World money transfer service provider, WorldRemit has confirmed that it is not closing business in Uganda.
WorldRemit clarified that they will not be facilitating money transfers sent from Uganda starting June 6th but customers in the country receiving funds won’t be affected by the decision.
Customers will continue to receive funds via the WorldRemit service without disruption.
The full statement from WorldRemit;
As of 6th June, WorldRemit will not be facilitating any new transactions sent from Uganda. Customers receiving funds in Uganda are not affected by this decision and will be able to continue to receive funds via the WorldRemit service without disruption.
It is our continued goal to ensure we are offering the greatest value for our customers around the world, and to do so, we occasionally have to make difficult decisions that impact a small number of customers. We have therefore decided to no longer support money transfers from Uganda to keep costs for our global customer base, including for people receiving money in Uganda, as low as possible.
Any transactions made before 6th June will be processed as normal, and users will continue to receive SMS and email updates. All users can continue to access past transactions and recipient information, by logging into their account on the WorldRemit website.
WorldRemit is a leading global payments company and, along with Sendwave, part of Zepz, a group powering two global payments brands. We disrupted an industry previously dominated by offline legacy players by taking international money transfers online – making them safer, faster and lower cost. We currently send from 50 countries to recipients in 130 companies and operate in more than 5,000 money transfer corridors worldwide.
We look forward to continuing on our path towards long term growth ambitions and best serving our customers around the world.
The Leader of the Opposition in Parliament (LOP), Hon. Mathais Mpuuga has told Opposition lawmakers that after registering successes on the Floor of Parliament, focus should now be at mobilising the population to demand for better services and accountability of public resources.
Addressing Opposition MPs at a one day training workshop on alternative policies, Mpuuga said that while the Opposition had successfully influenced a number of Bills and policies in the House, it may not be possible for the government to implement ideas from the Opposition.
“We can’t be hoodwinked that the government will do what is expected of a democratic government. Implementation of our good policies like those espoused in our Alternative Policy statements is a preserve of a well-intended government not a rotting regime, not a regime that is self-serving, where corruption is endemic and abuse of human rights is widespread,” Mpuuga said.
“We have to make sure that our policies are not in futility,” Mpuuga added as he told the MPs to use both the mainstream and social media to popularise the Opposition policy proposals to as well ask the population to hold the government accountable.
Among the legislations that the Opposition effectively influenced is the recently passed Electricity Act, the Physical Planning Bill and the Fisheries (Amendment) Bill.
Mpuuga’s side also succeeded in pushing through its proposals at the time of passing the Charter of Fiscal Responsibility as well as the National Budget Framework Paper.
The Opposition however, contend that there is a mismatch in the figures contained in the National Budget Framework Paper 2022/2023 which was passed by Parliament and the figures that government presented in the draft National Budget estimates for 2022/2023.
Nonetheless, the LOP is so far contented with the performance of his troops but at the same time feels that there is still work to do to turn the Opposition platform in Parliament into a “focal point for disentangling an otherwise stuck economy.”
“It is not just about the numbers but the quality of outcome from the small numbers can outweigh the numbers on the other side of the House. Don’t look at yourselves as very few and therefore, incapable of driving the narrative in the House,” the LOP told the MPs.
“At the onset, we were not understood; the naysayers could not understand why we were talking about a Legislative Agenda [for the Opposition], they were saying, ‘how are you going to present your proposals when you don’t have the numbers?’ Strength of proposals can easily set the agenda,” he added.
The training focused on the Alternative Policy statements the Opposition laid before the House in response to the government’s budget proposals for the next financial year.
During the month of October 2021, I took a road trip to Tanzania and I got a chance to visit several Tanzanian National Parks. While in Tanzania, I was surprised by the huge number of tourists that flock to Tanzania’s tourist attractions. The parks, waterfalls and mountains are all busy with tourists and of course, I started to wonder why Uganda was failing to attract such numbers of tourists, while our country has so much to offer and hence the potential to get more visitors.
Uganda is a sleeping giant with countless natural attractions, lush green country sides, diverse cultures, landscapes, snow covered Rwenzori Mountain peaks, beautiful lakes and dotted islands. Not to mention the gorillas and the usual African Big Five safaris that always leave the few international tourists wondering why they didn’t know anything like this existed in Uganda.
