Stanbic Bank
Stanbic Bank
25.6 C
Kampala
Stanbic Bank
Stanbic Bank
Home Blog Page 826

Oulanyah takes on Kadaga as elections kick off at Kololo independence grounds

By
Geoffery Serugo
-
Ballot box

The election of the Speaker and Deputy Speaker of 11th Parliament has kicked off at Kololo independence grounds.

The election of the speaker and deputy speaker is presided over by the Chief Justice Alfonse Owiny-Dollo.

Speaking at Kololo, Justice Alfonse Owiny-Dollo told legislators that the purpose of the first session of the first sitting of the 11th parliament is to elect a speaker of this parliament and the constitution provides that the President will administer the oath of the new speaker.

“You are welcome and congratulations to you all MPs on your election to the 11th Parliament. You were declared winner in your respective constituencies. Some of you are in familiar territory but for a greater number, is your first time,” he said.

“The election of the speaker will be conducted in an open manner. All candidates will have their agents to ensure that, there is no opportunity to give credibility to any unfounded allegations,” he said.

According to article 81(4) of this Constitution, no business shall be transacted in Parliament other than an election to the office of Speaker at any time that office is vacant.  Article 82 (2), the Speaker and Deputy Speaker shall be elected by members of Parliament from among their number.  A person shall not be qualified to be elected a Speaker or Deputy Speaker if he or she is a Vice President or a Minister.

The speakership race has attracted three candidates who include the former speaker Rebecca Kadaga parliament, former deputy speaker Jacob Oulanyah and Kira municipality MP Ssemujju Nganda.

The Omoro County MP Jacob Oulanyah was nominated by Isingiro North MP Rtd Col. Bright Rwamirama and seconded by Oyam South MP, Betty Amongi.

Kira Municipality MP was nominated by Makindye West MP Allan Ssewanyana and seconded by Soroti Division East MP Attia Moses. Kamuli Woman MP who is also the incumbent was nominated by Luuka South MP, Stephen Kisa Bakubalwayo and seconded by Busia Municipality MP, Geofrey Macho.

The deputy and Speaker of Parliament is mandated to carry out a number of duties, and key among them include presiding at any sitting of the House, preserving order and decorum in the House and making pronouncements on questions of order and practice.

Stories Continues after ad

Prof Bazeyo receives Tufts University honorary degree

By
Simon Kabayo
-
Prof. Bazeyo (R) poses poses Vice Chancellor Barnabas Nawangwe

Makerere University‘s Professor William Bazeyo on Sunday 23rd May, 2021 received the honorary Doctor of Science degree of Tufts University during the institution’s 165th All-University Commencement Ceremony. The pre-recorded ceremony was presided over by the Tufts University President, Dr. Anthony P. Monaco.

In his remarks, President Monaco shared that Tufts awarded its first honorary degree in 1858. “We confer honorary degrees to recognize the recipients for their extraordinary talents and contribution. At the same time we hope they will be a source of inspiration for today’s graduates and everyone in the Tufts community.”

Prior to the conferment, the citation of Professor William Bazeyo by Prof. Florina Tseng, Associate Dean, Tufts University read;

“William Bazeyo, position; medical researcher and academician. You have transformed the wellbeing and potential of your fellow Ugandans and thousands of African people. As a Professor at Makerere University School of Public Health, you bridge research and reform. As Director of the ResilientAfrica Network, you imbue solutions with compassion. You have been instrumental to projects that demonstrate global leadership in One Health. As an example, your influence extends to a major Tufts-led initiative to combat the risk and spread of zoonotic spillover to forestall future pandemics.”

President Monaco in conferring the award said; “Dr. William Bazeyo, for your many contributions, you have received Uganda’s highest civilian honour; the gold medal. Tufts University is privileged to recognise your distinctive legacy of science in service to humankind by awarding you the degree of Doctor of Science (Honoris Causa).”

In his brief acceptance speech, Prof. Bazeyo said, “thank you very much and I wish you well as you serve other people.”

