January

Museveni renews Mutebile’s contract as Governor BoU

President Yoweri Museveni renewed the contract of Bank of Uganda Governor Emmanuel Tumusiime Mutebile for another five years.

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The renewal of the contract makes Mr, the longest serving Governor of BoU. He has served as Governor Bank of Uganda since 2001.

He was first appointed to that position on January 1, 2001 and was re-appointed for a second five-year term on January 1, 2006. In December 2015, he was re-appointed for a fourth five-year term, effective 12 January 12, 2016.

Mutebile is credited for the growth of the economy especially in the early 2000s and so the economic recovery of many sectors.

Justice Kakuru ‘rejects’ bribe offer in Ham-DTB appeal case, dismisses Ham’s application against stay order

Court of Appeal judge, Kenneth Kakuru rebuked one of the parties in the businessman Hamis Kiggundu-Diamond Trust Bank (DTB) case for sending him emissaries with financial proposals to influence his decision in the matter.

Kakuru made the revelation while issuing orders to the two parties to file submissions  on the matter and address specific matters in the case following Commercial court ruling that directed Diamond Trust Bank Uganda (DTB-Uganda) and Diamond Trust Bank-Kenya to refund Shs120 billion to Kiggundu.

Kakuru directed the lawyers and their clients to stop sending emissaries to him to influence his judgement.

February

Uganda Airlines signs TotalCare agreement with Rolls-Royce

Rolls-Royce signed a TotalCare agreement with Uganda Airlines for their two new Airbus A330neo aircraft powered exclusively by Rolls-Royce Trent 7000 engines. Uganda Airlines received the first A330neo in December 2020 and the second in January 2021.

TotalCare offers more than just an engine maintenance plan; it is a service concept based upon predictability and reliability.

This agreement will give Uganda Airlines a secured cost of operating and maintaining their Trent 7000 engines, through a dollar-per-flying-hour payment mechanism, as well as enhanced aircraft availability as a result of our in-depth engine knowledge that only we can provide, drawing on advanced engine health monitoring and the inclusion of product durability and reliability improvements.

Commercial Court dismisses Simbamanyo Estate case against Equity bank

The Commercial Court dismissed the case in which owners of Simbamanyo Estates Limited had sought to halt the auctioning of its prime properties by Equity bank.

The bank auctioned the properties in order to recover a loan amounting to$10.8 million (Shs40 billion).

Commercial Court Deputy Registrar Lillian Bucyana ruled on Wednesday February 17 dismissing the matter. She said the suit abates for failure to take out summons for directions in time.

“The application for withdrawal was not conceded unconditionally but was on condition of payment of costs. In the circumstances therefore, the applicant’s (Simbamanyo Estates) application stands dismissed upon withdrawal and the only issue for consideration is whether it should be payable,” Justice Madrama stated in his ruling.

Ruparelia Group awarded contract to build Shs38b Kibuli Apartments

Ruparelia Group through its construction company VCON was awarded a contract to construct a project for Uganda Muslim Education Association (UMEA) after emerging the best bidders out of 14 other companies that expressed interest.

Vcon Construction (U) Ltd in partnership with Ambitious Construction Limited Joint Venture has been awarded contract by Uganda Muslim Education Association (UMEA) for construction of residential and commercial complex in Kibuli.

The contract is valued to be worth 38 billion Ugandan shillings and will cater residential houses with an in-house commercial complex in heart of Kibuli. It is funded by IsDB Bank, Saudi Arabia under Supervision of Dolsar Limited.

Rajiv Ruparelia the managing Director Ruparelia Group during the ground breaking ceremony thanked Prince Kassim Nakibinge and the management of Uganda Muslim Education Association (UMEA) for giving Ruparelia Group an opportunity to showcase its competence.

March

Stanbic Bank pays Shs110 billion to shareholders amidst #Covid-19 pandemic

Stanbic Bank Uganda paid out a total of Shs 110 billion to its shareholders for the financial year, continuing a long track record of returning consistently positive earnings despite prevailing challenges.

At the peak of the Covid-19 pandemic last year, Bank of Uganda (BoU) directed supervised financial institutions to defer all discretionary payments, including dividends, until they can demonstrate a solid financial base.

