On the sidelines of the just-ended Annual Bankers Conference, CEO East Africa Magazine’s Paul Murungi caught up with Godfrey Sebaana, CEO of Diamond Trust Bank Uganda, for a quick dipstick on the bank’s performance and the state of the industry. In this brief but insightful exchange, Sebaana reflects on DTB’s growing balance sheet, healthy capital ratios, and strategic alignment with government-led growth sectors. He also shares the bank’s ambitions in the USD 1.4 billion remittance market, the opportunities of a well-capitalised industry now able to finance large-scale contracts locally, and the one thing about DTB that keeps him awake at…
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MTN in 2024 delivered yet another solid year, cementing its place as Uganda’s most profitable and actively traded listed company. With double-digit revenue growth and record earnings, the telecom giant showcased operational strength and investor confidence. Yet, looming over this strong performance is a strategic pivot that has analysts sounding the alarm: the planned spin-off of its fintech arm—MoMo—could significantly alter the company’s growth trajectory and valuation dynamics. Fintech Fuelled, But For How Long? MTN Uganda’s total revenue surged by 18.87% to UGX 3.17 trillion ($857.49 million) in FY2024, up from UGX 2.67 trillion in FY2023. Of this, fintech services…
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A growing diplomatic rift between Uganda and Germany threatens to cast a shadow over critical development projects, ranging from refugee support to energy infrastructure. The fallout, which stems from escalating tensions over governance and human rights concerns, may trigger economic spillovers that could stall or jeopardize Germany’s ongoing aid-funded initiatives in Uganda. A UPDF statement authored on May 26, cut military cooperation ties with Germany, with accusation that the German Ambassador in Uganda, His Excellency Mathias Schauer was engaged in illegal and clandestine activities. Germany’s development support to Uganda has traditionally taken the form of concessional financing and grants, aligning…
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Standard Chartered Bank Uganda Chief Executive, Sanjay Rughani has indicated that a number of major banks have expressed interest in acquiring the bank’s Retail and Wealth Business. The London-based group announced in November last year its intention to sell its Wealth and Retail Banking (WRB) businesses in Botswana, Uganda, and Zambia, as it seeks to concentrate resources on serving the cross-border needs of global corporate and financial institution clients. “We’re currently looking at the right partners who can buy that business. We’ve got a lot of interest but it’s still all work in progress…because it is a discussion with a…
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The Uganda Electricity Distribution Company Limited (UEDCL) has officially taken over the distribution network from Umeme Limited, marking the end of a 20-year concession period that began in 2004. This…
Stanbic Uganda Holdings Limited (SUHL) has once again proven its financial strength, posting a record net profit of UGX 478 billion in 2024, up from UGX 411.5 billion in 2023,…
March 4, 2025, marked the fifth World Engineering Day for Sustainable Development, a UNESCO initiative highlighting engineers’ role in advancing energy, water, infrastructure, and innovation. While progress in energy and…
An Auditor General’s investigation has exposed the Ministry of ICT and National Guidance for mishandling over UGX 13.8 billion, which was meant to support Ugandan innovators in developing their ideas and innovations from prototypes into finished products. Details show that in 2017, the government, through the Ministry of ICT and National Guidance, embarked on a National ICT Initiatives Support Program (NIISP) to create an ICT ecosystem that could provide local innovators with the necessary financial, technical, and infrastructure resources to incubate, develop, and market their products in Uganda, the East African Region, and beyond. However, a Value for Money Audit…
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Government offices have continued to default on water bills which have ballooned to UGX 73 billion as the burden shifts to ordinary Ugandans who shoulder most of the payments. Details submitted to Auditor General Edward Akol, reveal how National Water and Sewerage Corporation (NWSC) receivables, or amounts yet to be paid, clocked UGX 355 billion in water bills, out of which over UGX 72.5 billion (20%) relates to unpaid bills by Government Ministries, Departments and Agencies (MDAs). Some unpaid bills have been outstanding for more than two years. The Auditor General noted that the matter of unpaid bills was brought…
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By William Kayongo Small and medium-sized enterprises (SMEs) are the backbone of Uganda’s economy, contributing significantly to job creation, innovation, and economic growth. According to the Uganda Investment Authority, SMEs account for about 90% of the private sector, employ more than 2.5 million people, and produce over 80% of Uganda’s manufacturing output. Despite their pivotal role, SMEs often face a range of challenges, including limited access to finance, lack of adequate infrastructure, and minimal access to markets. Financing, in particular, remains a critical hurdle, with many SMEs struggling to secure the funds they need to grow, expand, or even sustain…
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