Uganda the sleeping giant is said to have more than 50% of the remaining mountain gorillas in its two National Parks Bwindi impenetrable forest and Mgahinga Gorilla National Park but it’s funny that most people outside of Uganda don’t even know that there are mountain gorillas in The Pearl of Africa. I recently was in Kenya’s Diani beach and I happened to meet a tour operator, who didn’t know that Uganda even had Gorillas, as strange as it seems; and by the way, he is one of the best in the area of Diani beach according to TripAdvisor rankings.
When it comes to Mountain Gorilla trekking, the world quickly looks at Rwanda and we all know trekking permits here don’t come cheap: they come at a cost of 1500$, compared to Uganda’s 700$.
Take a look at bird watching for example: Uganda is home to 10.2% of all bird species in the world. American tourists spend $4.1bn a year on bird watching tours. Now imagine 10% of these tourists knew about Uganda as a birding safari destination and booked tours to Uganda that means as a country, we would make $410m out of the birds we have. Remember we don’t feed or treat these birds; basically don’t cost us anything, yet we could heavily profit from them if we did our homework better.
Uganda is like a beautifully dressed woman, wearing nice jewelries and make-up but locked in her room… Meaning no one sees or appreciates how endowed she is. Anyone who has visited Uganda will tell you that this country is a sleeping tourism giant, having everything to make is a preferred holiday destination. It is maybe small, but surely has everything the African continent has best to offer.
With all what we have, I believe we could fully optimize it and reap the tourism dollars… something that might be part of the solution to the youth unemployment. With an increase in tourists in Uganda, I see endless opportunities for many (young) people like me, employed as safari guides, chefs in lodges, porters on our mountains, interpreters, mechanics maintaining safari cars, craft makers, etc. Maybe this would help to save young people from going to Arab countries, where many of them claim to be treated as slaves.
My recommendation
In my opinion, we lack of serious marketing and sensitization campaigns – something our neighbors have mastered, explaining why Uganda has remained overshadowed by countries like Rwanda, Kenya and Tanzania. Different tourist companies have tried to market on their own but trust me, it can’t work well if the government is not seriously involved. The government should increase on the budget that’s given to Uganda Tourism Board (UTB) to enable them sell exhibit Uganda as a preferred holiday destination. We need to know that this business of tourism is built on awareness and serious/aggressive marketing to tell the world: “hey! You can come spend your holidays here”; and that Uganda is not all about gorillas and chimpanzees. If we sit back and relax, other countries advertising and signing deals with international football teams will beat our sector’s revenue – yet we are so much gifted by nature.
Samuel Colin Walugembe, Founder and Director of Laba Africa Expeditions
Police Counter Terrorism director, AIGP Abas Byakagaba
The Police Authority has resolved to retain three of the seven Assistant Inspector Generals of Police, insisting the four must retire.
Sources within the Police Authority told EagleOnline that most of the AIGPs were already serving their second mandatory contract and there was no way the authority was going renegade on its stand because the same had applied on the previous lot of retirees.
“We resolved to leave AIGP John Ndugutse who is attached to the UN-Nairobi and AIGP Francis Rwego complete their contracts with the UN and AU mission respectively but upon completion, they will proceed to retire. However, the only other person the authority considered for redeployment is AIGP Abass Byakagba because of his specialty,” said a source.
Byakagaba is the AIGP in charge of Counter Terrorism and he is credited for well seeing of his docket.
The four of the seven directors whose contract the authority says they aren’t renewing are Director Community Policing AIGP Asan Kasingye, Director Operations AIGP David Ochom, Director Welfare AIGP Andrew Solowen, AIGP Haruna Isabirye Attached to America, AIGP and AIGP Joseph Mugisa Director Fire.
Sources say that the authority declined to recommend the above for renewal because it is likely to be seen as favouring the officers and yet their predecessors were treated in a similar manner.
The Police Authority is the highest organ of the force and it is chaired by the Minister of Internal Affairs.
Awel Uwihanganye - CEO Makerere Centennial Celebrations, Prof. Barnabas Nawangwe - MUK Vice-Chancellor, Mumba Kalifungwa - Absa MD & Michael Segwaya - Absa ED & CFO
Absa Bank Uganda Limited has announced Shs 65 million towards Makerere University’s centenary celebrations.
The commitment will go towards supporting the university’s year-long anniversary celebrations, which were launched in November 2021 during a stakeholder mobilization event organized by Makerere.
