Let’s start off with why Absa Group is involved in this B20 summit. When we decided to participate in B20, it was largely because we’re a pan-African bank, and this story being an African story with having a G20 for the first time on the African continent, we felt that it was quite important that we could bring all the African voices into the discussion. We see Africa decisively from an Absa perspective as the space we would want to grow in. And we are very deliberate about solving African stories. How does Absa’s recent acquisition of Standard Chartered’s retail…
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Makerere University and dfcu Bank Limited signed a three-year Memorandum of Understanding (MoU) designed to support the university’s core mandate as Uganda’s premier higher education institution. The partnership will enhance…
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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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…
Stanbic Bank Kenya, a subsidiary of Stanbic Holdings Plc, reported a 16.6% decline in net profit for the first quarter ended March 2025, largely attributed to a sharp drop in non-interest income, particularly from forex trading activities. According to reporting by Business Daily Africa, the bank posted a net profit of KSh 3.3 billion for Q1 2025, down from KSh 3.9 billion in the same period the previous year. The main contributor to the decline was a 27.2% slump in non-interest income, which fell to KSh 2.7 billion. Notably, forex trading income plunged to KSh 977 million from KSh 2.3…
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Stanbic Uganda Holdings Limited (SUHL), the parent company of Stanbic Bank Uganda and four other subsidiaries, has announced a record net profit of UGX 478 billion for the financial year…
By Steven Mwesige A flurry of incidents in the news of cybersecurity breaches in recent weeks are a cause for concern, but with a better understanding of cybersecurity need not be our new reality. In the old days, when transacting with your bank it was mostly face-to-face transactions. You would walk into the bank, line up to be served, meet a bank official who would help you transact whatever you wanted. That looks very crude these days where only two in ten transactions are carried out over the counter at PostBank, a statistic that is mirrored across the industry. The…
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London-based Standard Chartered Group is exploring the potential sale of its Wealth & Retail Banking (WRB) businesses in Botswana, Uganda and Zambia. The Group, in a published statement today said, it will concentrate its resources in these markets on serving the cross-border needs of global corporate and financial institution clients. The Bank said, this is the first in a small number of potential business exits to fund incremental investment in its leading wealth management business, which aligns with the refreshed strategic priorities shared in the Group’s third quarter 2024 (Q3’24) results, aimed at accelerating income growth and returns. Group Chief…
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By Francis Lutalo The banking industry is facing unprecedented times with the need to adapt faster to emerging technology to serve the ever-changing client needs. Faced with competition from other third-party service providers and middlemen, banks are exploring how to replace the current traditional banking infrastructure with the transformative power of blockchain technology to speed up payments, remittances or even day-to-day over the counter transactions. Advanced economies such as the USA and China have already demonstrated considerable success with blockchain technology in digital currencies, payments and remittances with the global south slowly catching up. Rwanda and Ghana are prime examples…
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Citi Uganda commemorated 25 years of operating in the country in an event attended by government, business, and industry leaders, including the Minister of State for General Duties, Honorable Henry Musasizi. Since opening its doors in Kampala in 1999, Citi has played a pivotal role in supporting the country’s economic development through transformative infrastructure project financing, business empowerment, and championing financial inclusion. “We know that our success is intertwined with the well-being and progress of Uganda,” remarked Ebru Pakcan, Middle East & Africa Cluster and Banking Head. “That’s why we have not only invested in the financial sector but also championed education, financial literacy,…
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