Take care of your health and/or invest in insurance. If the pandemic has taught us anything, it’s that your entire savings and investments (your life’s work) can be wiped out by a single medical emergency. Diversify your savings and investments. This presents some shields against the depletion of savings or business losses in one option and the disillusionment that comes with it. There are various options available beyond keeping your money in a single savings account. Look out for unit trusts, voluntary pension funds and the like. Learn to manage inherited wealth. Inheriting property, stocks, cash etc. doesn’t mean you…
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In his parting shots, after his two-year stay at Stanbic Bank, Elijah also draws on his larger 20+ years of knowledge in Uganda’s tech space and shares 5 key lessons to especially those aspiring to become tech executives. Innovation: The threats that financial institutions face are complex and fast evolving. Your balance between risk and innovation will be tested. Focus: Whatever you do, don’t spread yourself thin. Find the one thing that if you get right will make room for the rest. The one thing that if you don’t get right, nothing else you get right matters. That’s the…
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Asiimwe is a Ugandan advocate and policy leader with over 20 years of experience as a development advisor and practitioner. She is the current Chief of Programmes TradeMark Africa (TMA)⏤ formerly TradeMark East Africa, an Aid-for-Trade organisation that was established in 2010, to grow ⏤initially East Africa’s and now the African continent’s prosperity through increased trade. She is passionate about shaping Africa’s narrative and practice on governance, trade, regional integration and development issues. She has designed and managed programmes for government agencies, the private sector, civil society and donors across the African region (including in all East African Countries, Egypt,…
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The Income Tax Bill published on 30th March 2023 is spectacular in that it attempts to make dramatic reforms in tax. Apart from doing away with the incentive for investors called initial allowance (50% of the cost base of an eligible property in a radius of 50km outside Kampala and 20% within that radius), it has introduced a wider-ranging tax on digital transactions. Of the proposed reforms, perhaps one that will most likely have wide-ranging effects, if not checked by Parliament, is the redesigning of the policy on the sale of assets which has been upgraded from taxing business assets…
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The interview takes place at her office on the 11th floor of the imposing Crested Towers building where Stanbic Uganda corporate headquarters are located. Getting there earlier than the noon appointment on a Tuesday afternoon, I am asked to wait in the lobby overlooking the parliament of Uganda, the green serenity of Serena hotel and the Victorian architectural marvel of the UBC headquarters. Thirty minutes past noon, Anne as she is fondly called by colleagues emerges from an adjoining conference room with the bank’s People and Culture head, David Mutaka, and half a dozen young persons with physical disability who…
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Not only has he worked for the world’s leaders in digital payments at senior levels, but he has also done so at a scale. Molla is presently the Managing Director & Head of Sub-Saharan Africa for Banking Payments Commerce (BPC)- a region, covering 22 countries in Subsaharan Africa. Banking, Payments and Commerce (BPC) is a Switzerland headquartered global financial technology company that builds payment solutions for Central banks, commercial (neo)banks, issuers, acquirers, PSPs, transport operators and governments in over 100 countries across 5 continents. At BPC, Molla is leading the setting up of a BPC team while at…
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All organisations and individuals are subject to fraud risk. It is therefore essential to prioritize fraud prevention and detection to protect every organisation’s and its stakeholders’ interests. Fraud can come in many forms, from simple company property theft to complex financial schemes. It can cause significant financial loss and damage to an organisation’s reputation, as well as legal and regulatory problems. While most of clients do not commit fraud, some do, leading to losses for the defrauded. To prevent and detect fraud, it is important to establish strong internal controls and implement effective risk management practices Although it is impossible…
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Uganda has one of the highest costs of the internet in the region largely attributed to high taxation. As we set out in this publication, it is time for the government to re-examine its policy stance on the taxation of internet connectivity services in Uganda to make it more affordable. Imported internet Prior to selling internet connectivity services to customers in Uganda, the Internet Service Providers (“ISPs”) import the same either via satellites or fibre optics. As we expound further in this article, at this point of importation of this internet by the ISPs, there is imposed a tax known…
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Nation Media Group’s Business Daily has released its much-anticipated Top 40 Under 40 Male business executives for 2021 a list of 40 business executives, who according to the publication, have shown resilience amid an economic downtown. The Top 40 Under 40 is an annual selection of the most influential and progressive personalities who have left a mark in corporate Kenya and business. The team of Top 40 men were feted to a gala dinner at the Park Inn by Radisson Hotel in Nairobi. Each of the winners was awarded a lion head sculpture trophy. Alexander Oketch, Regional Projects Development Director-General…
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Whether at the workplace or at the business venture, women are continuously pushing the barriers to achieve their goals in life. Regardless, there are still so many glass ceilings to break and more women to uplift. Here below is some advice, derived from either talking directly to some of our women leaders and or sifting through some of the stories that we have run before. Do not be deceived – winning hardly ever comes easily, early or the first time you try. I got into Oxford University to read Medicine on my third attempt. I was sponsored on my 76th…
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