Slightly over one in every three Ugandans have a bank account, with a reported 16.5 million Ugandans still using traditional saving methods such as physical cash, livestock and agriculture.
With only 16 million bank accounts in the country, over half of the population has no access to savings or credit through financial institutions, as drivers of capital investment and, ultimately a higher rate of economic growth.
Digital financial services, however, are playing a pivotal role in plugging this divide as various institutions are partnering to enhance access to financial services for the unbanked.
Take for instance the MoKash platform in which customers of Ugandan mobile telecommunications company MTN can save from as low as Shs50 and borrow amounts from Shs3000 to Shs1 ...
The digital pan-bank league competition’s top prize includes a trip to Anfield for LFC fans
25 March 2021; Kampala, Uganda – Standard Chartered Bank has announced the launch of BANK MORE SCORE MORE, a digital league competition offering its customers an opportunity to accumulate points that lead to exciting prizes. A compelling initiative for Liverpool Football Club (LFC) fans, BANK MORE SCORE MORE’s competition takes place on the ‘Standard Chartered Virtual League’, where prizes range from authentic Liverpool-branded merchandise, to an all-expenses paid trip to Anfield to watch LFC play.
To partake in the competition, new customers simply need to open and fund a Digital Life Account and take up more products to earn points in the Standard Chartered Virtual Leag...
For the sixth time running, dfcu Bank in partnership with Vision Group, the Netherlands Embassy, KLM Airlines and Koudjis Nutrition B.V have rewarded farmers across the country in an initiative dubbed ‘Best Farmer’s Competition’. The annual competition seeks to celebrate farmers, showcase how farming is contributing to the economic development of the country and rally the public to embrace commercial farming.
Mathias Katamba, dfcu Bank’s CEO, commended the 13 farmers that emerged victorious and urged other farmers to embrace modern farming as Uganda’s future lies therein. “Uganda currently supplies, to the UAE and other European markets, tons of fresh produce such as fruits and vegetables, fish, flowers, honey etc. With the best climate and environment to support agr...
Dickens Obote Poultry business, Adekokwok sub county, Lira district
Dickens’ poultry farm was a source of poultry products to the surrounding community in Lira during the COVID-19 crisis. However, without the ability to travel and replenish his supplies because of a lockdown on travel, his business struggled to continue serving the community.
Applause upon officially launching the youth in Agribusiness project 2
Minister of Agriculture, animal industry and Fisheries, Hon. Vincent Sempijja addresses participants during the launch
“My poultry business had successfully grown to 3,000 birds by 2019. I was supplying a factory in the city, which has branches throughout the region. Until COVID lockdown struck in 2020, I was delivering 3,000 kroilers and broilers to the company on a ...
The loan is a parallel co-financing agreement between JICA and the African Development Bank under the Enhanced Private Sector Assistance for Africa joint initiative to spur privatePRETORIA, South Africa, February 25, 2021/ -- The Japan International Cooperation Agency (JICA) has extended an Official Development Assistance loan of up to 30 billion Japanese yen ($289 million) to support Mauritius’ response to the COVID-19 pandemic and rebuild its economy.The loan, signed on 24 February, is a parallel co-financing agreement between JICA and the African Development Bank under the Enhanced Private Sector Assistance for Africa (EPSA) joint initiative to spur private sector-led sustainable and inclusive growth in Africa. The co-financing arrangement will help the Mauritius government contain the...
This year’s theme is: “Inspiring businesses and economic transformation in the digital economy” Proudly sponsored by Stanbic Bank Uganda.
This year, the focus is on the options open to governments and SMEs, and the role of African universities and the private sector in preparing the continent’s SMEs for what could be the biggest economic game changer in African history.