Opening its doors to 14-day students in 1922, Makerere University has grown to become one of the most prestigious learning institutions in Africa.
In his remarks, the Vice-Chancellor of Makerere University, Professor Barnabas Nawangwe lauded Absa Bank for its support, noting that the company’s dedication to supporting education and skills development of youth in Uganda was of mutual interest to the institution.
“Makerere University welcomes Absa Bank’s support through this partnership that will benefit both the students at Makerere University and the youth in Uganda as a whole. This gesture acknowledges that you cannot talk about Uganda’s development and socio-economic transformation without involving the youth. Makerere and Absa are both in the business of giving the youth a platform to achieve their full potential. This partnership will therefore inspire our students and the youth, in general, to innovate and contribute significantly to the transformation of Uganda,” he said.
Professor Nawangwe highlighted that the sponsorship from Absa Bank Uganda is aligned with Makerere University’s strategic plan (2020-2030), which focused on making the institution research-intensive.
Mumba Kalifungwa, Absa Bank Uganda’s Managing Director, said “We are honoured to be coming on board to commemorate this great milestone with Makerere University. Partnerships of this kind align with and are a testament to our strategic purpose to bring possibilities to life. Access to education remains one of Africa’s biggest challenges and thus Education and Skills Development remains a key focus as the bank supports youth access education through our Scholarship Programme, employability through the ReadytoWork initiative, and partnerships with institutions of higher learning like Makerere.”
President of Tanzania Suluhu Samia has arrived in Uganda for a two-day official visit at the invitation of President Yoweri Tibuhaburwa Museveni.
The purpose of this visit is to further strengthen the excellent historical and fraternal relations between the Republic of Uganda and the United Republic of Tanzania.
President Suluhu will also address Business Executives, Policy makers, the Private Sector and other high-level Government officials at a Business dialogue with the view of abolishing tariff and non-tariff barriers that frustrate the flow of business and employment opportunities of populations of the two countries.
The Business Dialogue will among other things address Job creation, boost bilateral trade in goods and services, enhance Foreign Direct Investments and promote tourism.
Business dialogue is aimed at Strengthening the trade relationship and linkages between Uganda and Tanzania through high-level public-private sector dialogue for economic growth and job creation for the youth.
It also aimed at leveraging the dialogue to eliminate the tariff and non-tariff barriers to trade that affect job creation for the countries’ youths and create a business-to-business dialogue and partnerships between Ugandan and Tanzania Business Actors.
Business commitments between Uganda and Tanzania
Fast-tracking the implementation of Infrastructural developments in the areas of energy, water & road transportation and the Standard Gauge Railway with the capacity to employ up to 30,000 persons.
Exploitation of the pathogenic economy through the joint establishment of pharmaceutical companies to produce vaccines and veterinary drugs to help communities that keep livestock. This is expected to create at least 3000 direct jobs and 10000 indirect jobs in the value chain and Construction of the gas pipeline from Tanzania to Uganda.
Emirates, renowned for its award-winning products and services, is launching a new hospitality-based strategy which will take the customer experiences that its teams deliver on ground and in the air, to new heights.
The programme will be one of the biggest people, process, and product initiatives ever implemented at the airline, touching all frontline customer facing teams as well as supporting departments.
Adel Al Redha, Chief Operating Officer at Emirates said: “Even while managing the immediate challenges of the pandemic during the past two years, Emirates did not hesitate to keep driving forward initiatives to ensure our customers keep “flying better” for the foreseeable future.
“Emirates already has a signature service that our customers value and makes us unique. What we’re doing through our new hospitality strategy, is providing our teams with even more bandwidth and skills to build stronger, more personalised, and relevant connections with our customers at every moment of their journey with us. We’ll achieve that by investing in technologies, refining elements of our processes, and empowering our people to be our most effective and real brand ambassadors.”
Al Redha added: “The learning programme for our new hospitality strategy will be rolled out starting from June, and refresher courses in the programme will continue to ensure the consistency of our customer experience.”
With expert support from Ecole hôtelière de Lausanne (EHL), consistently rated amongst the world’s top hospitality management schools, Emirates is creating its next generation hospitality programme based on bespoke principles that reflect its unique DNA. At its foundation are the principles of simplicity, excellence, innovation, and most importantly, passion.
The programme aims to drive consistency across all touchpoints and provide a framework for teams to deliver signature moments that evoke emotions and create positive memories and feelings for Emirates’ customers.
