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IRA attains ISO 9001:2015 certification as Uganda sets new standard in insurance regulation

Insurance Regulatory Authority Chief Executive Officer, Ibrahim Kaddunabbi Lubega and other top executives celebrate the achievement.

The Insurance Regulatory Authority of Uganda (IRA) has attained the ISO 9001:2015 Certification, a globally recognized standard for quality management systems, marking a significant milestone in the regulator’s pursuit of service excellence and accountability.

The achievement signals the IRA’s commitment to elevating the standards of regulation in Uganda’s insurance sector to match global best practices. It follows a six-year voluntary effort by the Authority to align its internal management systems, processes, and service delivery mechanisms with international benchmarks.

“This certification reaffirms our commitment to excellence and continuous improvement in insurance regulation,” said Hajji Ibrahim Kaddunabbi Lubega, the IRA’s Chief Executive Officer, during the certification announcement.

ISO 9001:2015 is one of the world’s most widely used quality management standards, adopted by over one million organizations across 189 countries, according to ISO.org. By joining that league, Uganda’s insurance regulator aligns itself with internationally recognized principles of transparency, customer satisfaction, and continuous performance evaluation.

Hajji Lubega emphasized that pursuing ISO certification was not mandatory for IRA, but a deliberate and strategic step intended to position the Authority — and by extension the entire Ugandan insurance industry — for greater scrutiny, credibility, and improvement.

“If we make promises to the public about service, we must deliver according to international best practices,” he said, adding in Luganda, “Enkola eyo tugitwala ng’omusango kwe tuyina eri eggwanga.” (That level of service is not a favour, but a responsibility we owe to the nation.)

Research shows that ISO-certified institutions typically see 15–20% increases in customer satisfaction, thanks to greater operational efficiency and transparency. The IRA aims to set a precedent for other regulatory bodies across Africa by becoming an example of quality-driven public service delivery.

Hajji Lubega called on insurance service providers to also work towards ISO certification, noting that doing so would build public confidence and improve responsiveness to evolving customer demands.

“This certification enhances public trust. It also means we are challenging the rest of the insurance sector to match these standards by being ISO certified,” he said. In Luganda, he added, “Omuntu wa bulijjo alina okulaba nti ddala enkola yaffe ey’emirimu ekyuuse.” (The ordinary Ugandan must see that our way of working has truly changed.)

Susan Lubega, Managing Partner at Quality Assurance and Management Consulting, said the certification empowers the public to question service quality and hold the Authority and insurers to higher standards. She emphasized that ISO brings clarity to expectations on both sides — the regulator and the public.

Dorcus Mukite, a Senior ISO Auditor and Consultant who led the vetting process, said the audit revealed that IRA was already operating with a high level of institutional discipline and leadership.

“Actually, our job was mostly to formalize and verify. IRA was already doing what was required — in fact, they exceeded expectations in several areas,” she said, noting the authority met 11 core standards.

James Muwawu, an IRA board member, congratulated the management and staff on the milestone but reminded them that certification is not the end of the journey. Maintaining ISO status requires ongoing audits, evaluations, and a culture of continuous improvement.

“We commit as the board to continue supporting Management in upholding the principles of the ISO quality management system,” Muwawu said.

According to the Ministry of Finance, Planning and Economic Development, the certification elevates IRA’s status regionally and internationally, placing it among regulators whose systems meet global standards.

Musa Lukwago, a Senior Economist at the ministry, noted that this international validation brings with it new responsibilities and expectations.

“You’ve opened up to the world,” he said. “Now they will want to track your performance — whether you’re keeping on track or not.”

Protazio Sande, IRA’s Director of Planning, Research, and Market Development, said the certification creates clarity around the roles and expectations of both the regulator and the industry.

“With this achievement, the public will know what to expect from insurance companies, and service providers will clearly understand the performance levels required of them by the regulator,” Sande said.

The ISO 9001:2015 Certification represents more than just a plaque on the wall for the IRA. It is a declaration of intent — to lead with integrity, regulate with efficiency, and serve Ugandans with the quality they deserve.

