Kenya’s Gross Domestic Product (GDP) growth is projected to slow down to 5% in 2024 from 5.3% in 2023 before jumping to 5.3% in 2025. Apart from Kenya, Côte d’Ivoire and Benin, other frontier markets are expected to start issuing…
Africa’s massive debt load and the nature of many of its resource-backed loans are compromising its economic potential, the African Development Bank’s (AfDB) President Akinwumi Adesina said recently. “I think it’s time for us to have debt transparency accountability and…
Tappi, an end-to-end digital commerce SaaS solution tailored for Africa’s MSMEs, has signed a Memorandum of Understanding with the Kenya National Chamber of Commerce and Industry (KNCCI) to deliver digital services specifically geared towards bolstering online credibility and identity for…
In a strategic move to improve financing for Quickteller agents, Asante Financial Services Limited and Interswitch have partnered to unveil a pioneering credit service called Agent Float Financing. The new service, which was designed to cater to the distinct credit…
Roke Telkom has today launched a Fibre to the Home (FTTH) and Fibre to the Enterprise (FTTE) services campaign dubbed “Live The Roke Life”, marking a significant milestone for the company as it directly connects residences, enterprises, and institutions to…
I&M Bank Uganda has partnered with the Nnaabagereka Fund for the inaugural Queen’s Ball, a prestigious dinner event aimed at supporting women, youth, and children in Uganda. The Queen’s Ball, scheduled to take place on May 9, 2024 at the…
TotalEnergies Marketing Kenya Plc’s net profit increased to KSh 3.02 billion in 2023 from KSh 2.44 billion in 2022 despite a decline in global oil and gas prices and a weakening Kenya Shilling against the US Dollar as sharp increases…
Johnson & Johnson had received scorn for executing the so-called Texas Two-Step bankruptcy strategy. The healthcare titan was facing thousands of claims about allegedly carcinogenic talcum powder. Taking advantage of a quirk in Lone Star State law, it created a…
Parliament has approved a supplementary expenditure budget worth Shs1.106 trillion for settling the offtake arrangement between government and DEI Pharmaceuticals, wage and pension and gratuity shortfalls. During plenary on Tuesday, 30 April 2023, the Deputy Chairperson of the Budget Committee,…
Housing Finance Bank has announced a profit after tax of Ushs 65.1 billion for the financial year ended December 31, 2023. The Bank attributed the 11.3% year-on-year growth in net profits to digital transformation and revenue diversification efforts. In the…
Carrefour, operated by Majid Al Futtaim in Uganda, has announced a UGX 7 million sponsorship of the Kyambogo Ultra Challenge Run, scheduled for May 4th, starting at the Kyambogo University Cricket Oval. The Kyambogo Ultra Challenge Run, held annually since…
Diamond Trust Bank Uganda has released its annual performance results for 2023 reporting a steady double-digit growth across all major metrics such as deposits, customer lending and income, as well as net profit and total assets. The bank reported that…
LR: The Speaker of the Parliament, Anita Annet Among, Mary Goretti Kitutu, the Minister for Karamoja Affairs between 2021 and 2024, Agnes Nandutu, the State Minister for Karamoja Affairs between 2021 and 2024. The UK has imposed sanctions…
In a collaborative effort to propel Africa’s transition towards a sustainable future, AfriLabs, a pan-African network of innovation hubs, has partnered with Emerge Green Africa. This impactful project aims to unlock green development across the continent by leveraging innovative energy…
Mastercard has partnered with Johannesburg-based fintech company SAVA to bolster financial inclusion for small and medium-sized businesses (SMMEs) in Africa. This collaboration aims to equip SMMEs in South Africa, Nigeria, Kenya, and Egypt with innovative financial tools to streamline their…
PHOTO COURTSEY: Kigali Business Centre The Rwandan Ministry of Information Communication Technology and Innovation, alongside the World Economic Forum, launched the Centre for the Fourth Industrial Revolution (C4IR) in Rwanda, marking a first for the African continent. C4IRs are hubs…
PHOTO COURTSEY: Sheila Sabune, Corporate Relations Director, Uganda Breweries Limited Sheila Sabune has been appointed Uganda Breweries Limited (UBL) Corporate Relations Director, with effect from 1st May 2024. She has over two decades of expertise in Operations Management, vast experience…