After confirmation by BoU that the bank was adequately capitalized, it gave the bank a go ahead to pay dividend for the 2019.  On December 29th, 2020 the Board of Directors Stanbic Uganda Holdings Limited, the parent company of Stanbic Bank Uganda Limited approved a final dividend payout of Shs 2.15 per share.

#Covid-19: Absa Group Ltd records 51% decline in earnings

Absa Group Ltd reported a 51 percent decline in normalised headline earnings to Shs 1.96 trillion (R8 billion) after impairments nearly trebled to Shs 508 trillion (R20.6 billion) amid the economic downturn that was precipitated by the COVID-19 pandemic.

Earnings and returns improved materially in the second half of the year as lockdown restrictions eased, particularly in South Africa, which accounts for more than 80% of the group’s earnings. Group headline earnings fell 82% in the first half of 2020 compared with the first half of 2019. Headline earnings in the second half of last year were 19% lower than in the second half of 2019.

As COVID-19 lockdown restrictions were implemented across countries last year, Absa moved swiftly to adopt remote-working, implement payment relief measures for clients, and to launch initiatives to support the communities we serve, while ensuring operational and financial resilience.

Stanbic Uganda announces 2020 financial results, records Shs242Bn in profits

Stanbic Uganda Holdings Limited (SUHL) to which Stanbic Bank Uganda Limited (SBU) is a subsidiary, published its 2020 full year results, with profit after tax of UGX 242 Billion.

Andrew Mashanda, Chief Executive of Stanbic Uganda Holdings Ltd said, “2020 was quite a challenging year given the impact of the pandemic across the globe. Despite the tough period, Stanbic Uganda Holdings has demonstrated resilience and delivered a commendable performance.

Customer deposits grow year on year from UGX 4.7 trillion to UGX 5.4 trillion, which further supported new credit to key sectors in much need of support especially during the peak of the pandemic. Loans and advances increased by 27% year on year from UGX 2.8 trillion to UGX 3.6 trillion as more clients acquired loans to sustain their businesses.

Absa Bank Uganda appoints two directors to facilitate bank activities

Absa Bank Uganda appointed Albert Byaruhanga as Business Banking Director and Helen Basuuta Nangonzi as the Marketing and Customer Experience Director.

Previously, Albert served as Head of Commercial Banking unit and Relationship Manager in the Corporate Department at Absa Bank Uganda and Head of Business Banking for two years.

In tandem, the bank appointed Helen Basuuta Nangonzi to the position of Marketing and Customer Experience Director.

Prior to joining Absa, Helen was the Head – Corporate Affairs, Brand and Marketing for East Africa at Standard Chartered Bank. She also served as Head of Corporate Affairs, Brand and Marketing for Standard Chartered Uganda.

Vivo Energy unveil eleven new Shell service stations in Uganda

Vivo Energy Uganda announced the addition of 11 new Shell service stations expanding the Shell network to 161 fuel service stations countrywide.

The new Shell stations are Shell Tirinyi, Shell Bwebajja, Shell Munyonyo, Shell Bunamwaya, Shell Entebbe Express, Shell Bweyogerere, Shell Buloba, Shell Komamboga, Shell Kyanja, Shell Seguku, Shell Sembabule.

Absa Bank posts Shs41 billion profits amidst #Covid-19 pandemic

The Managing Director, Absa Bank Uganda Limited Mumba Kalifungwa revealed that the bank posted Shs41 billion profits in 2020.

Despite the industry decline in lending, the Bank’s gross loan book grew to Shs 1.5 trillion maintaining a three-year compounded annual growth rate of 9.6%, mainly driven by its commitment to support their customers’ credit needs. With a capital ratio of 23.9%, the bank remained well capitalized way above the regulatory requirement of 12%.

Despite the outbreak of Covid-19 Pandemic costs remained well controlled with a 4.9% growth year-on-year, in line with core inflation for the year ended December 2020. This was on the back of better cost management and continued investment in technology platforms to increase efficiencies.

The bank witnessed an 8.1% growth in customer deposits amounting to Shs 2.4 trillion, maintaining a 12% compounded annual growth rate for the third year running.