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Equity Bank, partners launch top 100 mid-sized companies survey 2025

Equity Bank Uganda Limited together with Nation Media Group and KPMG, has officially launched the 17th edition of the Top 100 Mid-Sized Companies Survey 2025, under the theme “Driving Inclusive Business Growth- Empowering SMEs across All Sectors for Economic Transformation.”

The launch, held at the Sheraton Hotel Kampala, re-affirmed Equity Bank’s unwavering commitment to supporting Uganda’s thriving SME ecosystem through tailored financial solutions, business advisory, capacity building and market access initiatives.

Speaking during the event, Mr. Claver Serumaga, the newly appointed Executive Director at Equity Bank Uganda emphasized the Bank’s dedication to transforming lives and building sustainable enterprises, “At Equity Bank, we go beyond providing banking services. We journey with SMEs from ideation to expansion, walking hand-in-hand to nurture growth. Our continued investment in this survey and beyond is a reflection of our belief in the transformative power of entrepreneurship.”

As Uganda’s premier financial partner for SMEs, Equity Bank is participating for the second consecutive year as the exclusive banking partner, committing to a three-year sponsorship of the survey. The bank is currently serving over 15,000 SMEs with more than Shs500 billion in financing across sectors such as; agriculture, logistics, construction and manufacturing- efforts aligned with its continental Africa Recovery and Resilience Plan, which is injecting $65 billion into real sector businesses across Africa.

Olivia Mugaba, Head of SME at Equity Bank, passionately highlighted the real-world impact of the Bank’s partnerships, “The story of Equity Bank is truly a story of transformation- of changing lives and enabling growth from the grassroots up. I recall a client who started with a $10 million loan and now manages a $2 billion portfolio. That’s the kind of impact we live for. This partnership has defined who we are- a bank that empowers SMEs to thrive, scale and become industry leaders.”

The 2025 survey seeks to identify and celebrate Uganda’s fastest-growing, most resilient SMEs- those with annual revenues between $360 million and $25 billion, and at least three years of audited financials. The process involves two detailed assessments: one on financial health and another evaluating governance, digital readiness, and innovation. Participation is free and nationwide research begins immediately, led by a team of 50 trained surveyors.

Benson Mwesigwa, Associate Director at KPMG Uganda, emphasized the purpose behind the survey, “Now that the survey is officially launched, our next step is to hit the ground running- deploying a team of over 50 researchers across the country to engage SMEs directly, collect valuable data and support them through this process. This is more than just a ranking’s a journey of discovery, capacity building, and connecting businesses to the partners, capital, and insights they need to grow.”

The launch also introduced the Bank’s parallel initiative ‘Tupange Business ne Equity’, a series of SME forums scheduled across Uganda in the coming weeks. These forums aim to equip businesses with financial management tools, digital skills, and advisory support, further underlining Equity’s holistic approach to SME development.

Susan Nsibirwa, Managing Director of Nation Media Group, applauded the strength of the partnership. 

She noted, “Having Equity Bank as our official banking partner is a perfect fit. They have a solid reputation for serving SMEs, not just in Uganda but across the region. We believe their contribution will be key in growing the Top 100 Club and the businesses it represents.”

The 2025 Top 100 Survey will run through July to September, culminating in a gala dinner in October to unveil the final rankings. The campaign also includes themed forums on; finance, tourism and technology, with key sessions led by Huawei and the Uganda Securities Exchange.

With this powerful collaboration, Equity Bank, Nation Media Group and KPMG are not just spotlighting successful SMEs- they are cultivating the next generation of business leaders driving Uganda’s economic transformation.

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Katikkiro Mayiga applauds Rotarians for competence-based leadership as he welcomes Kitakule to Mengo

Katikiro of Buganda, Peter Mayiga addressing Rotarians who called on him at his Bulange Mengo office. Seated is Geoffrey Kitakule, the new District 9214 Governor. Mayiga commended Rotary for fostering service-oriented leadership and partnering on causes that align closely with the Kingdom’s values.

The Katikkiro of Buganda, Charles Peter Mayiga has commended the Rotary International for its competence-driven leadership and dedication to community development, noting that the organization continues to achieve extraordinary impact even with limited resources.