Telecom giant MTN Uganda has announced a historic milestone of reaching 20 million active customers. At a special staff town hall meeting attended by a distinguished delegation from MTN Group and MTN Uganda’s leadership on Monday, Teopister Nakyanzi from Busuula…
The Commercial Division of the High Court has ordered the winding up of Jomayi Property Consultants Limited over its failure to pay its debt owed to NC Bank. The order to wind up comes after NC Bank failed to recover…
The URA Commissioner General, John R. Musinguzi has called upon the early adopters of the Electronic Fiscal Receipting and Invoicing Solution (EFRIS) to support their counterparts who are still facing challenges to enable EFRIS fully take off. He made the…
Standard Chartered Bank Uganda has seen a significant rise in profits, doubling from Shs 40billion to Shs 80billion for the year ended December 2023. On the other hand, Bank of Baroda experienced a 2.29% decline in profits to Shs 153billion…
Absa Life Assurance Kenya (Absa Life), an Absa Group subsidiary, has reported an increase in gross profit to KSh 862 million in 2023. “Absa Life continues to maintain a healthy quality of portfolio in the products we provide to the…
Wallace Pescarini, the President of SLB Offshore Atlantic Basin // PHOTO COURTSEY Ernest Rubondo, the Executive Director of the Petroleum Authority of Uganda, has commended SLB (formerly known as Schlumberger) for its efforts in advancing women in Science and Technology. SLB…
In the ever-evolving landscape of financial services, one term has been making significant waves – Bancassurance. This harmonious combination of banking and insurance not only simplifies a complex concept but also creates a dynamic synergy that benefits both the banking…
Uganda’s business community is set to strengthen its connections and seize new opportunities as Business Network International (BNI) Uganda hosts the BNI Expo, scheduled to take place on May 31 and June 1, 2024, at the UMA Show Grounds in…
In a groundbreaking move, TotalEnergies, a global leader in energy production and innovation, is revolutionizing employee engagement and empowerment, extending its transformative initiatives to its workforce in Uganda. This strategic shift not only aligns with TotalEnergies’ ethos of sustainability and…
The Central Bank of Kenya (CBK) Weekly Treasury Bills Auction underperformed for the first time in 8 months. Bids received by the fiscal agent at this week’s auction amounted to KSh 23.6 billion, a performance rate of 98.2%, with the monetary authority…
Makerere University, together with the Ministry of Lands, Housing, and Urban Development and the Urban Authorities Association of Uganda (UAAU) are set to undertake an urban expansion planning drive that will result in better-planned cities and urban areas in Uganda.…
Paris, April 26, 2024 – Employee shareholder ownership is the best way to associate the employees with the Company’s transition strategy, and therefore it is at the heart of TotalEnergies’ value sharing policy. Therefore, on April 25, 2024, TotalEnergies’ Board of…
Salaam Bank Uganda, a provide of Shariah-compliant financial services, has won the Best New Islamic Bank award at the prestigious Islamic Finance News (IFN) Global Awards, 2024. The coveted global award recognises the bank’s commitment to providing innovative and customer-centric…
Rotary International President Representative Brenda Cressey and speaker Anita Among at the 2024 Cancer Run launch at Nsambya Hospital. Looking on right is Fabian Kasi the Managing Director of Centenary Bank (right Centenary Bank, together with its subsidiary, Centenary Foundation…
Uganda Baati has launched its 60th anniversary campaign at a media event held in Kampala today. Founded in 1964, Uganda Baati has been at the forefront of the steel manufacturing industry, introducing numerous advancements and achieving many firsts in Uganda…
The world’s electric car fleet continues to grow strongly, with 2024 sales set to reach 17 million. Despite near-term challenges in some markets, based on today’s policy settings, almost 1 in 3 cars on the roads in China by 2030…
The Government of Uganda raised a total of Shs982.61 billion from auctioning of two treasury bills and one Treasury bond in the month of March 2024. Particularly, Shs501.53 was from Bills while Shs 481.08 billion was from the Bond auction.…
