Ahead of the event, David Wandera FCCA, the Absa Executive Director & Head of Financial Markets discusses the financial markets landscape in 2023 and why it is important for financial markets actors, policymakers and other stakeholders to attend and or follow the release of the #AFMIIndex2024. From your perspective as a key financial markets actor in Uganda, how did Uganda’s financial markets perform in 2023? The Ugandan financial markets performed well – especially when compared to global and regional financial markets. Specifically, the currency remained fairly stable – depreciating less than 2% compared to several other African currencies that depreciated…
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Ramathan Ggoobi, the Permanent Secretary and Secretary to the Treasury (PSST) and Dr. Michael Atingi-Ego, the Bank of Uganda Deputy Governor are headlining this year’s Africa Financial Markets Index (AFMI) Report Presentation and Economic Outlook Forum. Now in its seventh year, the Africa Financial Markets Index (AFMI) is a collaboration between the Absa Group and the Official Monetary and Financial Institutions Forum (OMFIF). Each year, the AFMI assesses 28 African nations on economic development using specific indicators that consider market accessibility, transparency, and openness. Ggoobi who is the chief guest and Dr. Atingi-Ego, the keynote speaker, are both accomplished economists…
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Patricia Nshemereirwe has been appointed as Chief Operating Officer, Absa Bank Uganda Ltd. In a statement, the bank said Nshemereirwe is a seasoned financial services professional with 20 years of experience in the banking and financial services industry. “She brings significant experience to her new role, taking leadership and oversight responsibility over the bank’s operations and Information Technology function,” the bank said. Before joining Absa, she served as Head of Integrated Channels/Client Coverage at Stanbic Bank Uganda – where she spearheaded the bank’s Distribution, Agent Banking, and Virtual and Digital Channels strategy and execution. She was also head of Operations,…
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You never get a second chance to make a first impression, so it’s been said. Indeed, Absa Bank Uganda, a subsidiary of Absa Group, one of Africa’s largest financial institutions, has spared in doing its best as Airtel Uganda’s Lead Transaction Advisor⏤ for obvious reasons. First of all, it is the sheer size and significance of the Airtel IPO. The telco has put up for the IPO, 8,000,000 shares (20% of the issued shares) for UGX100 per share, a transaction that should realise some UGX800 billion (USD 212 million) that the company says it needs to bulk up funding for…
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Ugandan financial markets have been ranked in the top spot in East Africa and the fifth on the African continent, according to the just-released 2021 Absa Africa Financial Markets Index. A collaboration between the Official Monetary and Financial Institutions Forum (OMFIF) and Absa Group Limited the index assesses the progress and potential of 23 African financial markets, across six key pillars, namely: market depth, access to foreign exchange, market transparency, the capacity of local investors, macroeconomic opportunity, and the legality and enforceability of standard financial markets master agreements. A higher index and or rank means that a country’s financial markets…
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Absa Bank Uganda has hosted selected journalists to an in-depth analysis of the financial markets ahead of the unveiling of the 2021 Africa Financial Markets Index (AFMI) report on Tuesday 25th January 2022. The training, led by David Wandera, Absa Uganda’s Executive Director and Head of Markets, was aimed at providing a platform for the media to get a better understanding of Uganda’s financial markets. The index is conducted by Absa Group in partnership with the Official Monetary and Financial Institutions Forum (OMFIF) acts as a guide to be used by policymakers and market participants to promote open, accessible and…
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Absa Bank Uganda has announced four new appointments to the Bank’s Board of Directors. The new appointees are Non-Executive Directors Alex Rugamba, Sophie Nkuutu, and Phillip Aliker as well as Executive Director David Wandera, who collectively bring together over 85 years of experience in the transport and energy, accounting, international trade law and financial services sectors, respectively. Speaking to the appointments, Nadine Byarugaba, Board Chairperson, Absa Bank Uganda Limited said, “The COVID-19 pandemic has highlighted the need for businesses to adapt their strategies to the realities of the times. Coming with a wealth of experience from across various sectors, the…
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Absa Bank Uganda is one of the entities that has been honoured for its contributions as one of the platinum partners in the development of the Mengo Hospital Rotary Blood Bank. Mr. Shekar Mehta, President of Rotary International, presented the award to Mr. David Wandera, a Rotarian and Absa Bank Uganda’s Head of Markets, at a ceremony held at Mengo Hospital. While speaking at the ceremony, Mr. Mehta said, “I congratulate you PDG Emmanuel Katongole and all the other people and organizations that have contributed to the Mengo Hospital Rotary Blood Bank to not only serve but change the lives…
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The low rate of vaccination against COVID-19 in sub-Saharan Africa is hindering the economic recovery prospects of the region’s countries, experts have said. While recently presenting the Absa East Africa Macro Outlook for the second half of 2021, Ridle Markus, the sub-Saharan macroeconomist at Absa Group said, “With regard to economic growth, it has been noted that sub-Saharan Africa is lagging behind the rest of the world, in part due to a low rate of COVID-19 vaccination – standing at about 3 doses per 100 people.” In Uganda, out of a population of more than 42 million, 1,123,221 vaccine doses…
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Recent progress in the Uganda’s long-delayed oil development has brightened Uganda’s longer-term economic prospects following the agreements signed by Uganda and Tanzania on the construction of the US$4bn cross-border oil pipeline between the Lake Albert region in Uganda and the port of Tanga in Tanzania, a research report released by Absa Group on the performance of economies in Sub-Saharan Africa has revealed. “Recent developments in oil and gas industry will transform the economy in the coming years, boosting investment into related sectors and pushing economic growth higher. Total aims to commence oil exports by 2025, with a total of 230,000…
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