Speaking at Bulange Mengo while receiving a delegation from Rotary District 9214 led by newly installed District Governor Geoffrey Martin Kitakule, Mayiga commended Rotary for fostering service-oriented leadership and partnering on causes that align closely with the Kingdom’s values.

“With limited resources, Rotary is doing unlimited good,” Mayiga said.

He attributed Rotary’s effectiveness to its deliberate and thoughtful approach to leadership selection.

“I would love to implore comrades for your better selection of leaders that enables you to implement your tasks and improve the conditions of our people. We look forward as a Kingdom to work together because of our shared vision and values,” he added.

A Paul Harris Fellow himself, Katikkiro encouraged leaders across all sectors to emulate Rotary’s thoughtful and solutions-based leadership.

“Leadership must aim at solving problems. We must think critically before speaking. Let us focus on clean water access, poverty alleviation, youth empowerment, education for vulnerable children and healthcare for marginalized communities,” he advised.

In his address, District Governor Geoffrey Martin Kitakule reaffirmed Rotary’s commitment to building a stronger Uganda through service, innovation and strategic partnerships with Buganda Kingdom as a critical ally.

“On behalf of Rotary District 9213, I extend our warmest greetings and deepest gratitude for the opportunity to visit the heart of the Buganda Kingdom,” he said.

He noted that the relationship between Buganda Kingdom and Rotary International is one that has matured into a meaningful and impactful partnership over the years, founded on rotary’s shared commitment to community development.

Kitakule highlighted several key areas where Rotary and Buganda are already working closely — and where further collaboration is expected:

1. Youth Empowerment

“Youth development remains a cornerstone of our shared efforts. Uganda is one of the youngest nations globally… Rotary is working closely with the Buganda Kingdom on programs such as ‘Vijana Poa,’ aimed at tackling youth unemployment.”

He specifically cited the Center of Excellence being built in Kira Municipality by the Rotary Club of Bweyogerere-Nansana, urging the Kingdom to support the finalization of its Memorandum of Understanding to attract long-term investment.

2. Environmental Conservation

“Protecting the environment is not just a global responsibility, it is also a deeply cultural one,” he said.

Rotary clubs have supported initiatives like Kibira kya Kabaka and environmental advocacy around Lake Victoria and the River Nile. Kitakule appealed for the Kingdom’s voice in campaigns to save the Nile Basin, calling it “a shared treasure for future generations.”

3. Healthcare and Innovation

He praised the Rotary Club of Kampala Ssesse Islands for deploying a floating hospital and medical ambulances to serve Uganda’s island communities — calling it a model of innovative healthcare delivery.

4. Language Inclusion and Community Reach

“We are actively promoting the creation of local language-speaking Rotary and Rotaract clubs,” Kitakule noted, referencing the newly formed Luganda-speaking club in Ssingo-Mityana. He called on the Kingdom to help support similar efforts across Buganda.

5. Collective Action and Cultural Engagement

“This Rotary year, our focus is not only on doing good but on doing good together,” Kitakule emphasized, recognizing Buganda’s role in fostering unity and cultural pride.

He also asked for the Kingdom’s support in storytelling, requesting access to platforms like CBS and BBS to help share Rotary’s “impact stories” under the Rotary Eyamba campaign.

He noted, “A tree is known by its fruits. We want the world to see the fruits of being a Rotarian — real lives changed, communities uplifted.”

Concluding his remarks, Kitakule extended a warm invitation to the Katikkiro and Kingdom officials to attend the Rotary District 9213 Conference (DISCON 101), scheduled for April 16–18, 2026, in Entebbe.

He said, “Your presence will honour us and reinforce our joint commitment to ‘Uniting for Good.’”

As the visit concluded, both the Buganda Kingdom and Rotary reaffirmed their shared dedication to building a more inclusive, healthy, and empowered society. With strong leadership, cultural synergy and people-first strategies, this partnership is poised to deliver lasting change across the region.

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Rotarians from District-9214 launch new year of impact and service at Speke Resort Munyonyo

In a vibrant celebration of purpose and unity, Rotarians from across the region gathered at the elegant Peak Resort in Munyonyo to officially launch the 2025–2026 Rotary Year, a moment marked by commitments, renewed energy and a powerful call to service.

