dfcu Bank launched its Small Business Recovery Fund that aims to offer a financial uplift to small businesses that have been adversely impacted by the COVID-19 pandemic. The dfcu recovery fund is part of the bigger industry action spearheaded by Government of Uganda through the Bank of Uganda. A report by Economic Policy Research Centre (EPRC) indicated that, micro and small businesses experienced a larger decline in businesses activity compared to medium and large firms in Uganda since the on-set of COVID-19. Announcing the commencement of the fund, Ronald Kasasa, dfcu Bank’s Head of Business Banking said the Bank has…
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Business conditions improved in the Ugandan private sector in January, buoyed by the reopening of schools following an extended period of closure due to the COVID-19 pandemic according to the latest Stanbic Bank sponsored Purchase Managers Index (PMI). Despite an increase in fuel prices, the PMI posted 54.9 in January, up from 51.5 in December and above the average for the series which began in June 2016. Output increased for the sixth month running in January, with activity boosted by the reopening of schools and higher new orders. All five surveyed broad sectors including agriculture, industry, construction, wholesale & retail…
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According to the African Union’s Partnership for Evidence-based Response to Covid-19 research, Sub-Saharan Africa has administered 153 million doses of the 317 million doses of the COVID-19 vaccine received. In Uganda, the total COVID-19 doses administered as of 31st December 2021 were 11.3 million and out of this, 3.7 million people had been vaccinated fully either with 2 dozes of the various vaccine types or the one vaccine of Johnson and Johnson. President Museveni, in his address on 31st December 2021, noted that of the 22million people, 45% (9,979,206) of the target population, had received at least one shot of…
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The Uganda Development Bank Ltd (UDB), the country’s national Development Finance institution, approved projects worth Shs926 Billion of which a total of Shs589 Billion has so been disbursed into the Ugandan economy to support businesses during the Covid-19 pandemic period (August 2020, to date). The revelation has been made by Ms Patricia Ojangole, the Managing Director UDB during a press conference in Lira City on Friday. This disbursement represents the largest investment in the post-COVID recovery effort in the country where the government through UDB is prioritizing growth through localized value addition, production and import replacement in alignment to the…
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The Government of Uganda, through the Ministry Of Energy And Mineral Development, has come out to explain the probable causes of the escalating fuel prices and scarcity in some parts of the country. Currently, a litre of Petrol goes for as high as UGX6630 at some fuel pumps in Kampala while in some parts of the country like Hoima and Kanungu, petrol has reportedly run out. In a statement titled STATEMENT ON THE ESCALATING FUEL PRICES AND THE SUPPLY DISRUPTIONS AT MALABA AND BUSIA BORDER POINTS, the Energy ministry outlines the possible causes and what the government is doing to…
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Absa Bank Uganda will offer a two-month repayment holiday on salary loans to customers as schools reopen in January. The offer is available on salary loans with competitive interest rates for sums between UGX1 million to UGX250 million. “The pandemic has created economic pressures sending many into financial distress. With the impending school reopening, we are aware that parents will face challenges meeting school fees obligations. With our salary loan offering, we will be able to provide support to our customers by providing a two-month repayment break valid for all salary loans with zero arrangement fees. Customers can also apply…
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Stanbic Bank has signed a partnership with the Ministry of Health which will see the bank offer a range of low interest loans to government health workers across the country. The loans range from personal unsecured salary loans to secured loans, mortgages, vehicle and asset financing loans (VAF), said Anne Juuko, Stanbic Bank Chief Executive at the launch of the partnership event held at the Ministry of Health Headquarters in Kampala on October 18, 2021. Health workers (government) will be entitled to open an everyday banking account which attracts no monthly charges. However, workers with existing and different accounts in…
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Health Mnister Dr Jane Ruth Aceng has said that vaccine scarcity is now an issue of the past. “There are more than 5 million doses of vaccines in the country, with a consignment of Johnson & Johnson arriving soon, which would work toward increasing vaccination across the country,” she added. The first batch of 196,800 doses of the Johnson & Johnson vaccine arrived in Uganda on Thursday night. The country has thus far received 5,690,363 doses of Covid-19 vaccines from AstraZeneca, Sinovac, Moderna, Pfizer, and, most recently, J&J. A total of 2,282,414 doses have been administered, with a further 2,080,594…
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By Henry Njoroge There’s no doubt that the COVID-19 pandemic has impacted Uganda in both an undesirable and positive way to some extent and this trend will continue– at least for the next couple of years. The last few weeks have been uneventful for the larger part of private sector in Uganda, all because of the manifestation of the dark side of the pandemic that has left over 4.5 million global citizens dead and many businesses crippled. Many shoppers were taken by surprise when Shoprite announced its exit from Uganda –closing its five stores. Just before the news could sink…
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By Michael Jjingo Covid-19 has disrupted the ways of life in many aspects, not only the number of times we wash our hands, masking, the social distancing, online meetings, among others, but also stemmed business opportunities for those with an entrepreneurial sight. True, we are all well awash with information regarding the adverse effects of the pandemic, leaving aside the numerous concealed opportunities; Covidex being one of the kind. As we review the foregoing Covid-19 period, let’s salute Prof Patrick Ogwang’s timely invention of Covidex plus the business buzz it created, not forgeting the few middlemen who made a killing…
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