May

I&M Holdings PLC finally takes over Orient Bank Limited

I&M Holdings PLC acquired Orient Bank Limited from 8 miles LLP and Morka Holdings Limited. The acquisition process was completed on April 30, 2021 after receiving the necessary approvals from the Central Bank of Kenya, Bank of Uganda, Capital Markets Authority of Kenya and the COMESA Competition Authority.

Last year I&M Holdings Limited announced that they have reached an agreement to buy 90 per cent of Orient Bank Limited Uganda.

BoU’s Shs144b remains dormant in a German bank-parliament

Bank of Uganda refuted all claims that Shs143.6 billion (Euro 33, 541,980.60) is lying dormant in a German Bank, Deutsche and making payments from government accounts with insufficient funds leading to a deficit of Shs1.7 billion.

The Chairperson of the Parliamentary Committee on Commissions, Statutory Authorities and State Enterprises (COSASE) Mubarak Munyagwa revealed that they contacted Deutsche Bank in Frankfurt and confirmed that the money belongs to the Central bank of Uganda.

While presenting a committee report on the audited public accounts of selected statutory Agencies for financial year 2013/2014, Munyagwa said the account in question is not recorded to BoU’s general ledger.

Court of Appeal orders for retrial of Ham, DTB case

The Court of Appeal deferred the case in which City Businessman Hamis Kiggundu accused DTB Uganda and DTB Kenya of siphoning over Shs120 billion from his accounts to the High Court for thorough hearing.

Last year, DTB petitioned the Court of Appeal challenging a lower court (Commercial) decision directing DTB to refund Shs120 billion which was debited from the accounts of Hamis Kiggundu and interest of 8 per cent (shs9.6 billion) as penalties.

High Court Judge Henry Peter Adonyo faulted DTB Kenya for appointing its Ugandan counterpart saying it had no license to carry out financial business in Uganda as per the financial institutions act of 2004.

A panel of three judges of the Court of Appeal led by the Deputy Chief Justice, Richard Buteera, Justices Kenneth Kakuru and Christopher Izama Madrama quashed the ruling of the Commercial Division of the High Court and ordered for fresh hearing.

Standard Chartered bank registers growth in assets and customer deposits amidst #Covid-19 pandemic

Standard Chartered Bank announced Shs3.831 billion total assets growth and Shs 2.712 billion customer deposits growth in 2020.

According to the report, the bank registered Shs429.9 billion in total income, a decrease of 6.8 per cent and Shs72.8 billion in net profits before tax was, a decrease of 41.6 per cent.

The report indicated that customer usage of digital platforms grew significantly in 2020 with digital transactions and mobile wallet transfers registering growth of 34 per cent and 94 per cent respectively. The Bank’s clients continued accessing up to 70 common services via our SC mobile App with 64 per cent of these being processed straight through with no human intervention.

Wealth segment recorded 44 per cent income growth while assets under wealth management grew by 86 per cent to Shs297 billion. The bank also recorded growth in client base with new client numbers moving up six times.

Bank of Uganda licenses MTN, Airtel to carry out cash and electronic transactions

Bank of Uganda issued licenses to two telecom service providers MTN Mobile Money Uganda Limited and Airtel Mobile Commerce Uganda Limited to carry out cash and electronic transactions.

According to the Governor of Bank of Uganda, Emmanuel Tumusiiime-Mutebile, the licensing to the two telecom giants follows the enactment of National Payment System (NPS) Act 2020, on 4 September 2020 and the gazetting of the NPS Implementing Regulations on 5th March 2020. Bank of Uganda has commenced licensing of Payment System Operators, Payment Service Providers and Issuer of Payment Instruments.

The National Payment System Department in the Bank of Uganda oversees the national payment system with the objective of ensuring overall effectiveness and integrity of payment systems in the country.

Former Minister Maria Kiwanuka appointed to the Board of Standard Chartered Bank

The former Minister of Finance Maria Kiwanuka was appointed to the Board of Standard Chartered Bank Uganda as an Independent Non- Executive Director.

Mrs. Kiwanuka is a senior economist with 14 years’ experience at the World Bank, where she focused on East Asia, Southern Africa and Uganda and took part in a number of projects aimed at improving transport and power infrastructure as well as urban studies, among others.

She served as the Minister of Finance Planning and Economic Development of Uganda from 2011-2015 and thereafter as a Senior Advisor to the President of Uganda on finance matters.