Emirates has already incorporated elements of its new hospitality principles into its soon-to-launch Premium Economy service, as its cabin crew learn how to deliver Emirates’ latest inflight experience from food presentation and offering of welcome drinks, to complimentary amenities and other little touches. Earlier this week, the airline announced that it will offer its full-service Premium Economy experience for sale in June, for customers flying on select routes starting from 01 August 2022.
Committed to investing in its people, the first batch of Emirates facilitators have already earned their EHL Qualified Learning Facilitator Certification after completing an intensive 2-week programme between Dubai and EHL’s main campus in Lausanne earlier this year. They will be part of the core team involved in deploying the airline’s hospitality learning experience initiatives starting from June.
The airline is setting up an internal Emirates Hospitality Centre of Excellence to engage and co-ordinate the roll-out of the programme across the diverse teams at Emirates involved in delivering customer experiences – including cabin crew, airport services employees, contact centre teams, catering, inflight products, training, recruitment, sales and marketing, and more.
Morocco has been selected to host this year’s CAF Champions League Final, the Confederation of African Football (CAF) has confirmed.
CAF received a bid from the Senegalese Football Federation and from the Royal Moroccan Football Federation to host the final of the TotalEnergies CAF Champions League 2022.
However, the Senegalese Football Federation subsequently withdrew their bid.
The date of the final is 30 May 2022.
The previous CAF leadership decided on 17 July 2019 that the winner of the TotalEnergies CAF Champions League will be determined by a one-leg final, instead of the usual two-legged, home and away final.
But now CAF is considering reverting to the two legged final instead of one off final.
“There are currently discussions underway within CAF to revert to the old two-legged home and away final to determine the winner of the TotalEnergies CAF Champions League, rather than the one-leg final,” CAF said in a statement.
Al Ahly currently have a 4-0 advantage over ES Setif in the first leg of the semifinal while Wydad Casablanca has a 3-1 against Petro de Luanda.
The Ministry of Defence and Veteran Affairs/UPDF documentation and sensitization exercise for Batch 12 retirement and discharge was conducted at the Special Forces Command (SFC) Headquarters in Entebbe.
The exercise jointly attended by impending retirees from two services; the UPDF – Air Forces and SFC and a total of 61 Officers and men were documented and sensitized.
Col Geofrey Turuma, Head of Air power at Uganda Airforce College and an Aviation consultant, the most senior among retirees thanked the UPDF leadership and mostly the Air Forces for the trust they had in the personnel due for retirement in regard to the different and sensitive appointments they have held throughout their period of service.
He expressed satisfaction with the UPDF leadership and pledged to continue serving his country if or when called upon to lend a hand.
During the exercise a lot of information was shared by the various MODVA/UPDF representatives which included benefits after retirement, financial literacy, human resource management among others. Retirement benefits are determined by one’s period of service.
“You can always come for medical attention for you and your family to any military hospital, Wazalendo SACCO is still your saving co-operative and Defence Forces Shop is still accessible. The UPDF leadership still holds you great,” Brig Gen Eugene Ssebugwawo Deputy Chief of Personnel and Administration and also the Head of the Exercise affirmed while sharing with the retirees on their other benefits in retirement.
“Don’t let the word ‘retirement’ stop you from working if you feel the need too. You are retired but not tired,” he urged the officers and militants.
He advised them on the need to work even if it’s part time in order to supplement their pensions and or work so as just to face the challenges that come with work.
He encouraged them to make themselves busy by joining benefiting Clubs for example Rotary Clubs, get involved in Community services mostly the Veteran SACCOS and activities. “An idle mind is a devil’s workshop,” he quoted.
Maj Moses Iliamaso Airforce Staff officer in Charge of Career Planning, on behalf of Airforce Director Personnel and Administration Brig Gen Rebecca Mpagi applauded the exercise team for their endeavours and packages delivered to the retirees and promised to emphasize the same till the retirement day when opportunity avails.
He also urged the retirees to have a vision and leave by it once they return to civilian life.
On 10th May 2022, the team will be in Land Forces Headquarters Bombo, where the largest number of retirees and dischargees are expected to be handled.
The I&M Bank Uganda headquarters in Kampala. I&Ms entry into Uganda, last year, builds on 28 years of an uninterrupted legacy of Orient Bank, itself, built on trust and personalized banking. This legacy fuses into I&M Group Plc’s 48-year legacy that has seen the group rise to over USD3.6 billion (UGX12.5 trillion) in assets as of 31st December 2021.
