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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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For many of us, 2022 seemed like the year we had been hoping for. We were going to put the pandemic behind us and find some sort of return to normalcy. Unfortunately, if the past two to three years have taught us anything, it is that we must be highly adaptable to volatility and uncertainty. According to data from the Ministry of Finance, the Ugandan economy grew by 4.7% in 2022, while both the Purchase Managers Index (PMI) and Business Tendency Index remained above the 50-mark threshold signalling optimism and improvement in economic conditions. On the supply side, services and…
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Absa Bank Uganda has this morning released its 2022 financial results, reporting growth in deposits, lending, revenues as well as net profit and assets. The bank, a subsidiary of Absa Group, one of Africa’s largest financial services Groups announced that customer deposits in 2022, grew by UGX34.8 billion, from UGX2.42 trillion in 2021 to UGX2.46 trillion in 2022, a growth of 1.4%. Deposits’ growth was on the back of an “increase in the active customer base as a result of new-to-bank acquisitions and reactivation of inactive accounts”. “Additionally, there were increased customer engagements due to the capabilities built by the…
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