Other recipients of honorary awards included; Major General Maria B. Barrett, Commanding General, U.S. Army Network Enterprise Technology Command (NETCOM) – honorary Doctor of Public Service degree

Stacey B. Gabriel, Senior Director, Genomics Platform at Broad Institute of MIT and Harvard – honorary Doctor of Science degree

Hamdi Ulukaya, Founder and CEO of Chobani; a top-selling Greek yogurt brand in the U.S. also lauded as a “Change the World” company by Forbes – honorary Doctor of Humane Letters degree

Ofelia Zepeda, Educator and Activist dedicated to the preservation of O’odham and its culture, Co-founder and Director of the American Indian Language Development Institute, University of Arizona – honorary Doctor of Letters degree

Bryan Stevenson, Acclaimed Public Interest Lawyer, Executive Director Equal Justice Initiative (EJI) and Professor of Law at the New York University School of Law

Delivering the Commencement address, Bryan Stevenson urged graduates to not just be degree holders but people who are committed to human rights, justice and changing the world, “…I believe that the opposite of poverty isn’t wealth. I believe the opposite of poverty is justice. And that is why I urge you to do justice in every way possible.”

Stories Continues after ad

Makerere fresh graduate found dead in his bedroom

By
Simon Kabayo
-
Eyangu James a fresh graduate and MTN More supu actor

It is a sad and griefy start of the week at Makerere University College of Veterinary Medicine, Animal Resources and Biosecurity after the sudden death of their former President, James Eyangu.

Eyangu was found dead in his rented room in Kikumi Kikumi along Muganzi-Awongerere road. Following the bad smell from the room, police had to break into the room and only to find a dead body lying on the bed.

He was one of the students who graduated with a bachelor’s degree of biomedical Laboratory Technology in Makerere University’s 71st graduation.

Report on the cause of Eyangu’s death is yet to be established adding that burial arrangements will be communicated later.

“James will be missed so much by COVAB. May his soul RIP,” reads part of University statement.

Stories Continues after ad

How parliament will vote for Speaker and deputy speaker

By
Our Reporter
-
Parliament of Uganda

The Chief Justice, Justice Owiny Dollo will today preside over the election of the Speaker and Deputy Speaker at the First Sitting of the First Session of the 11th Parliament at the Kololo Independence Grounds.

All the 529 sworn in Members of Parliament will make their way to the venue starting at 10 am.

Owiny Dollo will read out the rules of the elections of the Speaker and Deputy Speaker before he calls for nominations of the candidates.

After members have nominated candidates, voting by secret ballot will commence, votes tallied and the winner declared.

The elected Speaker and Deputy Speaker will take oath before handing over of the instruments of power by H.E The President of the Republic of Uganda to both.

National Resistance Movement (NRM) CEC fronted Jacob Oulanyah and Anita Among as the official party candidates for the positions of Speaker and Deputy Speaker of the 11th Parliament respectively ahead of today’s elections.

Rebecca Kadaga decided to stand for Speaker as independent.

FDC endorsed Kira Municipality MP Ibrahim Ssemujju Nganda and Mawokota south MP Yusuf Nsibambi for Speaker and deputy speaker.

Stories Continues after ad

CJ presides over swearing-in ceremony of new NIRA ED

By
Our Reporter
-
The Chief Justice, Alfonse Chigamoy Owiny-Dollo and Ms Rosemary Kisembo as the newly appointed Executive Director of the National Identification and Registration Authority (NIRA)

The Chief Justice, Alfonse Chigamoy Owiny-Dollo presided over the swearing-in ceremony of Ms Rosemary Kisembo as the newly appointed Executive Director of the National Identification and Registration Authority (NIRA) as its board member.

At the ceremony which took place at the Judiciary headquarters, Ms Kisembo Ms Rosemary Kisembo took both the Oath of Secrecy and Oath of Office.

She replaces Ms Judy Obitre–Gama whose contract as Executive Director expired last year.

By law, as per the Registration of Persons Act, 2015, the agency’s Executive Director becomes a member and the secretary to its Board of Directors.

In his remarks, the Chief Justice urged the new Executive Director to fight corruption at NIRA as one of the ways to improve public trust. “Fight corruption as a functional institution, whether the real one or the perceived corruption,” the Chief Justice said, adding that corruption cripples service delivery and public trust of any institution.

He also challenged the board to “put in place an integrated system between NIRA and Police where lost ID cards can be traced and information shared…without compromising security.”