The African Development Bank Group (AfDB) has reached a negotiated settlement with China Henan International Cooperation Group over failure to disclose it used a commission agent for a road project in Uganda. China Henan found itself on the wrong side…
The Board of Directors of the African Development Fund, the concessional lending arm of the African Development Bank Group, has approved a partial credit guarantee to support Rwanda’s mobilisation of financing to implement green and social initiatives. The Partial credit…
FSDAi Nyala Facility BV, a facility set up by FSD Africa Investments to invest in emerging local capital providers, is injecting US$1 million into Linea Capital, a South Africa-based financier. Linea Capital specializes in revenue-based finance (RBF), an innovative model…
Kenya’s largest media house, Nation Media Group, has announced a loss of KSh 205.7 million in the full year 2023, from KSh 318.5 million profit in 2022. “As we embark on our Digital Northstar journey, a decision was made to…
Ugandan business leaders have been urged to make a strategic shift towards proactive risk management. Key speakers called for a change in strategey, at a recent breakfast forum co-hosted by Marsh, a global leader in insurance broking and risk management,…
Absa Bank Uganda in collaboration with Bishop Stuart University Mbarara, commemorated World Earth Day on Monday by planting 500 trees. The initiative spearheaded by Absa Bank’s Business Banking Director Albert Byaruhanga brought together Absa staff, university staff and students and aimed…
FSD Africa Investments and Allied Climate Partners have today entered into an Memorandum of Understanding and will partner to address a critical financing gap for climate infrastructure, mitigation and adaptation in Africa. This aligns with the core missions of both…
Maxwell OKello, the esteemed Chief Executive Officer of America Chamber of Commerce (AmCham) – Kenya As the curtains rise on the highly anticipated AmCham Business Summit in Nairobi, Kenya, the spotlight converges on Maxwell OKello, the esteemed Chief Executive Officer…
At MTN Uganda, our customers are at the heart of everything we do. It is this customer-centric approach that has propelled us to be recognized as the Fastest Mobile Network in Uganda in 2023 by Ookla, a global authority in…
291 enterprises across the country are to benefit from the first phase of the Enterprise Development Program that commenced Tuesday, courtesy of Uganda Development Bank and other organisations. The program’s focus is on training in management best practices, debt management,…
Vodacom Tanzania PLC has acquired broadband internet provider, Smile Communications, after purchasing all its shares to a tune of US$ 27.4 million. In 2022, Smile Communications was salvaged from financial insolvency by a Saudi-based investor, Al Nahla Group. Smile received…
Samsung has overtaken Apple as the leading mobile devices provider, to occupy the top spot at the end of the first three months of this year-(Q1 2024). Samsung now enjoys a market share of 20.8% followed by Apple (17.3%), Xiaomi…
Jubilee Health Insurance net earnings for the financial year 2023 increased 29 per cent to KSh 438 million up from KSh 339 million during a similar period last year. Speaking while announcing the results, Njeri Njomo, Jubilee Health Insurance CEO…
The Forum for African Women Educationalists (FAWE) announced a new seven-year extension of its partnership with the Mastercard Foundation to build on the success of its decade-long mission to elevate young women and men in Africa. Unveiled at Kampala on…
Absa Bank Uganda has reported a growth in revenue by Sh64 billion, amounting to a 15.6% growth from the previous year and resulting in a profit after tax of Sh146 billion, according to financial results for the year ended December…
Port-Louis, 16 April 2024 – SBM Bank (Mauritius) Ltd (SBM Bank), one of the leading banking institutions in Mauritius, and the Eastern and Southern African Trade and Development Bank Group (TDB Group) have signed a Memorandum of Understanding (MoU) to collaborate on…
Uganda Breweries Managing Director Andrew Kilonzo said the expected increase in government revenue will not materialize as the 20% tax increase on both locally manufactured and imported spirits will make the products unaffordable to consumers thus resulting in reduced volume…