June

Uganda Clays posts Shs 4.9b profits in 2020

Uganda Clays Limited announced Shs4.9 billion profits 2020 which is a turnaround from a loss of Shs88 million in 2019. The profits were announced by the UCL Chairman, Board of Directors, Martin Kasekende, during the entity’s Annual General Meeting at Sheraton Hotel, Kampala.

According to the report, the Total Assets grew by 11 per cent; closing the year 2020 at Shs 68.8 billion from a value of Shs62.2 billion at the close of 2019.

Total Revenue reduced by 3 per cent from Shs30.7 billion in 2019 to Shs29.7 billion in 2020. The drop in revenue was attributed majorly to the impact of #Covid-19 on the business. The largest contributor to this revenue was the roofing tiles contributing 64 per cent. An increase was also realised in the other income from Shs845 million in 2019 to Shs1.8 billion in 2020 related to interest from investments in government securities.

Total E&P Uganda subcontracts five companies ahead of oil drilling in Nwoya and Buliisa districts

Total E&P Uganda signed Conditional Letters of Award for the main surface facilities Engineering, Procurement, Supply, Construction and Commissioning (EPSCC) as well as five drilling packages for the Tilenga project located in Nwoya and Buliisa districts.

These conditional awards are a first step that allows for the launching of the detailed engineering and procurement activities before the final approval by the Partners.

The letters are with respect to a Consortium comprising CB&I UK Limited (a McDermott Company) and Sinopec International Petroleum Service Corporation (SINOPEC) for the Engineering, Procurement, Supply, Construction and Commissioning (EPSCC) of the Central Processing Facility (CPF), flowlines, and other associated surface facilities.

Schlumberger Oilfield Eastern Limited for three well-engineering packages which include; Upper Completions, Artificial Lift, and Associated Service, Directional Drilling, Well logging, Measurements-while-drilling, Buttonhole Assembly, Data Transmission & Real-Time Operation Centre Services and Wellheads, Christmas Trees and Associated Services.

The letters were also awarded to Vallourec Oil and Gas France for one well procurement package; Casing, Tubing and Associated Services and ZPEB Uganda Co. Limited for one rigs package for Onshore Drilling Rigs, Tubular Running and Fishing Services.

Housing Finance Bank records growth as its assets hit Shs 1 trillion

Housing Finance Bank (HFB) registered an impressive performance during a Covid-19 suppressed environment. The bank’s asset base grew by 22% to Shs1.11 trillion up from Shs912.2 billion recorded in 2019. This now places the bank over the 1 trillion shillings mark, a feat achieved by very few banks, let alone HFB being the only indigenous bank in this class.

The bank registered phenomenal increases in its operating income by 22 percent, customer deposits by 17 percent and growth in net income by 17 percent. Additionally, the bank demonstrated a lot of agility in posting these results, which can be attributed to strong leadership and efficient processes.

Given the unpredictability of the operating environment during the year, coupled with a lockdown period, the bank’s loans advanced to customers slightly reduced to Shs551 billion, representing a 0.5% decline. The bank however still made a net profit of Shs20.6bn, placing it among the top 10 best performing banks in the country.

July

Uganda Breweries registers tremendous growth amidst #Covid-19 pandemic

Uganda Breweries Limited registered tremendous growth in the released financial results.

According to a report by EuroMonitor International, a market research firm, in the year 2020, due to the ongoing pandemic and restrictions on gatherings, as well as pubs and bars closures, consumption of illicit alcohol recorded increased growth and accounted for 64.7% in volume terms (HL LAE) in 2020. This accounts for 50% of all Alcohol market value, growth from 31% in 2017. There is therefore need for the government to widen its tax base by extending taxation and regulation to this market.

Uganda Clays posts Shs2.8 billion profits in half year results

Uganda Clays Limited (UCL) the leading manufacturer of quality baked clay building products announced Shs 2.75 billion profits in half year 2021 results.

The Shs 2.75 Billion profits is attributed to improved efficiencies in production and an increase in sales volume of 34 percent to Shs 17.5 billion for the period compared to Shs 13 billion in the year 2020.

