On the sidelines of the just-ended Annual Bankers Conference, CEO East Africa Magazine’s Paul Murungi caught up with Fabian Kasi, Managing Director of Centenary Bank, for a quick dipstick on…
Uganda has set an ambitious target to raise UGX 37.2 trillion in domestic revenue in the Financial Year (FY) 2025/26, representing a sharp increase from the projected UGX 31.9 trillion in FY2024/25, as the government intensifies efforts to reduce dependence on debt and external financing. Delivering the budget speech at Kololo Independence Grounds, Finance Minister Matia Kasaija said the domestic revenue target will account for 60% of the national budget, with the balance to be met through a mix of concessional loans, domestic borrowing, and grants. The government is banking on stronger tax administration, increased economic activity, and digitised systems…
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MTN Uganda has officially announced a landmark proposal to structurally separate its mobile money and fintech operations from the core telecommunications business, a move set to redefine the company’s financial services footprint in Uganda and align to the Group’s Ambition 2025 strategy. The proposed transaction, to be tabled for shareholder approval during an Extraordinary General Meeting (EGM) on Wednesday, July 2, 2025, involves the amalgamation of MTN Mobile Money (U) Limited (MTN MoMo) into a newly created entity, MTN New FinCo, which will become the surviving company. Once complete, MTN MoMo will be deregistered from the companies register, and MTN…
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Uganda’s grand industrialisation project, fronted by the Uganda Development Corporation (UDC) under the stewardship of its Executive Director Patrick B. Birungi, is facing a reckoning. A forensic review of UDC’s books for the financial year 2023/2024 reveals a sobering pattern: over UGX 1.089 trillion invested in 17 companies, yet more than UGX 10.5 billion in loans remain uncollected, UGX 92.5 billion sits unspent, and core projects are stalled by legal ambiguities, poor governance, and delayed decision-making. At the heart of this financial quagmire is a leadership vacuum: for the better part of three years, UDC has operated with an incomplete…
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PostBank Uganda has recorded a 24% growth in its agribusiness loan book between 2023 and 2024, reflecting the bank’s robust commitment to transforming Uganda’s agricultural sector. This growth is a…
Uganda Registration Services Bureau (URSB) registered a significant increase in borrower securities or collaterals under the Security Interest in Movable Property registry in the year ended June 2024, an indication of increased search for credit. Data contained in the URSB Annual Report for the 12 months to June 2024, indicates that during the period, borrowers registered double the number of securities against which more than 11,350 loans were advanced in the 2023/24 financial year. Data further indicates that registered securities – as collateral for loans – increased by 57.5, rising by 4,551 from 6,179 in the 12 months to June…
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Airtel Uganda has reported a profit after tax (PAT) of UGX 316.7 billion for the 12 months to December 2024, signalling improved performance compared to in the same period in 2023. The UGX 316.7 billion was UGX 19.7 billion higher than the UGX 297 billion that the telco reported in the 12 months to December 2023. The growth was largely due to the telco’s strong revenue performance, continued cost efficiencies, innovation, stable macro-economic environment and commitment to meeting the needs of clients and employees. Airtel kept a sustained growth in 2024, with revenues of UGX 1.987 trillion, an 11.4% increase…
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Stanbic Bank Uganda has announced an increase in its unsecured loan offering to Savings and Credit Cooperative Organizations (SACCOs) from sh200 million to sh4 billion, attained at an interest rate of only 10%. This bold step was unveiled during the bank’s SACCOs Forum, recently hosted at Onomo Hotel in Kampala. Francis Karuhanga, the Chief Executive of Stanbic Holdings Uganda Limited (SUHL) said the decision to elevate the SACCO preposition is a strategic response to the feedback gained from the previous engagements with Cooperative leaders across the country and the growing demand for affordable financial solutions, a move that perfectly…
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Latest data from Bank of Uganda (BOU) shows Ugandan banks and other supervised financial institutions, remain profitable and adequately capitalised following a surge in net-after-tax profit to UGX 1.4 trillion registered for the Financial Year ending June 2024. The UGX 1.4 trillion is higher than the UGX 1.3 trillion registered in the year to June 2023, showing an increase by a billion shillings. The data is based on the BOU annual report published at the end of October. BOU noted that the net earnings in the review period were mainly driven by increased interest income and a reduction in provisions…
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