On 30th April 2021, I&M Group Plc completed the acquisition process of 90 per cent of Orient Bank and consequently renamed the 28-year-old Ugandan bank to I&M Bank Uganda Limited on 8th November 2021. What do the rebrand and acquisition mean for both existing and future customers of the bank, as well as how does it impact the fortunes of the bank and the industry in general? Here are the 7 Reasons why I&M Bank Uganda is the bank to watch this year and beyond.
I&M Bank Uganda builds on 28 years’ uninterrupted legacy of Orient Bank based on trust and personalized banking. This legacy fuses into I&M Group Plc’s 48-year legacy that has seen the group rise to over USD3.6 billion (UGX12.5 trillion) in assets as of 31st December 2021. I&M Group Plc is listed on the Nairobi Securities Exchange (NSE) and has subsidiaries in five countries- Kenya, Tanzania, Rwanda, Mauritius and now Uganda. The group aspires to be ‘Eastern Africa’s Leading Financial Partner for Growth’.
Therefore, I&M Bank Uganda is now on a journey to become Uganda’s Leading Financial Partner for Growth as alluded to by the Deputy Governor, Bank of Uganda, Dr Michael Atingi-Ego in his speech during the handover of the banking license to I&M Bank (Uganda) Limited, “we anticipate that the enhanced financial muscle and cross-border banking pedigree brought on by the I&M Group that has subsidiaries across East Africa will substantially power the bank (I&M Bank Uganda) to its next evolution.” he said.
Bigger world of possibilities for I&M Bank Uganda’s borrowing customers
Every customer needs a big bank to give their dreams more wings to fly- but local Ugandan rules demand that banks can only lend up to 80% of their deposits. There are also limits to how much can be lent to a single customer. By joining the larger and more financially solid I&M Group, customers of I&M Bank Uganda can now tap into the group’s larger lending power and expertise. As of 31st December 2021, I&M Group’s shareholder’s equity stood at USD 617.6 million (UGX2.1 trillion), which is surely a bigger pool for Ugandan entities to tap into in form of syndicated lending.
Additionally, the group has other inter-related non-banking operations such as I&M Burbidge Capital (U) Limited, a subsidiary of I&M Burbidge Capital Limited a corporate finance advisory arm of the Group, I&M Capital Ltd, a licensed fund manager by the Capital Markets Authority, I&M Realty Ltd, the real estate holding company of I&M Group as well as I&M Bancassurance Intermediary Ltd, the I&M Group Insurance arm which houses Youjays Insurance Brokers. All these are value-adding services that Ugandan customers can now tap into to grow their businesses.
According to Kumaran Pather, the Managing Director and Chief Executive Officer of I&M Bank Uganda, the integration with I&M Bank continues to present vast opportunities for both customers and staff “We are excited about this phase where we see more opportunities to better support our staff, customers investors and other shareholders under the l&M Group. We also see more opportunities to expand our market reach and penetration in Uganda and aggressively position ourselves as a key enabler for personal and business growth. I am optimistic that we will achieve all these because as a bank we are focused on our efforts to offer every customer a seamless banking experience,”.
Suleiman Kiggundu, the bank’s Board Chairman, believes that the integration of the bank into the larger I&M Bank “will not only unlock the bank’s potential, but also enable it to reach out to more customers within Uganda, and in Eastern Africa as a whole.”
Enhanced efficiencies for customers with regional presence and or ambitions
I&M Group’s entry into Uganda is very timely. The East African Community is growing stronger and expanding, and the African Continental Free Trade Area (AfCFTA) is in the offing.
A bank that enables customers cross-border access to their money and other opportunities in EAC’s major economies and beyond, couldn’t have come at a better time.
The five countries where I&M Group has a presence, already enjoy a rich business relationship with Uganda. The import trade between Uganda and Kenya, Tanzania, Rwanda, and Mauritius in 2021 stood at USD1.6 billion, accounting for 22% of Uganda’s entire import trade (USD7.1 billion). Similarly, Ugandan exports to these four countries form a big chunk of its export earnings —USD646 million or 16.3% of the entire export earnings in 2021 (USD3.97 billion).
