I&M Bank Uganda has moved its head office to the modern and swanky Kingdom Kampala building. In the customer notice posted on the bank’s social channels, the bank said: “We have relocated our Head Office to Kingdom Kampala mall located on Plot 31A-35A, 37A-39A on Nile Avenue, Kampala effective Tuesday, May 2, 2023. The functions that will be at the new location are; the executive office, corporate banking, products & channels, treasury, credit, legal, marketing & corporate communications, and compliance.” “For further information and clarification regarding this relocation, call 0800144551 (Toll-free) or email: customerservice@imbank.co.ug,” the bank further advised its stakeholders. …
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Housing Finance Bank, the government of Uganda and NSSF-owned lender is now Uganda’s 5th most profitable bank, jumping three positions from the 8th in 2021. In 2022 results released last week, the bank reported that net profit grew by a record 42.7% growth from UGX41 billion to UGX58.5 billion. The bank increased its share of industry profits from 3.2% to 4.5%. In total 23 of 25 banks reported profits in 2022- a combined UGX1.29 trillion, up from 1.08 trillion in 2021. The top 4 profitable banks are Stanbic (UGX366 billion), Centenary Bank 9UGX249.6 billion), Absa Bank Uganda (UGX141.2 billion) and…
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The benefits of Orient Bank’s acquisition and subsequent rebranding to I&M Bank Uganda and thereafter integration into the larger I&M Group Plc are unfolding with the bank’s release of its first full year under the I&M brand. In results released today, the bank reported an 8.9% jump in customer deposits from UGX573.7 billion to UGX624.6 billion in 2022, reversing a 2-year declining trend in which deposits reduced from an all-time high of UGX673.5 billion in 2019 to UGX573.7 billion in 2021. Riding on a boost in customer deposits, the bank drove a 19% jump in lending⏤ from UGX196.8 billion to…
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Ecobank Uganda, the Ugandan unit of the Ecobank Group has today published its 2022 results, reporting a marked double-digit turnaround on nearly all its key fundamentals. The bank also reported a return to profitability. In results released today, the bank reported that deposits grew 17% from UGX377.3 billion to UGX443.9 billion, a growth of UGX66.6 billion. This allowed the bank to grow its lending⏤ by 74.8% from UGX83.4 billion last year, to UGX145.8 billion. Growth in lending and interest income led total income to grow by 8.3% from UGX53.3 billion to UGX57.7 billion. Rising income, coupled with a reduction in…
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The Katikkiro of Buganda Owek. Charles Peter Mayiga, on 26, April 2023, at Bulange Mengo, inaugurated the new Board of Directors to oversee the performance of K2 Telecom, a Kingdom-owned telco. The 10-member board with a diverse skills-set is chaired by William Sekabembe, a renowned banking executive who is also the Executive Director & Chief Commercial Officer of dfcu Bank, one of Uganda’s largest banks. The other members of the new Board are Mr. Michael. K. Mwebe, Mr. Francis Buwule, Prince Crispin Jjunju, Dr. Rose Nakasi, Mr. Robert Kasozi, Mr. Swaib Kyanda K, Mr. David Moore Balaka, Mr. John Kitenda,…
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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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Housing Finance Bank (HFB) Uganda has announced its partnership with the Uganda North American Association (UNAA) to offer investment solutions for Ugandans living in the Diaspora. The partnership also allows customers to pay for their UNAA registration and subscription fees at any Housing Finance Bank branch and through the bank’s digital channels. According to a statement released by both entities, the partnership between HFB and UNAA underscores the Bank’s commitment as an indigenous bank to supporting the Ugandan community – both at home and in the diaspora – and creating opportunities that enhance their financial well-being. “Through this partnership, the…
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