Behind the gleaming figures of a clean financial audit and commendable regulatory performance, the Uganda Retirement Benefits Regulatory Authority (URBRA) is grappling with internal cracks. URBRA regulates a sensitive sector…
By Julius Akais The landscape of agricultural financing in Uganda is undergoing a profound transformation, driven by a strategic approach that goes far beyond traditional lending models. At the heart…
The insurance sector in Africa, particularly in Uganda, presents a remarkable opportunity for growth and innovation. With a penetration rate of only 0.85% in Uganda and under 3% across the continent, the market is vastly underdeveloped compared to global averages, where insurance penetration typically hovers around 7%. As of 2023, the African insurance market is valued at approximately $87.4 billion, projected to reach $153.9 billion by 2032, reflecting a compound annual growth rate (CAGR) of 6.3% during this period. This stark contrast highlights the sector’s immense potential for expansion and innovation. Several factors drive this optimism, including a growing population…
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Ugandan startups raised $19m in 2024, bouncing back from the lowly $4.8m that they raised in 2023 as per Africa: The Big Deal database. Africa: The Big Deal database is a database that captures African startups’ funding since 2019. For a startup to be classified as African, it must be operating in Africa with an HQ on the continent, or one with an HQ outside Africa but with African founders building for Africa. The database also captures publicly disclosed deals or those shared by investors/founders. It captures deals from $100k since 2021. The $19m raised in 2024 is way off…
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According to the International Financial Centre (IFC), Africa has a credit gap of $330 billion. Some estimates put this figure as high as $800 billion. Due to low banking penetration, many Africans are unbanked and thus lack sufficient financial history to pass traditional credit analysis. This has led to the emergency of digital instant loan apps. Uganda has become a battleground of instant online loan apps that do little due diligence before they disburse loans. Many of these apps then engage in public shaming tactics and abuse of private data to coerce people into paying back. One of their favourite…
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South African fintech start-up Omnisient has received a $7.5 million investment from Arise, a company that invests in African financial service providers and fintechs that advance financial inclusion. Founded in December 2019, Omnisient is a privacy-preserving data collaboration and insights platform that allows the owners and users of consumer data to collaborate to extract commercial insights without compromising consumer privacy. The technology provides a controlled, secure environment in which data can be analysed. Omnisient’s innovative approach to preserving privacy while enabling retailers, financial services and healthcare firms to collaborate on consumer intelligence has earned numerous accolades, including ‘winner for social…
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Jumia Technologies AG, Africa’s e-commerce giant, has reported its financial performance for the second quarter of 2024, revealing a complex interplay of challenges and strategic responses. The company’s revenue for Q2 2024 stood at $36.5 million, marking a significant decline of 25% from the previous quarter and 17% from the same period last year. This downturn is reflective of broader economic challenges, particularly currency devaluations in key markets like Nigeria and Egypt, which have adversely impacted both purchasing power and operational stability. Financial Performance Overview. Jumia’s Gross Merchandise Value (GMV) also showed a decline, falling to $170.1 million in Q2…
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Ugandan startups have increasingly become attractive to VC firms across Africa. Outside the big four of Kenya, South Africa, Nigeria and Egypt, Uganda regularly hovers next to them competing with other startup ecosystems like Ghana, Senegal, Tunisia, Morocco and Rwanda for the best of the rest. Today, we will rank the biggest funding rounds ever raised by Ugandan startups from 2019-2024. For starters, let’s break down what an investment round is. Throughout their lifetime, startups raise funding to meet their growth and scaling targets. A single startup can raise multiple funding rounds over time. Startup funding rounds usually start with…
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Pan African fintech, Chipper Cash, has just hit a major milestone. They have issued over one million Chipper Cash virtual cards to people not only in Africa but also beyond. The startup claims to currently be the largest issuer of virtual cards in the whole of Africa in a market that has other fintechs like Eversend. In a blog post, the head of Consumer Products, Tefiro Serunjogi said, “The million milestone means a lot to us. Not only due to the positive impact the product is having on our customers’ lives but also because of the speed that it has…
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In venture capital, a ‘funding winter’ denotes a prolonged period marked by reduced capital inflow, posing formidable challenges for startups seeking investment. During this financial downturn, startups often contend with workforce cuts, delayed capital decisions, slashed departmental budgets, and diminished valuations compared to previous funding rounds. A funding winter serves as a rigorous test of resilience for founders, forcing them to navigate volatile market conditions, while also presenting investors with an opportunity to identify robust investment prospects amid the economic chill. The global startup funding winter, which started in early 2022 and shows no signs of abating in 2023, arose…
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