UCL Managing Director, Reuben Tumwebaze said: “Despite a challenging first half of the year, mainly from the COVID-19 pandemic that has affected the economy and many businesses, Uganda Clays Limited (UCL) demonstrated resilience, producing positive results as highlighted by the first 6 months performance. We have also made significant strides towards a commitment to implementing a robust strategy in the current economic environment.”

Elly Karuhanga steps down as Chairman Board of Directors dfcu Bank Ltd

The Chairman Board of Directors at dfcu Bank Ltd Elly Karuhanga announced that he is stepping down. Karuhanga said during the 56th Annual General Meeting held yesterday at Bank headquarters.

Speaking during that meeting Karuhanga said; “I formally inform the shareholders as I have already informed the directors that I intend to retire early from the chairmanship of the board but I would like to retire.”

He stepped down after stakeholders voted him for another two years as the chairman board of directors. Karuhanga gave a one-month notice ending September 30, 2021 for stakeholders to look for another person who will replace him as the chairman board of directors.

August

DFCU registers growth in asset base, deposits and liquidity in terms of cash and balances

Dfcu registered a tremendous growth in asset base, deposits, shareholders and Increase in liquidity in terms of cash and bank balances in 2021 compared to 2020 financial year.

According to the 56th Annual General Meeting which convened, the growth was alluded to customer’s commitment to deposit and withdrawal of cash and buying shares, loans and advances and other bank services.

The financial year report indicated that there was an 18% increase in asset base from Shs 2,958 billion to Shs 3,498 billion, upheld by strong growth in liquid assets and loans and advances.

“The Group’s deposit base grew by 27% from Shs 2,039 billion to Shs 2,595 billion. The growth was as a result of both newly acquired and existing clients across the business segments. Management implemented a clear strategy of growing the liability base, as well as retention of the existing customer relations,” read in part of the report.

Shareholders’ funds grew by 4% from Shs 569.7 billion to Shs 592.9 billion as result of increase in retained earnings. Net Loans and Advances to Customers grew by 15% despite a challenging year as a result of solid growth in underlying Business as the Bank continued to support customers and key sectors of the economy.

Absa Group Ltd registers an increase in interim earnings in the first half of 2021

Absa Group Ltd reported an increase in interim earnings and resumed dividend payments as the economic effects of the pandemic eased in the first half of 2021 compared with the same period a year earlier.

Group headline earnings grew five-fold to Shs 2trillion (R8.6 billion), which is higher than pre-pandemic levels, supported by resilient pre-provision profit growth and a significant decline in impairments. While earnings increased strongly, the improvement is off a low base a year earlier. Absa generates most of its income from its operations in South Africa.

 “These results are testimony to the decisions that we took during the crisis around supporting our customers and taking a cautious approach to preserving capital and liquidity,” said Jason Quinn, Absa Interim Group Chief Executive.

September

Equity Bank launches electronic platform for customers to settle forex transactions

Equity Bank launched EazzyFX, an innovation that allows SMEs and corporate customers to settle forex transactions.

Equity Uganda is the third subsidiary within Equity Group to launch EazzyFx following successful launches in Equity Bank Rwanda in June 2021 and Equity Bank Kenya in 2018.

EazzyFX gives Equity customers freedom and control over their trading by enabling them to personalize their profiles and detail their preferred currency pairs from the main dashboard; in order to monitor a specific currency or to compare particular currencies against others.

Africell exits Ugandan market

Telecom service provider, Africell announced that it will exit Uganda in October.

“Africell has decided to leave Uganda and focus on other opportunities for social and commercial impact. Doing so is the most sustainable way to fulfill our overall mission to advance African telecom sector,” Africell said adding that “The decision was made in the long term interest of the Ugandan telecom sector.”

According to a statement released to its employees, the company has over the past month conducted a detailed assessment of the future of Africell Uganda. The company established that it is struggling to be a leader not only in terms of mobile services but also in terms of community impact and the digitally lead transformation of society.

NSSF pays Shs1.8bn to #Covid-19 patients

The National Social Security Fund announced that it paid Shs 1,785,943,795 to its members that were severely diagnosed with #Covid-19.

The fund had made a commitment to its members that it would step in for severe cases that involved those admitted in Intensive Care Units and those on life support in several health facilities to supplement on medical expenses.