The NIRA Board Chairperson, Mr Joseph N. Biribonwa shared that despite the plans to improve service delivery by introducing online applications and migration from the old to the new digital ID card among other innovations, the Authority was still faced with several challenges including the ageing technology and equipment, negative perception and insufficient manpower.

He however assured the CJ that after “migrating to the new ID card, the people of Uganda will be served with efficiency.”

The swearing-in ceremony was witnessed by members of NIRA Board of Directors including Brig. Gen. Stephen Kwiringira, who has been serving as Ag ED, the Registrar High Court, Samuel Emokor, and the Judiciary Public Relations Officer, Jamson Karemani among others.

Stories Continues after ad

CEC endorses Oulanyah against Kadaga

By
Our Reporter
-
Speaker Jacob Oulanyah

The central Executive Committee of the ruling party has endorsed the Omoro County legislator Jacob Oulanyah as its choice for the post of Speaker of Parliament.

CEC endorsed Oulanyah against outgoing Speaker Rebecca Kadaga who was seeking a 3rd term as Speaker.

The decision by CEC is likely to be adopted by National Executive Committee and party  caucus. National Resistance Movement party enjoys majority support in parliament and its decision is likely to go through unhindered.

 

Stories Continues after ad

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

By
Geoffery Serugo
-
Late Emmanuel Tumusiime-Mutebile

The Bank of Uganda has 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.

The use of electronic payment systems in Uganda has increased dramatically over the years, enabling more people to gain access to financial services. The ability to make payments easily and safely is important in ensuring the smooth and timely flow of goods and services throughout the economy.

 “In addition, M/s Wave Transfer limited received the Bank of Uganda’s approval to operate under the regulatory Sandbox Framework Pursuant to section 16 of the National Payment Systems Act 2020 and regulation 5 of the National Payments Systems Sandbox Regulations, 2021,” Mutebile said.

He said the Bank of Uganda will continue to support the development of a vibrant and resilient payment ecosystem that promotes economic growth.

Stories Continues after ad

Absa Bank hands more Shs26 million to Team Uganda for Tokyo Olympic Games

By
Geoffery Serugo
-
Absa Bank hands more Shs26 million to Team Uganda for Tokyo Olympic Games

The Managing Director of Absa Bank Mumba Kalifungwa has handed Shs26 million to the team that will represent Uganda at the 2021 Tokyo Summer Olympic games.

The Shs26 million cheque was received by Donald Rukare, the President Uganda Olympics Committee and Chairman of National Council of Sports.

The received a cheque is an addition to the Shs 54.5 million sponsorship funds directed towards medical care, health insurance and training kits for the team of 22 that comprises boxers, athletes, swimmers among other sports disciplines.

Speaking at Kabira Country Club, Mumba said the money will be wired on personal accounts of the 22 representatives with each getting Shs 1 million.

He applauded Uganda Olympic Committee for the journey so far taken. “It is the first time I am interacting with Olympic athletes. It is always an honour to interact with young people who are raising their national flags high on the international stage,” he said.

“Absa is a proudly African financial services partner, and we leverage this identity to breathe life into as many aspects of African excellence as we can. We believe that for Uganda and Africa to grow, we need to work together in all our respective capacities to stand firmly behind the ideas and the people that are taking us to the peak,” he said.

He said the pool of highly talented and committed sportsmen and sportswomen in Uganda needs no introduction and deserves all the support and encouragement they can receive from the stakeholders who are interested in seeing them soar to heights.

“As Absa, this is one of the ways through which we are stepping up to the plate. We are putting our money where our mouth is to say that not only are we rooting for you to succeed in Tokyo and in your chosen sports, we are also heavily interested in seeing you succeed in your personal lives.” he said

Mr. Rukare applauded Absa for always stepping up to support the country’s talents and lending a hand towards the growth of the sports in Uganda. “We appreciate and always grateful for the support you have given us” he said

The Ugandan middle-distance runner Halimah Nakaayi lauded the bank for the support and said she is ready and fit to challenge her competitors come July.

“More other athletes will be joining the team because the qualification exercise is still open. I am sure we shall fry our flag high,” she said

He encouraged the team to open up accounts with the bank to help them plan and manage their future. This year’s summer Olympics will take place between 23rd July and 8th August, after being postponed from 2020 over the COVID-19 pandemic. In another historical occurrence, Uganda will for the first time in history send a team composed of more women than men, with 12 women out of 22.