The event raised an opportunity to showcase the district’s commitment to the theme “Unite for Good,”

With emotion and enthusiasm, the District Governor Elect, Kawooya addressed the attendees, accepting the mantle of leadership with gratitude and conviction.

“Your support…I do accept this assignment with joy, with gratitude, and with unwavering commitment to lead, to motivate, to serve, and most importantly, to inspire and make our district, our continent, and our world a better place,” Christine Kyeyune declared to applause.

Hosted by the Broadway Club of Muyenga, the event brought together Rotary actors, partners and friends of the movement to celebrate the beginning of what was repeatedly described as “a new Rotary” — a season of unity, leadership, and transformative action.

“A new Rotary is upon us. A season for us to unite for good. A season for us to write the next chapter of service, of leadership, and of impact,” one member said, setting the tone for what promises to be a year of bold steps and community-first thinking.

Among the highlights of the event was the unveiling of several new initiatives and campaigns aligned with Rotary’s global mission to serve above self. Attendees were encouraged to join in the journey of collective impact “one act at a time.”

“On this night, we’re going to unveil a number of things. We’re going to launch so many initiatives…bold steps we are taking to make this year different,” the Rotarian continued.

The event, characterized by elegance, optimism and camaraderie, not only celebrated tradition but also paved the way for innovation within Rotary’s service model. From community-driven outreach to international collaboration, the 2025–2026 Rotary Year is expected to focus on practical action, youth leadership, and sustainability.

The Rotarian urged, “Join me as the speakers of Munyonyo as we celebrate the Rotary year of action. Get ready to enjoy, to serve above self—and together, it will be one act at a time.”

As the sun blessed over Lake Victoria, Munyonyo stood not only as a scenic host but as a symbol of Rotary’s enduring values of fellowship, integrity and service in pursuit of a better world.

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Tycoon Sudhir’s Pearl Power One redefines Kampala skyline

The skyline of Uganda’s capital has a stunning new icon, Pearl Power One, a sleek 19-storey high-rise that marks the first phase of the expansive Pearl Business Park, a transformative development by property mogul Dr. Sudhir Ruparelia and his Ruparelia Group.

Located on Yusuf Lule Road, just in Kampala’s Central Business District, Pearl Power One rises from the grounds of the former Chieftaincy of Military Intelligence (CMI) headquarters, turning what was once a government installation into a shining hub of modern business and innovation.

“We are now in the final touches of Phase One, and the building is ready for occupancy,” Dr. Ruparelia said on December 31, 2024, ahead of the New Year launch.

A Modern Business Haven

The tower offers 16 floors of Grade A lettable office space, totaling approximately 27,240 square meters, with 2 floors of underground parking capable of accommodating 360 vehicles — a major solution to Kampala’s chronic parking shortages.

Designed for multinational corporations, blue-chip companies, startups, and SMEs, Pearl Power One boasts:

 ·High-speed elevators

 ·Dual fibre optic internet connectivity

·Automated fire detection and suppression systems with sprinklers and a 145,200-litre reserve tank

·Three fire extinguishers and three foam stations per floor

 ·State-of-the-art fitness centre and sauna

 · 170 CCTV cameras across public spaces and strict access control protocols

 · Internet access points with links from both Kira Road and Yusuf Lule Road.

Strategic Location and Mixed-Use Vision

Positioned on one of Kampala’s most accessible corridors, Pearl Power One provides easy access to the city centre, Mulago Hospital, Makerere University, and major commercial hubs. Its location is intentionally planned to support the live-work-play model, bringing business, lifestyle, and wellness under one urban ecosystem.

Pearl Power One is just the beginning. The 20-acre Pearl Business Park masterplan includes:

 · A five-star hotel

 · A modern shopping mall

 · A world-class hospital

 · Several other commercial towers

Once complete, the park will become Uganda’s largest mixed-use commercial development, offering a futuristic city-within-a-city experience.

Kampala’s Silver Lining

According to building schematics and development partners, Pearl Business Park will not only set new standards in office design and leasing but also elevate Kampala’s global investment profile.