“NSSF has paid out Shs1,785,943,795 to qualifying members who were diagnosed with #Covid-19. Here’s how paying Annet’s Invalidity Benefit in three days enabled life-saving medical care,” read a message on the fund’s twitter handle.

Airtel Uganda takes over Africell customers

Airtel Uganda took over Africell customers, a week after Telecom service provider announced that it will exit Uganda market next month.

Airtel announced that every Africell customer who joins them, will get 50% bonuses on data bundles. “50% Bonus on all Data Bundles for everyone switching from Africell to Airtel. Make the move today and enjoy the best offers on the largest 4G Network in Uganda,” Airtel said.

Oil prices shoot up in shocking OPEC Report

The surge of the Delta variant around the globe partially delayed oil demand recovery into the next year when robust economic growth and stronger recovery in fuel consumption saw global oil demand averaging 100.8 million barrels per day (bpd) and exceeding pre-COVID levels, OPEC said raising its 2022 demand forecast by a shocking 900,000 bpd.

Next year, oil demand worldwide is now expected to jump by around 4.2 million bpd compared to 2021, an upward revision of 900,000 bpd compared to last month’s assessment, OPEC said in its closely-watched Monthly Oil Market Report (MOMR) today.

This year, total global oil demand remains unchanged at 96.7 million bpd for the whole of 2021. But the fourth-quarter demand was revised slightly down, by 110,000 bpd from the August estimate of 99.82 million bpd to 99.7 million bpd now, OPEC said in its September report.

Majid Al Futtaim takes over Shoprite Uganda

Majid Al Futtaim announced it concluded an agreement with Shoprite Checkers Uganda Limited to see the transfer of Shoprite’s six Uganda store leases to Majid Al Futtaim by end of year.

Majid Al Futtaim would expand its footprint to eight Carrefour stores.

“We welcome the opportunity to bring our unique Carrefour offering of unbeatable value, range, international standards to more customers across Uganda,” commented Hani Weiss, CEO at Majid Al Futtaim Retail.

NSSF assets hit Shs15.5t despite #Covid-19 pandemic

The Managing Director of the National Social Security Fund (NSSF) Richard Byarugaba revealed that the Fund’s assets hit Shs15.5 trillion despite #Covid-19 pandemic.

Addressing the media at the release of the Fund’s financial performance, Byarugaba attributed the increase to growth in interest income largely attributed to the increased return on Treasury Bonds in the Fixed Income portfolio, dividend income, and property sales.

He said the performance demonstrates the Fund’s ability to withstand shocks occasioned by a stressed economy and an uncertain business environment in the era of #Covid-19 pandemic.

October

MTN Uganda announces intention to float 20% of its shares on Uganda Securities Exchange

MTN announced its intention to float 20 percent of its shares on Uganda Securities Exchange (USE). The announcement was made by the chairman of MTN Uganda, Charles Mbire.

“I announce MTN’s intention to float 20 percent of its issued shares through an Initial Public Offer (IPO) of existing ordinary shares, a process which has already been approved by Capital Market Authority (CMA) of Uganda,” Mbire said.

Mbire said the listing is in line with the Group’s strategic priority to create shared value, partly through ensuring broad-based ownership in its operating subsidiaries. It is also in line with the provisions of MTN Uganda’s NTO licence, which require its listing by end-June 2022.

Gov’t loses Shs1.6 trillion annually in illicit alcohol – Euromonitor report

The Uganda Alcohol Industry Association launched an industry report that shades light on the trade and consumption of Illicit Alcohol in Uganda.

Among other explosive revelations, the report found that the Government of Uganda loses approximately Shs1.6 trillion in unrealized taxes due to evasion of tax by the illicit trade as well as lax enforcement of existing laws that govern the production and sale of Alcohol.

Titled Understanding and Sizing Illicit Alcohol Consumption in Uganda, the report was released from research done in 2021 by Euromonitor International, a leading independent provider of strategic market research for the past 40 years. In compiling this report, Euromonitor conducted an extensive review of publicly available secondary resources, retail channel observations, opinions from Multiple Stakeholders to identify where and how Illicit Alcohol is sold, distributed and consumed and also its Socio- Economic impact on society.

