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EACOP Ltd., the company in charge of the construction and future operation of the East African Crude Oil Pipeline project from Kabaale in Uganda to Tanga in Tanzania has closed…
Beyond the conventional channels of writing insurance premiums, insurers have also built a new revenue stream of bancassurance through which they partner with banks to recruit new policyholders. During the three months to December 2024, gross written premiums from bancassurance rose by 25.36% to UGX 225 billion from UGX 179.4 billion, contributing 12.56% to gross insurance written premiums. Life continues to dominate in terms of written premiums under bancassurance, contributing 78.26%, compared to 21.74% for nonlife. IRA data indicates that in the three months to December 2024, banks wrote 619,719 life policies, from which UGX 176 billion was generated, leading…
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Navigating inflationary waters Bank of Uganda Deputy Governor, Micheal Atingi- Ego shares the story of Uganda’s monetary policy in 2024, which he says was one of cautious optimism and strategic actions, which helped keep core inflation (excluding volatile items like food crops and energy) stable. The BoU began the year with a Central Bank Rate (CBR) of 9.5%, gradually increasing it to 10.25% by April, before cautiously easing it to 9.75% by November. This signalled a balanced approach to maintaining monetary stability amidst external and domestic challenges. Concerns about exchange rate volatility, driven by the repositioning of yield-seeking offshore investors…
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MTN Uganda has secured UGX 370 billion (USD 100 Million) in debt financing in one of the largest local currency debt transactions in Uganda, which will be used by the telecom for general corporate purposes including the expansion and improvement of the network. The syndicated debt facility from five local banks was 1.6x oversubscribed, in what the telecom described as, “reflecting robust confidence from lenders in MTN’s long-term potential and focus on expanding its digital and financial services offerings.” The syndicated facility was led by Stanbic Bank Uganda Limited (part of the Standard Bank Group) as the Global Coordinator, Mandated…
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The West Nile community has been called upon to embrace digital transformation as a gateway to economic empowerment, citing Wendi mobile wallet as a key driver towards scaling up financial inclusion in the region. This appeal was made during the launch of a strategic partnership between the West Nile Private Sector Development Promotion Centre Limited (WENIPS) and Wendi by PostBank, in Nebbi district today, 28th October 2024. The partnership intends to connect over 7,500 SACCOs and Village Savings and Loan Associations (VSLAs) to Wendi’s mobile financial platform in West Nile, and districts like Nebbi, Arua, Yumbe, Koboko, Moyo, and Adjumani…
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43% of banks cited the rise of fintechs and challenger banks as the biggest threats to their business according to the third edition of the African Digital Banking Transformation Report released by The African Banker Magazine in which a record 153 banks across 33 countries on the continent were surveyed. This was further reflected in the priorities carried by the banks this year with at least 83% of the banks considering building digital payments mobile app or a mobile wallet app as a priority to stave off the competition from the fintechs. However, there are possible synergies between fintechs and…
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The Covid-19 pandemic saw a rise in bad debts and provisions for loan losses. But this had little effect on balance sheets as banks turned from loans to other assets
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