Stories Continues after ad

Housing Finance Bank registers progress in offering comprehensive financial solutions to individuals and companies

By
Our Reporter
-
Michael Karokora Mugabi, Managing Director, Housing Finance Bank

Housing Finance Bank registered tremendous progress in the last five years offering a comprehensive range of financial solutions for individuals, business and groups across all sectors of the economy.

Over the past 54 years, the bank has established and developed a strong, profitable and sustainable financial institution that focuses on supporting the development of this country. The Financial institution has grown from two branches to 17 branches countrywide with about 450 dedicated resource persons.

The Bank’s Managing Director, Micheal Mugabi shares some of its milestone achievements in the implementation of National Development Plan (NDP II) which spanned the period 2015/16-2019/20.

Introduce Housing Finance Bank (HFB) to our readers?

Housing Finance Bank is the leading mortgage and consumer Bank offering a comprehensive range of financial solutions for individuals, business and groups across all sectors of the economy. Over the past 54 years, we have established and developed a strong, profitable and sustainable financial institution that focuses on supporting the development of this country. We have grown from 2 branches to 17 branches countrywide with about 450 dedicated resource persons.

Our footprint also stretches through 22 ATMs and over 500 bank agents spread out to ease accessibility for our customers. Our main objective as a bank is to provide efficient, innovative, customer-centric financial services for the benefit of all our stakeholders and partners. We are also committed to making every Ugandan’s dream of owning a house possible.

Please share some of the milestones of the Bank in the last five years.

Housing Finance Bank now commands approximately 60 percent of all Ugandan mortgage accounts. We have built this base over a number of years and we continue to craft affordable housing finance solutions for Uganda’s growing population.

Over the past five years, we have championed a number of initiatives that have translated into significant growth in our loan book to Shs. 550 billion from Shs401 billion, deposit book Shs. 654 billion from Shs. 353 billion, total asset base to Shs1.1 trillion from Shs. 680 billion. We also commenced the customer digital journey that has enabled our customers to seamlessly access several banking services from the comfort of their residences, businesses and even on the road.

In terms of industry competitiveness, Housing Finance Bank is one of only seven commercial banks appointed as Primary Dealers by the Central Bank effective October 1, 2020, after a new Primary Dealer system was introduced with reforms whose aim was to deepen the market and liquidity for Government Securities. Barely one month after the appointment, HFB was recognized as the best performing entity for October 2020 by the Bank of Uganda. This is a clear demonstration of our ability to trade government securities both in volume and value of transactions handled at the primary and secondary market. We attribute this to our flexibility, convenience, and competitive pricing regimes.

Am also proud to say that we emerged as the most innovative bancassurance agent for the year 2020 at the Annual Insurance innovation awards held under the auspices of the Insurance Regulatory Authority of Uganda.

As the leading mortgage lender in the country, we have financed several housing projects that continue to support several efforts to alleviate the housing deficit in Uganda. These projects have delivered thousands of housing units for the middle and high income home-owners and business proprietors. Additionally, several schools, hospitals, farms, leisure centers, office premises and transport businesses have been supported by the Bank with tailored affordable financial solutions.

What makes Housing Finance unique from other financial institutions?

We pride ourselves in being a bank whose ultimate focus is the customer and an institution that seeks to support every Ugandan in owning a home. Our breadth of homegrown experience puts us at a vantage point in crafting appropriate financial solutions critical for supporting our customers’ financial aspirations in Uganda’s development agenda.

We are fully committed to bridging the housing deficit gap in the country and are always innovating ways to accomplish that.  In our weighted initiatives towards closing the current 2.1 million housing units’ gap, we introduced 100% financing to enable the purchase or completion of residential property, entered partnership with low-cost housing developers, paved the way for flexible loan repayments and commenced financing of Incremental housing activities. Additionally, the Bank is also actively facilitating housing support services including loans for solar and water connection.

We attach so much value to flexibility and inclusiveness in our consumer and business offerings. We also go the extra mile to ensure our customers experience world-class services when transacting with us.

What are the challenges in the banking sector, share possible solutions?