MTN launches Initial Public Offer of 4.4Bn shares to Ugandans

MTN Uganda launched the Initial Public Offer (IPO) of over 4.4 billion shares to Ugandans. The telecom service provider announced its intention to float 20 percent of its shares on Uganda Securities Exchange (USE).

“I announce MTN’s intention to float 20 percent of its issued shares through an Initial Public Offer (IPO) of existing ordinary shares, a process which has already been approved by Capital Market Authority (CMA) of Uganda,” MTN Chairman Mbire said.

Wim Vanhelleputte, the CEO of MTN Uganda said; “the MTN Uganda majority shareholder MTN International, is offering the general public 20 percent of its shares at a value of Shs 200 per share.”

November

BoU clears I&M Bank (U) Ltd to conduct financial institution business in Uganda

Bank of Uganda (BoU) cleared I&M Bank (U) Ltd to conduct financial institution business after changing its name from Orient Bank (U) Ltd.

Having started in 1993, the precursor, Orient Bank (U) Ltd, has 14 branches and 14 ATMs across the country, serving corporate, SME, and retail clients. Orient Bank promoted cashless transactions in Uganda by pioneering the use of point-of-sale technology and deployed a rich suite of technology-driven services to include internet banking, mobile banking, Visa cards, American Express cards, Union Pay and agent banking.

“Congratulations to you for completing the new ownership structure, thereby changing the name from Orient Bank (U) Ltd to I&M Bank (U) Ltd. I&M Group Plc became the major shareholder, with a 90 percent stake, in April 2021,” the Deputy Governor Michael Atingi-Ego said.

MTN gets 2.2 million shareholders through NSSF $100m deal

MTN chances of listing on the Uganda stock exchange were boosted by over 2.2 million shareholders after NSSF offered to buy shares worth $100 million. NSSF-Uganda has 2.2 million active members

Eagle Online revealed the offer is likely to make MTN-Uganda Initial Public Offer (IPO) one of the biggest in Uganda which is going to rise over $150 million.

Robert Kabushenga appointed to KCB Board of Directors

KCB Bank Uganda appointed former Chief Executive Officer of Vision Group, Robert Kabushenga to the board of directors.

Kabushenga was appointed alongside the Chief Technical Officer of Trade Mark East Africa, Ms Allen Asiimwe, and Lawrence Kiambi, the KCB Group Chief Finance Officer.

“We are so excited to welcome Allen Asiimwe, Robert Kabushenga and Lawrence Kiambi as board members. The bank looks forward to tapping into their leadership and wealth of experience. Welcome to the pride!” KCB said in a statement.

December

Absa Bank introduces cardless withdraw functionality on ATMs

Absa Bank Uganda introduced the country’s first innovative and exciting cardless withdraw function on Automated Teller Machines (ATMs).

The innovation allows customers to use a QR Code generated from the Absa Banking App on any smartphone device to withdraw cash at any Absa ATM countrywide.

Parliament passes East African Crude Oil Pipeline Bill 2021

The full implementation of the oil pipeline project in Uganda was boosted by the passing into law of the East African Crude Oil Pipeline (EACOP) Bill, 2021.

The bill, with 46 clauses, seeks to facilitate the execution of Uganda’s obligations under the Intergovernmental Agreement and the Host Government Agreement.

The legislators and the Ministry of Energy and Mineral Development were boxed into reaching a consensus by Deputy Speaker Anita Among in regard to among others, the recommendation by the Committee on Environment and Natural Resources charged with handling the bill that in Clause 36 of the bill, the Minister would annually report to Parliament on the status of the Decommissioning Fund.

Dfcu Bank launches automated loan solution for its customers

dfcu Bank launched an automated loan solution available to individual customers via the Bank’s online Banking Platform. The instant loan can be accessed using the Bank’s mobile app (Quick App), internet banking or USSD in less than five minutes.

The dfcu Mobi Loan is among several digital products and solutions that have recently been introduced under the Bank’s umbrella campaign dubbed ‘Banking at the Speed of U!”; to provide value and enhance customers’ experience.

Under the automated loan solution, customers can get a minimum loan amount of Shs 10,000 and a maximum of Shs 2,000,000. The acquired loans can be paid in a period of 30 days. All loans can acquired with 9% interest rate.