Category FinCom & Investor Relations
Umeme Profit Drops to USh 11.5 Billion
Umeme, Uganda’s electricity distribution company has recorded a significant drop in its full-year financial result for the period ended 31 December 2023, driven by accelerated amortization of intangible assets. “As the natural term of concession is coming to its end…
Fintech Maven Innocent Kawooya appointed Chairperson of BOU Gender Inclusive Finance Working Group
Uganda’s seasoned advocate for financial inclusion Innocent Kawooya has been appointed as the Chairperson of the Bank of Uganda’s Promote Gender Inclusive Finance Working Group. Kawooya is the Chief Executive Officer of Hipipo Uganda, a leading digital age organization that…
UGX.7 Trillion approved for Uganda firms in Oil and gas sector
The governing board of the Uganda Chamber of Mines and Petroleum (UCMP) and the Petroleum Authority of Uganda Officials shortly after a recent meeting to discuss issues on how National Participation of Ugandan companies can be enhanced in the oil and gas sector
KCB Group Profits Drop, Declares No Dividends for the Full Financial Year 2023
From Left: KCB Group, Finance Director, Lawrence Kimathi, Group Chairman, Dr. Joseph Kinyua and Group CEO, Paul Russo exchange notes during the release of the 2023 Full Year Financial results. KCB Group recorded a decline in net profit in 2023…
Co-op Bank attribute growth in profit to reduced operating expenses, shareholders to approve dividend payment over a virtual meeting
Gideon Muriuki, the Managing Director at Co-operative Bank of Kenya Co-operative Bank of Kenya has posted a 5.2% growth in net profit to Shs23.2 billion in the financial year ended December 2023 on increased income and reduced operating costs. The…
KCB set to sell struggling subsidiary to Access Bank
KCB Group, Chief Executive Officer, Paul Russo KCB Group CEO Paul Russo has confirmed that the regional lender is in the process of selling its struggling subsidiary National Bank to Nigerian lender Access Bank. “The board evaluated three options and…
Absa Profits Grow 12% to KSh 16.4 Billion
Yusuf Omari, Chief Finance Officer, Absa Bank Kenya Absa Bank Kenya Plc has announced a 12% increase in net profit to KSh 16.4 billion for the financial year ended 31st December 2023. These financial results come at a time when the…
NCBA Group and Proparco Join Forces to Facilitate Green Financing and Women Economic Empowerment in Kenya in Line with Sustainability Commitments
NCBA Group, a Leader in the Kenyan financial services sector, has today signed a USD 50 million facility with Proparco a subsidiary of the AFD Group focused on private sector development. The funding will go towards delivering NCBA`s “Change the…
Kenyans run to cheaper brands as Inflation rises – Old Mutual
Kenyans are moving to cheaper brands and cheaper rented property as a way of managing expenses resulting from high inflation in the country recently, an Old Mutual Financial Services survey shows. “To cope with financial pressures, females in Kenya have…
NSE hold stakeholder engagement in preparation to the launch of the proposed hybrid bond market
The Nairobi Securities Exchange has today held a stakeholder engagement forum with commercial banks in preparation to the launch of the proposed hybrid bond market that will combine both onscreen and Over-the-Counter trading of fixed income securities. The forum enabled…
Shift to online payment boosts local revenue by nearly 80%
PHOTO: The Auditor General of Uganda, John Muwanga The government has witnessed an increase of nearly 80 percent in local revenue collection from local governments following the transition to online and mobile payment platforms. In 2017, the government started to…
Centenary Bank, HFB secures a combined Shs 640bn credit to finance SMEs
Centenary Bank plans to use at least 50% of the financing to support women-run or women-owned businesses, in line with the EIB’s 2x Challenge criteria and SheInvest initiative. Uganda’s Centenary Rural Development Bank and Housing Finance Bank have secured a…
Diamond Trust Bank, UAP Old Mutual sign partnership
The Managing Director, DTB Bank, Mr. Thambi Varghese, highlighted the contribution of @dtb_uganda to the insurance sector saying “It’s very substantial, with over 10% of the total bancassurance contribution in 2022” He went on, “This is the most innovative agent…
MTN Uganda plans to further sell-down the remaining 7% shareholdings to the public
(L-R) MTN Uganda CFO Andrew Bugembe, CEO Sylvia Mulinge and MTN MoMo MD Richard Yego announcing MTN Uganda annual performance in Kampala on March.06, 2024 Uganda’s largest telecom firm, MTN Uganda, plans to further sell-down the remaining 7% shareholdings to…