“This project will redefine Uganda’s real estate landscape,” the Ruparelia Group said at the groundbreaking, projecting Pearl Power One as the “biggest silver lining on the Kampala skyline.”

With environmentally conscious design, energy efficiency systems, and top-tier tenant amenities, Pearl Power One is more than a building — it is a statement of what the future of Ugandan real estate looks like.

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Tayebwa commends China for strengthening Uganda relations

Deputy Speaker Thomas Tayebwa interacting with Chinese delegation led by H.E. Jiang Zuojun, Vice-Chairman of the Chinese People’s Political Consultative Conference and Chairman of the Central Committee of the China Zhi Gong Party.

Deputy Speaker of Parliament, Thomas Tayebwa, has commended China’s growing engagement with Uganda, describing it as historic and transformative while calling for stronger collaboration to address trade imbalances and expand legislative cooperation.

Tayebwa made the remarks on Tuesday during a high-level meeting at Parliament with a visiting Chinese delegation led by H.E. Jiang Zuojun, Vice-Chairman of the Chinese People’s Political Consultative Conference and Chairman of the Central Committee of the China Zhi Gong Party.

The visit marked a milestone in the diplomatic and legislative relations between Kampala and Beijing, setting the stage for expanded partnerships in trade, infrastructure, and health.

“I want to appreciate H.E. Xi Jinping, the President of the People’s Republic of China, for the great friendship he has exhibited towards Uganda in particular and Africa at large,” Tayebwa said. “His good working relationship with H.E. President Museveni has ensured steady development of our country, and our relations are at a level never seen before.”

The Deputy Speaker, accompanied by a cross-section of Members of Parliament, applauded China’s tangible contributions to Uganda, particularly in times of crisis. He cited Beijing’s donation of eight million Yuan worth of anti-malaria drugs, 50,000 #Covid-19 testing kits, and 600,000 vaccine doses at the height of the pandemic.

“Indeed, China proved the old saying ‘a friend in need is a friend indeed’. This helped us to save our people,” Tayebwa remarked.

While noting the increase in Uganda’s exports to China, Tayebwa expressed concern over the persistent trade imbalance. Uganda exported goods worth only $54 million to China in 2024, compared to $1.1 billion in imports from Beijing.

“I request for technical support so that we can meet the required standards in the short term,” he appealed, urging China to assist in building Uganda’s export capacity.

On his part, H.E. Jiang Zuojun reaffirmed China’s commitment to deepening ties with Africa and Uganda, calling the current China-Africa relationship the most robust in history.

“Just as President Xi Jinping of China notes, the friendship of China and Africa transcends time and space and is passed down through generations. Now China-Africa friendship is at its best, elevating to a China-Africa community with a shared future for a new era,” Jiang said.

He noted that following the 2023 Beijing Summit of the Forum on China-Africa Cooperation, Uganda was elevated to the status of a Comprehensive Strategic Cooperative Partner — a development he said reflected the depth and potential of the bilateral partnership.

Adding to the discussions, Nathan Nandala-Mafabi (Budadiri County West) called on the Chinese delegation to revive former trade initiatives such as the China-Uganda Coffee Company, which once aimed to streamline Uganda’s top export into the Chinese market.

“There was a company called China Uganda, which was formed to deal in coffee, and I would imagine that company should be revived if it is dead, for the purpose of allowing coffee, which is our leading export, to enter the China market,” Nandala-Mafabi stated.

The Chinese delegation’s visit, the first by the Central Committee of the China Zhi Gong Party to Uganda’s Parliament, concluded with both sides pledging to deepen bilateral and legislative engagement in the spirit of mutual development.

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Besigye steps aside as Lukwago faces Museveni in 2026 presidential race

Retired Col. Dr. Kizza Besigye and Lord Mayor Erias Lukwago. Besigye is currently on remand at Luzira.

Retired Colonel Dr. Kizza Besigye, a veteran opposition figure and four-time presidential candidate will not contest for any elective position in the newly formed People’s Front for Freedom (PFF). Besigye, who is currently detained at Luzira Prison on treason charges has assumed a non-elective role as Chair of the Council of Eminent Persons, the party’s highest advisory organ.

