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With an overall score of 62.8, Uganda maintained its fourth position out of the 28 African countries measured under the 2023 Absa Africa Financial Market Index (AFMI) – a report that evaluates the financial development of countries with an overall aim of reducing the barriers to investment and boosting sustainable growth. The 2023 report was released early on Tuesday during the 2024 Economic Outlook Forum hosted by Absa Bank Uganda at the Kampala Sheraton Hotel – bringing together investors and experts from both the public and private sectors. According to the index, within Africa, Uganda ranks behind only South Africa…
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In 2021, we looked forward to and planned for 2022 with a high degree of optimism as the COVID-19-induced lockdown approached its end. The reopening of the economy in January 2022 would signal the release of critical sectors that are key to driving business growth throughout the economy. However, lurking in the shadows was the crisis in Ukraine and the spillover effect this would have on the global business environment. In Uganda, this would translate into high energy prices and rising commodity prices which led to a higher cost of living and put a considerable strain on both individuals and…
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Absa Bank Uganda has this morning released its 2022 financial results, reporting growth in deposits, lending, revenues as well as net profit and assets. The bank, a subsidiary of Absa Group, one of Africa’s largest financial services Groups announced that customer deposits in 2022, grew by UGX34.8 billion, from UGX2.42 trillion in 2021 to UGX2.46 trillion in 2022, a growth of 1.4%. Deposits’ growth was on the back of an “increase in the active customer base as a result of new-to-bank acquisitions and reactivation of inactive accounts”. “Additionally, there were increased customer engagements due to the capabilities built by the…
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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, yesterday, 20th April 2021, released their 2020 annual results, reporting a profit of UGX41 billion and growth in revenue to UGX316 billion. This is Mumba Kalifungwa’s first results, since he became Managing Director/Chief Executive Officer in April 2020, just about the time the country was entering into total Covid-19 lockdown. Speaking during a media briefing, held at Sheraton Kampala Hotel, Mr Kalifungwa said that the good results were born out of the bank’s demonstrated ability and commitment to stay by the customers’ side, even during the pandemic. “We achieved total revenue of UGX 316 billion and profit…
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Absa Group Limited, parent company of Uganda’s third largest bank by assets (UGX3.4 trillion as at end of 2019), Absa Bank on Tuesday announced the appointment of Nadine Byarugaba as Chairperson Board of Directors for Absa Uganda. Nadine, a Herriot-Watt alumnus who has served on the board since January 2016, replaces Swithin Munyantwali who left the position following his appointment to the board of Absa Group as Non-Executive Director in September 2019. Byarugaba’s appointment was confirmed by Peter Matlare, Deputy Group CEO of Absa Group Limited on Tuesday. “I am delighted to confirm Nadine’s appointment as Board Chair of Absa…
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Absa Bank Uganda has donated four (4) mobile isolation units valued at UGX 100 million to the Ministry of Health to aid in the emergency response to the COVID-19 pandemic. The donation was handed over to the Permanent Secretary in the Ministry of Health, Dr Diana Atwine, by the Ag. Chairman of the Board of Absa Bank Uganda Limited, Mrs Nadine Byarugaba. Speaking at the handover ceremony, Mrs. Byarugaba said, “We are proud to be part of the private sector’s concerted effort against the COVID-19 pandemic, and this contribution is just one of the ways which we are joining the…
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