The Standard Bank Group has named Francis Karuhanga as the new Chief Executive for Stanbic Uganda Holdings (SUHL), the listed entity under which Stanbic Bank, Uganda’s largest bank is operated. SUHL is also the holding entity for the Group’s four other subsidiaries—Stanbic Properties Limited, SBG Securities, Stanbic Business Incubator, and FlyHub. Francis Karuhanga replaces Andrew Mashanda, who according to Patrick Mweheire, the Standard Bank Group Regional Chief Executive for East Africa, will be taking on a new role within the Group—after December 31, 2023. “It is worth noting that Mr. Karuhanga has accepted to leave his current role as Group…
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The headline Stanbic Purchasing Managers Index (PMI) reached its highest point this year, posting 57.4 during May, up from 55.4 in April as success in securing new customers had a positive impact on the Ugandan private sector. Meanwhile, this further expansion in new orders and business activity has resulted in companies increasing their own input buying and raising staffing levels. The latest reading is above the 50.0 no-change mark for the seventh time in as many months and also higher than the series average of 52.5, reflecting widespread optimism that business activity will continue to expand over the coming 12…
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Standard Bank Group has arranged sustainability-linked, multi-currency facilities to support M-KOPA’s growth in Kenya and Uganda Regarded as a pioneering and leading fintech platform, M-KOPA’s solutions provide underbanked customers with instant access to everyday products and services via its flexible credit model. M-KOPA’s customers are able to acquire a broad range of productive assets such as high-quality smartphones, solar powered systems, electric motorbikes as well as digital financial services, which include cash loans and health insurance, all accessed through digital micropayments, in East and West Africa, thereby stimulating financial access and inclusion. Since its inception in 2011, M-KOPA has provided…
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Patrick Mweheire Regional Chief Executive – East Africa Standard Bank Group The amiable Mweheire is a man of many firsts. He was the first Ugandan Chief Executive Officer of Stanbic Bank in the bank’s 116-year history. He is as well the first Ugandan to rise to the level of Regional Chief Executive. Patrick joined Stanbic Bank Uganda in 2012, as Executive Director- Head of Corporate & Investment Banking from whence he was in January 2015, appointed Managing Director. In March 2020 he was appointed Regional Executive, East Africa, overseeing Kenya, Uganda, Tanzania, Ethiopia and South Sudan. In the 4 years,…
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Standard Bank’s diverse team and skillsets have been recognized at the Global Finance Awards 2022 after taking home wins in more than a dozen categories. Throughout the year, leading finance publication, Global Finance, honours the best banking institutions and their capabilities following stringent analysis alongside globally recognised corporate and financial executives, bankers, and banking consultants. This year, Standard Bank was selected as the winner in the following categories: • Global Finance World’s Best Banks in Africa 2022 for South Africa and Malawi • Global Finance World’s Best Sub-Custodian Banks 2022 for Africa and separate regional awards for Ghana, Kenya, Mozambique….
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The phenomenal growth of Stanbic Bank’s East Africa Borderless Banking platform has revealed a pent-up demand for secure, real-time transactions across international borders. Spanning a single network that includes Uganda, Tanzania, Kenya and South Sudan, the Borderless Banking solution has grown exponentially starting January 2021 to March 2022, at a rate of US$40million of transactional volume from virtually zero in January 2021. From February to March 2022 alone, the volume of successful transactions grew 24%, with a total value US$3.5million in transactions processed in March. “Clients in the region have long been struggling to access cross-border transactions platforms that offer…
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On May 26, Standard Bank claimed the prestigious title of ‘African Bank of the Year’ at the esteemed 2022 African Banker Awards held in Accra, Ghana. The title is a testament to Standard Bank’s quality of service and dedication to the continent as the category was judged not only on business performance, but on an institution’s overall impact in assisting clients navigate the troughs of COVID-19, offering industry-leading technological solutions, supporting traditionally marginalized sectors, fostering opportunities for women empowerment, and bringing value to stakeholders. Sim Tshabalala, Chief Executive of the Standard Bank Group, said: “This honour is for all Standard…
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Standard Bank Group has appointed Nonkululeko Nyembezi as the Board Chairperson-designate. She will also double as Chairperson Standard Bank of South Africa. “This is a profound and historic strategic moment – at once a proud celebration of unquestionable excellence and a moment of restorative justice,” said Chief Executive of the Standard Bank Group Sim Tshabalala. Nyembezi is a South African business executive who has been active in steel, telecommunications and finance. Her experience includes being both a board chairman and a member of board committees, with core expertise in strategy, planning, execution, governance and corporate stewardship. It is hugely significant…
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Fitch, the international credit rating agency has affirmed Stanbic Bank Uganda Limited’s (SBU) Long-Term Issuer Default Rating (IDR) at ‘B+’ while it also maintains its ‘AAA’ rating in Uganda. According to Fitch, SBU’s National Ratings reflect its creditworthiness relative to other issuers in Uganda. SBU’s ‘AAA (uga)’ National Long-Term Rating is the highest possible on Uganda’s national scale and considers potential support available from Standard Bank Group. SBU’s Long-Term IDR is one notch below that of SBG, reflecting SBU’s strategically important role in the group’s regional operations. SBU is Uganda’s largest bank accounting for 22% of banking sector assets as…
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Standard Bank has emerged as the most valuable banking brand on the African continent for 2022 in Brand Finance’s annual ranking of the world’s Top 500 Banking Brands, after increasing its brand value by 26% to USD1.583 billion. This significant increase in brand value has seen Africa’s largest financial services organisation by assets jump 17 places to rank 145th globally. For a third consecutive year, Standard Bank has also increased its reputation score above the South African banking sector average, according to Brand Finance’s Global Brand Equity Monitor. Every year, Brand Finance puts 5000 of the biggest brands to the…
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