The year 2013 had its ups and downs. I would say it was a really tough , but well lived and survived year for many. It is now history but will fondly remain in the memories of the Ugandan business fraternity for it robbed us of one of the greatest entrepreneur, industrialist and businessman of all time Dr. James Mulwana (RIP). Nonetheless, his legacy will live for years given the fact that the businesses he left did not die with him as it has been and is still the norm with many Ugandan businesses. At least for now, his businesses…
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By Patrick Kagenda Crane Bank assets have crossed the Ushs1 trillion mark, making Crane Bank and Centenary Bank, the only two local banks with over Ushs1 trillion in assets. This milestone was revealed by Mr AR Kalan, the bank’s Managing Director, during the occasion to officially launch the all new Crane Bank branch in Jinja Municipality. The new branch is housed in an ultra modern custom designed complex, akin to other Crane bank branches and replaces the bank’s old Branch formerly located on Lubas road. The new US$ 3 million complex is now located on the High Street. There are only a total of 5…
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By Taddewo Senyonyi Savings and Credit Cooperative Societies (SACCOs), if properly managed and run according to the principles, there’s no doubt they can increase financial inclusion in Uganda and ultimately transform Uganda’s economy. A 2009 Finscope report shows 71% Ugandans were saving at the time, with unfortunately 90% saving in a secret hiding place or with friends, neighbours or relatives; 27% saved in informal groups; 22% saved with formal financial institutions while 4% each saved with SACCOs and MFIs. Rebirth of SACCOs In an effort to implement the Rural Financial Services Programme (RFSP), one of the pillars of the Prosperity for All (PFA), the government of Uganda set…
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By Taddewo Senyonyi Many people make banking decisions for example, opening an account, taking a loan etc without enough comparative information. In this article, The CEO Magazine, using latest figures from Bank of Uganda (BoU) has provided a comparative analysis on interest rates and other bank charges for personal accounts, something that will help you make informed decisions. Enter into Prime Lending Rates (PLR) In spite of BoU maintaining the Central Bank Rate (CBR) at 12 percent for sixth consecutive month until June 2013 when it was reduced to 11 percent and subsequently, maintained it in July,Ugandans are still paying expensively for…
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By Mark Muhumuza It is widely noticed by consensus that bonds are considered a boring but rather less complex subject to write or even talk about. This, perhaps, is directly linked to lack of issuance of debt by corporate companies on Uganda’s capital market, even after the existing investor appetite. When a company has to raise capital, it can borrow money from a commercial bank, sell shares by listing on the Uganda Securities Exchange (USE) or privately to a private equity firm and issuing of debt through a corporate bond. Just like Uganda’s government borrows from the public by issuing treasury bills and bonds, corporate companies can do the…
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By Silvia Nyambura In a country where the insurance industry is grappling with low penetration levels and lack of awareness about insurance, insurance companies have had to find innovative ways to stay in business. The sector’s premium growth declined to 18.48 percent in 2012 from 20 percent in 2011 owing to ‘high inflation and bank lending rates’, which made different products expensive. However, with a 24 percent market share, Jubilee Insurance Uganda has been at the helm of the industry growth, emerging market leader over the last 5 years and while the industry recorded fluctuating growth over the years, Jubilee grew by 43 percent in 2012 marking the…
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By Taddewo Senyonyi On June 28, 2011, the president of Uganda Yoweri Kaguta Museveni assented into law the Uganda Retirement Benefits Regulatory Authority (URBRA) Act 2011, with a major aim of regulating and controlling the pension sector. The Authority started receiving applications from retirement benefit schemes and market players in December 2012 since it is a requirement that every pension scheme and service provider be licensed prior to undertaking any business. However, there have been reports that the authority is failing to fulfill its mandate. The CEO’s Taddewo Senyonyi interviewed Andrew Kasirye, the Board Chairman, URBRA, about these claims and…
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By Mark Muhumuza In 2008, when Ecobank subsidiary of the Ecobank Group, UBA Uganda part of the UBA group and Global Trust Bank, three commercial banks owned by Nigeria’s insurance behemoth Industrial & General Insurance (IGI), made a triumphant entry into Uganda’s market, they were too high on expectations. Probably too high on the balance sheet of their parent companies, the trio, especially Ecobank and UBA talked of “shaking down
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