I&M Group also works with some of the world’s most renowned banks such as Citibank NA, Commerzbank AG, Deutsche Bank AG, ICICI Limited Mumbai, Mashreq Bank PLC (Middle East), Standard Bank of South Africa and Standard Chartered Bank NY and Bank One Ltd in Mauritius to facilitate international transactions beyond the countries where it has a presence.
“Every business and indeed every one of our customers, needs a big bank to meet their needs be it retail, SME and corporate banking at a domestic, regional and international level,” says Kumaran Pather, the bank’s Managing Director.
He adds: “At the domestic level, I&M possesses time-tested knowledge, experience, and the products to finance and facilitate our client’s dreams. These, include agro-industrialization/manufacturing; mining and natural resources, including oil & gas; tourism and hospitality; transport, energy, information and communication technology, real estate, education, and regional trade etc.”
According to Chris Low, the I&M Group Regional Director as well as Board Director for I&M Bank (Uganda) Limited “The entry into Uganda puts the l&M Group in a better position to capitalize on the rise of Eastern African economies, resulting in multiple opportunities for growth, diversification and higher shareholder value.”
He adds: “It also aligns with our strategy of operating unique and scalable businesses across the region. We believe that l&M Bank Uganda will be a key enabler in our broader quest to ensure that we fulfil the needs of all our stakeholders while promoting cross-border trade within the region.”
Great things happen when great brands mix with great people
Financial muscle, geographical footprint reach and a rich 48-year experience aside, at the heart of every brand promise and the delivery of that promise are knowledgeable and committed people. And like they say, great things happen when great brands meet great people.
Over the last two years, I&M Bank Uganda has built a strong team of experienced bankers, attracting new talent from the industry as well as resharpening and retooling the existing team. The newly reconstituted executive committee brings nearly 200 years of combined financial services experience to the table.
Leading this team is Kumaran Pather, the Managing Director and Chief Executive Officer who joined I&M Bank (Uganda) Limited in January 2020. A seasoned banking executive with over two decades of rich retail banking experience- spanning across, South Africa, Botswana, Mauritius, Bahrain, Tanzania, Mozambique and most recently Uganda.
Kumaran’s No.2, Sam Ntulume, the Executive Director and Chief Operations Officer who joined the bank in November 2021, brings to the bank a working career spanning over 28 years— 16 of these in the Financial Services Industry in the region.
Other senior executives at the bank include: Edward Gibson Nangono; Chief Business Officer (14 years’ experience); Oscar Karamagi, Head of Internal Audit (over 20 years’ experience); Andrew Ssekamwa, Chief Financial Officer (over 10 years’ experience) and Joseph Fetaa, Head of Products & Channels (17 years’ experience); Katherine .S. Turinawe, Head of Human Resources possesses over 17 years of experience; Duncan George Karugaba, Head of Operations (19 years’ experience) Charles Kiirya, Head of Credit (18 years’ experience); Denis Damba, Head of Treasury brings to the game over 13 years of banking experience; Natalie Erinah Kironde, Head of Legal and Compliance (Over 10 years of experience); Hope Lorna Nakhayenze, the Head of Risk has over 13 years’ experience and Srinallapa Kumar, the Head of IT, possesses over 16 years’ experience in the business.
The I&M Bank Uganda Exco Team, that is led by Kumaran Pather (center) brings nearly 200 years of combined financial services experience in and outside Uganda, to the game.
A meeting of two digital-led banks
Even before the integration with the I&M Group, Orient Bank had made its digital mark on the industry.
Dr Michael Atingi-Ego, the Deputy Governor Bank of Uganda recognized Orient Bank during the occasion to hand over the banking license to I&M Bank Uganda for promoting cashless transactions in Uganda by pioneering the use of point-of-sale technology and the deployment of a rich suite of technology-driven services that included internet banking, mobile banking, Visa cards, American Express cards, Union Pay and agent banking.
“The innovative championing of digitization made Orient Bank outstanding and remains one of the most attractive aspects in a world of technology-driven banking,” the Deputy Governor said.
Similarly, the I&M Group is well known for its digital-first approach to business, and Chris Low, the I&M Group Plc Regional Director affirms that I&M would continue to invest in winning digital solutions in line with the Group’s Imara 2.0 Strategy.
“One of the pillars of the strategy focuses on radically improving operational efficiency by automating end-to-end customer processes and building centres of excellence across the region supported by a central shared service centre.”
“The I&M Group has continued to make significant investments in digital technology and innovative products that will impact all our banking segments, not only here in Uganda but across the region,” he reiterated.