The development was confirmed during the inaugural PFF Delegates Conference and official launch, where Besigye was recognized as the chief guest in absentia. Party officials clarified that his new role disqualifies him from running for any internal elective office, emphasizing the Council’s responsibility in offering strategic guidance and ideological oversight.

At the launch, Lord Mayor Erias Lukwago was elected Chairperson of the People’s Front for Freedom (PFF), with four deputies, including new member Dr. Lulume Bayiga from Democratic (DP) and former LoP Betty Aol Ochan. Ibrahim Ssemujju Nganda has taken the role of the Secretary General for the party.

Therefore, Erias Lukwago will take on the mantle to contest against President Museveni Kaguta of the National Resistance Movement and other opposition candidates.  

Besigye is currently facing serious treason charges over allegations that he and co-accused Haji Obed Lutale and Capt. Denis Oola conspired to overthrow the Ugandan government. The trio was formally charged on February 21, 2025, following their arrest a day earlier, and are alleged to have engaged in clandestine operations both within Uganda and internationally.

According to the charge sheet, the accused held covert physical and virtual meetings in Geneva, Athens, Nairobi, and Kampala between 2023 and November 2024, during which they reportedly coordinated plans to remove the Ugandan government through unconstitutional means. Authorities further claim that the group facilitated the movement of Ugandan citizens to Kisumu, Kenya, where recruits were allegedly trained in military tactics and intelligence-gathering.

Investigators allege the group also sought financial, military, and logistical support to advance their cause. In addition to treason, the government has filed an alternative charge of misprision of treason, a lesser offense involving failure to report knowledge of a treasonable act to authorities.

Despite his legal troubles, Besigye’s influence remains central to the direction of the PFF. His elevation to the Council of Eminent Persons cements his continued role as a key ideological figure in Uganda’s opposition landscape, albeit now from an advisory rather than a frontline political position.

The PFF leadership maintains that the party is committed to democratic change through peaceful means even as its top founder faces prosecution in one of the country’s most politically charged trials in recent years.

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Equity Bank Uganda appoints Claver Serumaga as Executive Director

Claver Serumaga, new Executive Director, commercial banking Equity Bank.

Equity Bank Uganda has appointed Claver Serumaga as its new Executive Director, Commercial Banking, with an aim to strengthen the bank’s leadership and accelerate its commercial banking ambitions.

As a seasoned banker with more than 20 years of Pan-African experience, Serumaga brings a wealth of expertise in commercial banking, digital transformation, and business development. In his new role, he will be responsible for providing strategic leadership and driving growth within the bank’s Commercial Banking Division.

Prior to joining Equity Bank Uganda, Serumaga served as the Managing Director and CEO of NCBA Bank Tanzania, where he is credited with turning the bank around after a decade of financial losses. Under his leadership, the bank not only returned to profitability but also significantly improved its portfolio quality, reducing it from double-digit non-performing loans to single-digit levels.

Before that, Serumaga was Deputy Managing Director at Bank of Africa Kenya (BOAK), where he played a key role in steering the bank back to profitability. He also served as Chief Digital Officer for the Bank of Africa Group, leading the digital transformation agenda across 16 African countries. Earlier in his career, he was General Manager for Business Development at Bank of Africa Uganda, solidifying his experience in regional banking leadership.

Announcing his appointment, Marik Ocitti, Chairman of Equity Bank Uganda, revealed, “His deep understanding of commercial banking, digital transformation, and business development aligns seamlessly with our mission to deliver innovative, inclusive, and transformative financial solutions to our customers. We are confident that Mr. Serumaga’s extensive leadership expertise and proven track record of driving business growth will strengthen our leadership team and position Equity Bank Uganda to continue its growth trajectory.”

Serumaga is known for his transformational leadership, strategic foresight and ability to build diverse and inclusive teams that embrace forward-thinking methodologies. His reputation as an astute banker, unconventional marketer, brilliant coach, and team player has made him a standout figure in the regional banking industry.

He is a Fellow of the Chartered Institute of Marketing (CIM-UK) and holds an MBA in Executive Management from the Graduate School of Business, University of Cape Town.