As you are aware, the year 2020 has been a period marked with significant contraction of economic activity across major trading zones of the world. The onset of COVD-19 pandemic triggered a series of domestic and cross border movement restrictions that suppressed world trade for key trading blocks. Uganda’s economy followed the global trend in activity contraction on the back of COVID-19 impact on business operations. Consequently the country registered a trend of negative growth across key sectors including education, tourism, transport and real estate. This has resulted in a large number of customers in the banking industry failing to meet their financial obligations in lending institutions.

Banks across the industry have had to embark on loan restructuring as a way of supporting their struggling customers. Beyond this temporary relief measure, a number of lenders are dealing with heavy loan loss provisioning expenses as customers’ ability to service their loans becomes increasingly constrained.

Beyond the pandemic and its challenges, Uganda’s banking industry remains very vibrant. Banks continue to devise ways through which they can work together with the aim of supporting their respective clients. The good relationship between bankers, through the Uganda Bankers’ Association and the regulator, have been instrumental in creating an accommodative framework for distressed clients and also deepening penetration with the aim of bringing more customers in the banking fold.

Share any other information with the public if there is any.

Housing Finance Bank is here for you. And as already pointed out, the customer will remain our key focus. We have developed a number of customer responsive solutions and do believe these are vital in the current economic setting.

Ultimately, none of these achievements would have been possible without the trust and support of our Shareholders, Board of Directors, and an adaptive staff complement. The Government of Uganda, along with NSSF and National Housing & Construction Company (NH&CC) have kept the housing agenda at the core of their developmental imperatives for the country. As a bank, we commit to continue executing our mandate of enabling home ownership and financial independence, as we continue this journey of creating a better and vibrant future together for Uganda, our motherland.

Stories Continues after ad

African Development Bank signs $348m agreement to rehabilitate and upgrade two major roads in Uganda

By
Our Reporter
-
A road under construction.

The African Development Bank and the Government of Uganda have signed two financing agreements totaling around $348 million for the improvement of road transport in Uganda. The first is a $276 million financing agreement for the Kampala City Roads Rehabilitation Project; and the second, valued at $71.8 million, is for upgrading the Kabale-Lake Bunyonyi/Kisoro-Mgahinga road.

The agreements were signed on 11 May by Uganda’s Minister of Finance, Planning and Economic Development Matia Kasaija, and African Development Bank Uganda country manager Augustine Kpehe Ngafuan.

Minister Kasaija described the projects as “transformative” and in line with his government’s national development plan as well as the African Development Bank’s High 5 strategic priorities.

The Kampala City Roads Rehabilitation Project will ease congestion in the capital by upgrading 22 road junctions, and enhancing the drainage capacity of the city to mitigate flooding on the streets.

The project will see the improvement of 67 km of roads, 134 km of non-motorized traffic facilities, and the provision of street lighting and scheduled eco-bus services, including bus depots and dedicated lanes. It includes several complementary social initiatives, notably entrepreneurship training for at least 200 women and youth, and the construction of roadside markets and at least 30 public toilets in Kampala.

The Kabale-Lake Bunyonyi/Kisoro-Mgahinga Project will improve transport connectivity in south-western Uganda by seamlessly connecting roads with inland water transport on Lake Bunyonyi, allowing local communities to safely access social and economic activities, notably tourism. The project will also improve agricultural supply chain efficiency in the districts of Kabale, Rubanda, and Kisoro.

The project includes the construction of four landing sites on Lake Bunyonyi, at least 1,000 streetlights at all the trading centres through which the road passes, two ferries, as well as search and rescue boats kitted with navigational aids. Complementary social interventions include two roadside markets, schools, a hospital, administrative centres, and sanitary facilities to support women and youth vendors. It will also finance power supply in Bwama Island on Lake Bunyonyi to some 10,000 residents and include planting trees to increase forest cover in the area.

“The African Development Bank will continue to support the government and people of Uganda to achieve the country’s development objectives,” Ngafuan said. “The Bank is currently working with the government and other stakeholders to develop a new five-year country strategy paper that will continue to prioritize transformative interventions, especially in the transport sector.”

Stories Continues after ad
1...825826827...2,407Page 826 of 2,407

© Eagle Online. All rights reserved.

About Us

Popular Category

Editor Picks