The Kenya Commercial Bank (KCB) Uganda has taken a significant step in supporting the growth and resilience of Uganda’s energy industry by unveiling two new products specifically designed for the oil and gas sector.
The products, launched during the KCB PowerTalk roundtable event, held at the Sheraton Kampala Hotel on Friday, are aimed at addressing the unique challenges faced by companies operating in this sector.
Aisha Najjingo Muwanga, the Manager, Corporate Banking at KCB, unveiled this Trade Finance Offering for the Oil and Gas Sector during the event, which she said is a strategic step in supporting the growth and resilience of Uganda’s energy industry.
“These solutions are a direct response to the sector’s need for flexible, reliable financial support to navigate regulatory demands and operational pressures,” Najjingo said.
New Products to Drive Growth
Najjingo revealed that the two new products unveiled by KCB Uganda are:
Unsecured Tax Payment Facilities
She noted that this product empowers companies to meet their tax obligations without locking up their working capital.
This, Najingo explained, will enable companies to manage their cash flow more effectively and ensure that they can meet their tax obligations without compromising their operational efficiency.
Collateral Management Solutions
This product, Najjingo said, enables the efficient and secure importation of petroleum products. She opined that this solution will help companies to manage their inventory and logistics more effectively, reducing the risks associated with the importation of petroleum products.
Addressing Sector Challenges
The launch of these products is a direct response to the sector’s need for flexible and reliable financial support. According to Najjingo, companies operating in the oil and gas sector face unique challenges, including regulatory demands and operational pressures.
As such, the products unveiled by KCB Uganda are designed to address these challenges and provide companies with the financial support they need to operate efficiently.
Collaboration and Partnership
The launch of these products, Najjingo highlighted, is a testament to KCB Uganda’s commitment to collaboration and partnership.
She revealed that indeed, the bank is working closely with key stakeholders, including the Uganda National Oil Company Limited (UNOC), Ministry of Energy and Mineral Development (Uganda), Petroleum Authority of Uganda, Uganda Revenue Authority (URA), and Uganda Bankers’ Association, to develop products that meet the specific needs of the sector.
Driving Growth in Uganda’s Oil and Gas Sector
The products unveiled by KCB Uganda are expected to drive growth in Uganda’s oil and gas sector by providing companies with the financial support they need to operate efficiently.
The products will enable companies to manage their cash flow more effectively, reduce risks, and increase their operational efficiency.
The launch of KCB Uganda’s Trade Finance Offering for the Oil and Gas Sector is a significant step in supporting the growth and resilience of Uganda’s energy industry.
The products unveiled by the bank are designed to address the unique challenges faced by companies operating in this sector and provide them with the financial support they need to operate efficiently.
With these products, KCB Uganda is well-positioned to drive growth in Uganda’s oil and gas sector and support the country’s economic development.