With a clear track record of success across multiple markets and institutions, Claver Serumaga steps into his new role with high expectations and a mandate to further elevate Equity Bank Uganda’s footprint in the country’s dynamic banking sector.

With Serumaga at the helm as Executive Director, Equity Bank Uganda is poised for a period of accelerated innovation and expansion.

This appointment underscores the bank’s unwavering commitment to leveraging top-tier talent to deliver on its promise of inclusive growth and sustainable value creation, solidifying its position as a leader in Uganda’s vibrant financial services sector.

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Financial sector resilient as deposits hit Shs38t— BoU review

Bank of Uganda.

Uganda’s financial sector continues to display remarkable resilience and steady growth, supported by rising customer deposits, enhanced liquidity buffers, and robust profitability among supervised financial institutions (SFIs), according to the Bank of Uganda’s Quarterly Financial Stability Review for March 2025.

The central bank notes that systemic risks have “moderated further over the year to March 2025, despite an uncertain global economic outlook.” This comes as the country benefits from accommodative monetary policy, low inflation and strong domestic growth, with GDP projected to grow between 6.0–6.5% in FY2024/25, potentially surpassing 7% in subsequent years.

“Domestically, growth remained strong, supported by low inflation and accommodative Bank of Uganda policies aimed at supporting stability across households, businesses, and financial institutions,” the report reads.

The financial sector’s total assets expanded significantly with customer deposits rising by 4% to Shs38 trillion, reversing a decline in the previous quarter. Liquidity conditions improved as liquid assets grew by 1.1% to Shs20.5 trillion, pushing the liquidity ratio to 51.8%, well above the regulatory minimum of 20%.

Foreign currency deposits grew by 6.6%, while Uganda shilling-denominated deposits increased by 2.7%, reflecting improved depositor confidence.

“Deposits remain the primary funding source for financial institutions, accounting for 83.4% of total liabilities,” BoU reported.

Meanwhile, loan disbursements increased by 6.8% year-on-year, reaching Shs22.9 trillion, supported by reduced lending rates and improved borrower repayment behavior. Notably, digital credit saw a surge, with disbursements doubling to Shs2.9 trillion, underscoring the sector’s digital transformation.

Asset quality also improved, with the non-performing loans (NPL) ratio easing to 4.2%, down from 4.6% a year earlier. Expected Credit Losses fell by 12.6%, and capitalized interest declined by 77.3%, signaling stronger repayment capacity.

Profitability surged across all SFIs. Net profit after tax rose by 13.8% to Shs1.7 trillion, while the return on assets improved to 3.2%. MDIs and credit institutions also saw strong earnings growth, positioning them to expand product offerings and support inclusive growth.

“Profitability supported improved capital adequacy, with most SFIs holding sufficient buffers,” BoU stated, adding that the core capital adequacy ratio for commercial banks stood at 25.4%, well above the 12.5% minimum.

Despite the overall positive trajectory, BoU flagged persistent vulnerabilities, including sub-trend credit growth and operational constraints in a few SFIs. Additionally, global headwinds, particularly US trade tensions, rising protectionism, and geopolitical shocks pose downside risks to Uganda’s macro-financial stability.

“The global economic outlook has weakened mainly due to rising uncertainty from recent trade tensions… global growth is projected at 2.8% in 2025,” the report references the IMF’s April 2025 World Economic Outlook.

Nevertheless, BoU assured the public of proactive risk management: “The Bank of Uganda remains proactive and will continue to leverage both monetary and macroprudential tools to enhance the resilience of the financial system as risks evolve.”

The payments ecosystem has shown robust growth, driven by digital adoption. Active mobile money accounts surged by 166% to reach 33.7 million, while transaction values grew 25.5% year-on-year. Over 92% of mobile transactions were low-value (below Shs50,000), indicating deepening financial inclusion.

Meanwhile, digital lending volumes doubled to over Shs2.9 trillion and agent banking expanded by 48.7%, although the number of active agents dropped slightly due to commission-related disputes.

However, BoU projects continued financial stability in the near term. Stress tests indicate the sector is resilient to extreme but plausible shocks, supported by healthy liquidity coverage ratios (494%) and net stable funding ratios (176.8%) as of May 2025.

