Uganda Electricity Distribution Company Limited (UEDCL) has secured a five-year financing facility worth USD 50 million (about UGX 190 billion) from Absa Bank Uganda to fund urgent upgrades to the national electricity distribution network, even as the company’s board undertakes a comprehensive investigation into the performance and conduct of senior management. The facility, signed on December 15 at the UEDCL Tower in Nakasero, is earmarked for network reinforcements, construction of new electricity substations, rollout of smart-grid initiatives, reduction of technical losses and integration of renewable energy generation. According to UEDCL, the investments are expected to improve electricity reliability, unlock suppressed…
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To unpack what this means for institutional investors, the economy, and Uganda’s place in regional and global markets, Muhereza Kyamutetera, Executive Editor of CEO East Africa Magazine, sat down with…
Less than a year after Standard Chartered Bank announced plans to exit its Wealth and Retail Business (WRB) segment as part of a global restructuring strategy, the long-anticipated transaction has now materialized. Absa, just like many had projected, has stepped in as the acquirer, with the deal formally announced on 24 October, expected to transfer all Standard Chartered’s WRB clients, assets, and employees to Absa. It is one of the most significant realignments in Uganda’s banking sector in recent years, following Standard Chartered’s November 2024 declaration of intent to divest from retail operations to focus on its Corporate and Investment…
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Absa Bank Uganda has entered into an agreement to acquire the Wealth and Retail Banking (WRB) business of Standard Chartered Bank Uganda. The acquisition marks a major shift in Uganda’s…
Uganda’s banking sector has cemented its recovery and resilience, posting a record UGX 1.9 trillion net profit for the year ended June 2025. This was a nearly an increase of…
Absa Bank Uganda has reintroduced its custody services in a move that underscores the bank’s commitment to deepening Uganda’s capital markets. The development provides institutional investors with secure, efficient, and compliant solutions to safeguard their assets while enabling seamless investment operations. A Strategic Milestone for Uganda’s Markets Speaking at the launch, David Wandera, Managing Director of Absa Bank Uganda, described the development as a significant milestone for the bank and the country’s financial system. “Today marks an important milestone for Absa Bank Uganda as we reintroduce our custody services. With Uganda’s capital markets growing and institutional investors seeking secure, efficient,…
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Uganda’s bancassurance sector closed the second quarter of 2025 with Stanbic Bank, Centenary Bank, and Absa Bank securing commanding positions at the top of the market in both life and…
Absa Group CEO Kenny Fihla visited Uganda this week as part of his first strategic East Africa roadshow since taking up the role of Group CEO last month, aimed at…
In a strategic move aimed at deepening its customer-centric agenda and accelerating its retail and SME banking growth, Absa Bank Uganda has appointed seasoned banker Moses Rutahigwa as the new…
Stanbic Bank Uganda, the country’s largest lender by assets, revenue, and deposits, has today, March 3, 2025, officially welcomed Mumba Kenneth Kalifungwa as its new Chief Executive. His appointment, first…
