Tag Financial Sector
High cost of fuel contributed to negative private sector activity in May
The constant high cost of fuel contributed to negative private sector activity in May with the Stanbic Headline Purchasing Managers Index (PMI) dropping to 51.5 from to 53.9 recorded in April—readings above 50.0 mean improvement in business conditions on the…
Kin Kariisa ends his reign as Chairman Ecobank Uganda after a decade
Kin Kariisa has ended his 10 years on the board of Ecobank Uganda, a subsidiary of Ecobank Transnational Incorporated (ETI), one of Africa’s largest financial brands, leaving behind a well-entrenched bank, with great growth prospects. Kariisa who joined the bank’s…
Stanbic Uganda 2021 Financial Report
Stanbic Uganda Holdings Limited (SUHL) has announced it grew its net profits by 11% in 2021 to earn Ushs. 269billion from Ush.242bn in 2020, driven mainly by strong growth in non-interest income earned by mostly Stanbic Bank Uganda Limited, its…
How the parternship between Emata and the Netherlands Embassy shall tackle financial problems of farmers in Uganda
The Netherlands Embassy in Kampala partnered with the award-winning Ugandan fintech Emata to accelerate the availability of affordable digital loans to smallholder farmers in Uganda. The partnership includes a grant of up to $590,000 (UGX 2.1 billion) to fund loans…
Equity Group Kenya register double Net Profits
Kenya’s Equity Group saw its net profit nearly double for the 12 months to December 31, 2021 on the back of a reduction in loan loss provisions and growth in interest income from lending to the government. Profit After Tax…
Kenya-based agritech Apollo raises $40 million in Softbank-led round
Kenya-based agritech Apollo Agriculture, which helps farmers access high-quality farm inputs, financing and markets, plans to double the number of farmers it is serving by the end 2022 and to introduce other products that deliver more value per acre of land.…
Stanbic Bank’s #OneStepCloser to cheer up Ugandans after Lockdown
The social media hashtag #OneStepCloser that has been gaining popularity in recent weeks can now be firmly linked to Stanbic Bank Uganda, as the lender’s new brand campaign aimed at rallying Ugandans to pursue their dreams and rebuild their businesses…
Stanbic Bank retains 22% bancassurance market share
Bancassurance contributed UGX103.5billion to the UGX1.1trillion Gross Written Premium (GWP) recorded by Uganda’s insurance sector in 2021 with Stanbic Bank accounting for 22% to consolidate its position as market leader. Bancassurance is the sale of life assurance and other general…
CMA Kenya consents: MTN Uganda to market its IPO to Kenyan Investors
Thursday 4th November 2021- Nairobi Kenya: Kenya’s Capital Markets Authority (CMAK) has provided its ‘no objection’ for The MTN Uganda Initial Public Offering (IPO) to be marketed in Kenya, allowing the marketing of the shares to both Professional Investors and…
Buddu County Chief Urges People of Masaka to Embrace Economic Development as MTN sensitizes the Public on its IPO
The Buddu County (Pokino) has urged the people of Masaka to embrace economic development as MTN spreads awareness about how Ugandans can participate in the ongoing MTN Initial Public Offering (IPO). Levis Sempiira who was representing the Pokino of Buddu…
URA starts enforcement of the use of digital stamps, electronic receipts
The Uganda Revenue Authority-URA on Monday started the enforcement of the use of e-invoices and digital stamps. A digital tax stamp is a physical paper stamp that is applied to goods or their packaging. It contains security features and codes…
Standard Bank Group Selects Flutterwave to Drive Digital Transformation Efforts Across Africa
Standard Bank customers in eight African countries to enjoy enhanced digital payments experience in partnership with Flutterwave On 28th October 2021, in Johannesburg, South Africa, Standard Bank, the parent company of Stanbic Africa Holdings Limited for which Stanbic bank Uganda is…
Stanbic, KACITA sign deal to ease importation of goods.
Stanbic Bank and traders under the umbrella body, Kampala City Traders Association (KACITA), recently signed what they described as a ground-breaking trade and tax partnership pact that will ease the clearing of their imports. Stanbic Bank and KACITA say their…
URA misses first-quarter target by Shs 499bn
Uganda Revenue Authority (URA) has missed its target for the first quarter of the financial year 2021/22 by Shs 499.49 billion. Out of the Shs 4.959 trillion target set by government, the tax body managed to collect Shs 4.459 trillion. However,…