Two SFIs are still below the new paid-up capital requirements, but have made “significant progress” in line with restoration plans.

Despite moderate systemic risks and improving asset quality, the Bank of Uganda has flagged rising global protectionism, trade fragmentation and geopolitical tensions as emerging threats to financial stability.

“Heightened global protectionism and geopolitical tensions present risks to trade and inflation,” BoU warned in its March 2025 Financial Stability Review, referencing recent escalations in global tariff rates and sluggish global growth.

The report points to the IMF’s April 2025 World Economic Outlook, which revised global GDP projections to 2.8% in 2025, down from 3.3% earlier this year, due to newly imposed U.S. tariffs and retaliatory measures.

Meanwhile, BOU revealed digital lending has surged, with disbursements more than doubling to Shs2.9 trillion, up from Shs1.04 trillion in March 2024.

“This underscores the increasing importance of digital credit,” BoU noted, adding that the rise is contributing significantly to financial inclusion and credit access, particularly among low-income populations.

In terms of profitability, Supervised Financial Institutions (SFIs) collectively posted a Shs1.7 trillion net profit after tax, up by 13.8% from a year earlier. Return on assets improved to 3.2 percent, with major gains in operational efficiency and reduced provisioning for bad debts.

“The growth in profitability positions SFIs to further diversify their products, invest in technological upgrades, expand lending activities, and ultimately contribute to economic growth and financial stability,” the Central Bank said.

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NRM primaries: Police arrest 16 in Mubende, Isingiro and Rubanda clashes

The Uganda Police Force has launched a series of operations to address the growing wave of election-related violence that has marred the ongoing NRM primaries across several districts. At least 16 suspects have been arrested following incidents of physical assault, arson and vandalism in Mubende, Isingiro, and Rubanda districts.

In a statement released by the Uganda Police confirmed that investigations are underway to bring all perpetrators to justice.

“As the electoral process unfolds, we wish to inform the public that incidents of violence involving political actors have been observed. These acts include physical assaults, property destruction, vandalism of election materials and other electoral offences,” the statement read.

Mubende District – 7 July 2025

The most serious violence was recorded in Mubende District where two rival camps of NRM primary candidates clashed at Kyapa Kyeturege trading centre.

According to police, the confrontation broke out between supporters of Mr. Muhumuza Henry and Hon. Kabanda David.

“Gunfire was exchanged, resulting in injuries to one Gumisiriza Roger. Several individuals were also assaulted with sticks and bricks,” police confirmed.

Later the same day, another violent incident erupted at Nabingola Sub County Headquarters, where two vehicles (UBP 452K and UBP 788T) and a motorcycle (UFU 345X) were set ablaze.

Police swiftly responded to the scene, and the injured were taken to Mubende Regional Hospital. Three suspects have since been arrested.

“We have instituted investigations, and statements have been collected from witnesses,” police noted.

Isingiro District – 5 July 2025

In Isingiro, chaos erupted in Kyempisi Cell, Kikagate Subcounty, where two motorcycles and a vehicle were torched. Police confirmed the arrest of 10 suspects, while others remain at large.

“On 07 July 2025, we had a security meeting with all parties and NRM electoral officials to promote peaceful conduct during the primaries,” the statement added.

Rubanda District – 3 July 2025

Earlier incidents were also reported in Rubanda District, where Hon. Henry Musasizi’s convoy was attacked with stones at Hakashanje Playground in Nyakahanga Cell, Bushura Parish. His vehicle sustained damage. Additionally, campaign posters put up earlier in the day were torn down by unidentified individuals.

“Two suspects have been arrested in relation to this incident,” the statement said.

Across the three districts, a total of 16 suspects have been apprehended, with others reportedly on the run.

“We condemn all forms of violence and reassure the public that the perpetrators of violence will be held accountable,” police emphasized.

The Uganda Police Force reaffirmed its commitment to securing the election environment.

“Investigations and operations continue. UPF remains dedicated to maintaining peace to ensure a secure election,” the statement concluded.

The police have urged political actors and their supporters to refrain from acts of violence and respect the rule of law as Uganda continues its electoral processes.

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