One digital product worth mentioning for example is BRISK, an in-house developed money transfer service available to I&M customers in East Africa. This system allows I&M customers to operate one account across countries to transfer funds to beneficiaries located in the countries where I&M is present, without the use of Nostro accounts. This makes the service fast, efficient, cost-effective, and convenient. I&M customers are also able to make deposits, withdrawals and other transactions across the east African countries without any inconveniences. This service is available at three I&M subsidiaries in Kenya, Rwanda and Tanzania. The same is yet to be rolled out in Uganda.
“The I&M Group is known for its innovative solutions that enhance customer convenience and efficiency – solutions that ride on our noteworthy investments in robust technological infrastructure and are part of our digital transformation journey,” emphasizes Kumaran Pather, the I&M Bank Uganda MD/CEO. “By tapping into the l&M Group’s investments in digitization, we will continue to roll out a series of innovative products and services to our customers and continuously walk with them in their financial journey.” He said.
A bank for East Africa, by East Africans; with the right global partners
I&M Group’s objective to become Eastern Africa’s leading financial partner for growth is not mere rhetoric, because East Africa is where the bank’s roots are deeply implanted. The Group was founded here and as such possesses immense regional knowledge. I&M Group is 86.07% owned by East Africans of which 75.66% is owned by private and public institutions from East African Community Partner States and 10.41% by individuals from EAC partner states. The rest, 11.2% and 2.67% is owned by non-EAC institutional and individual investors respectively.
Worth noting is that the CDC Group Plc, a development finance institution wholly owned by the government of the United Kingdom owns approximately 10.68% of I&M Group Plc, the holding company of I&M Bank Ltd. In addition, I&M Bank has a technical support agreement with International Finance Corporation for staff training, product development and risk management. The bank also enjoys medium-term foreign currency credit facilities from various Development Financial Institutions – Proparco, IFC, DEG and ResponsAbility.
With such a diversity of shareholder and strategic partnerships, I&M Bank Uganda’s future and that of her customers can only be more solid- and better.
• : I&M Park, the Headquarters of I&M Group Plc in Nairobi. The I&M Group Plc is one of the region’s leading banking and insurance groups with a presence in Kenya, Mauritius, Rwanda, Tanzania and Uganda. With a 48-year legacy that has seen the group rise to over USD3.6 billion (UGX12.5 trillion) in assets as of 31st December 2021, I&M Bank Uganda customers are now part of a larger financial partner with diverse offerings.
Ensuring sustainable long term stakeholder value
To guarantee long-term value for its stakeholders, the I&M Group is committed toa strict Environmental, Social, and Corporate Governance framework (ESG) across both its internal operations as well as the projects it finances.
Through its operations and the I&M Foundation, the Group invests in and or pays particular attention to projects and initiatives that contribute to:
Environmental conservation- the preservation, protection and restoration of the environment.
Economic empowerment – the promotion of sustainable economic growth and productive employment.
Education & skills development – ensuring inclusive and equitable quality education
Enabling giving – strengthening partnerships for sustainable community development
As such I&M Bank Uganda, has embraced the sustainability agenda.
To oversee this sustainable growth and ensure best governance practices, I&M Bank Uganda recently reconstituted its board of directors, bringing together a team of seasoned experts with remarkable experience in various fields including finance and banking, law and management.
The 9-member board is led by Suleiman Kiggundu, a Yale University-trained engineer and economist with 25 years, of leadership experience. He has served in senior leadership roles at various leading institutions, including Equator Bank, Equator Capital Partners, HSBC Bank plc and as the Regional Director for Africa at CDC Group plc.
Other board members include Ketan Morjaria, the founder and Board Member of both I&M Bank in Uganda and Credit Bank in Kenya, who is also a strategic shareholder in both institutions as well as Chris Low, the Regional Director at I&M Group Plc.
Other seasoned leaders on the I&M Bank Uganda board are Joram Kahenano, Francis Magambe Byaruhanga, Bhartesh Shah and Nicholas Ecimu, the Company Secretary.
Mr Kumaran Pather, the Managing Director and CEO as well as Mr Sam Ntulume, Executive Director and Chief Operations Officer also sit on the board.
Given the above reasons, I&M Bank Uganda and its customers can look to great times ahead. We should anticipate shared prosperity for the bank and its customers- both existing and future.