“The Bank of Uganda held its policy rate unchanged at 7.0% as expected – however, there are some risks to our expectation of an early tightening. While the BoU is mindful of fiscal risks, it nonetheless sees inflation as ‘benign’, and expects to see a further deceleration in core inflation. The BoU also notes that the economic recovery has lost some of its earlier momentum, amid rising COVID cases. Somewhat predictably, it has taken the decision to extend COVID credit relief measures for 6 months from April 1st, when the extraordinary measures were otherwise due to come to an end. The Covid-19 Liquidity Assistance Program will also be kept in place, although this will be reviewed from ‘time to time’ as the pandemic evolves.
The market implications of this decision are ...
Kampala – 19 January 2021: Our attention has been drawn to another group of unscrupulous persons hiring for the post of “Data Entry” job openings at Standard Chartered Bank and requiring candidates to pay monies for Covid 19 tests which are apparently sent to the recruiting persons.
While we intermittently advertise several employment and development opportunities within Standard Chartered as and when they fall vacant, the alleged placements are not one of them. We pride ourselves on being an equal opportunity employer with a robust recruitment and resourcing policy and approach.
This is to therefore inform the general public that such employment communications that circulate on social media or through other forums or platforms, not owned or originating from Standard Chartered Bank’...
Natural capital is the stock of renewable and non-renewable natural resources, such as plants, animals, air, water, soils and minerals
ABIDJAN, Ivory Coast, December 23, 2020
-- The African Development Bank (https://www.AfDB.org/) and the Green Growth Knowledge Platform (GGKP) have been awarded a two-year, CHF 241,875 ($273,439) grant from the MAVA Foundation to mainstream natural capital in development finance in Africa.
MAVA, a philanthropic foundation, promotes the conservation of biodiversity and advocates for sustainable economies in the Mediterranean, West Africa and Switzerland.
The grant will support activities to develop a business case for natural capital among multilateral development banks, scale up the application of natural capital in infrastructure ...
Sahel Group of Five: African Development Bank approves program to expand solar energy generation under Desert-to-Power scheme
The Desert to Power initiative intends to turn the Sahel region into a renewable powerhouse, harnessing its solar potential to create the world’s largest solar zone
ABIDJAN, Ivory Coast, December 22, 2020/ -- The Board of Directors of the African Development Bank (https://www.AfDB.org/) approved on Wednesday a Desert-to-Power (D2P) technical support program that will advance the rollout of solar generation in G5 Sahel countries, where 60 million people lack access to electricity.
The technical assistance, in the form of a $5 million grant from the Sustainable Energy Fund for Africa (SEFA), has three main components: (i) technical studies for the i...
The funds, from the African Development Fund (ADF) Transition Support Facility, will provide additional funding and operational flexibility
ABIDJAN, Ivory Coast, December 22, 2020/ -- The Boards of Directors of the African Development Bank (www.AfDB.org) and the African Development Fund (ADF) have approved a grant of UA 16 million to the African Legal Support Facility (ALSF) to strengthen legal expertise and negotiating capacities of transition states in Africa.
The funds, from the ADF’s Transition Support Facility, will provide additional funding and operational flexibility through which the Bank can assist eligible Regional Members Countries (RMCs) facing issues of fragility to build resilience. The Targeted Support Window (Pillar III) through which the funds will be ...
The virtual discussion, held on 15 December, was hosted by the Bank’s Water Development and Sanitation Department and the African Water Facility
ABIDJAN, Ivory Coast, December 21, 2020
The African Development Bank (www.AfDB.org) and the Intergovernmental Authority on Development (IGAD) (https://bit.ly/3nDsT4E), a regional organization of Horn of Africa countries, held a webinar to discuss the pressures affecting water security in the Greater Horn of Africa and how the Bank can support regional member countries to better respond to growing water stress.
The virtual discussion, held on 15 December, was hosted by the Bank’s Water Development and Sanitation Department and the African Water Facility. The event was underpinned by several studies indicating that pressures o...
Kampala – Housing Finance Bank has been named the most innovative bancassurance agent for the year 2020 at Annual Insurance innovation awards held at Serena Hotel Kampala on December 18, 2020.
Receiving the accolade, Michael Mugabi, the Managing Director of Housing Finance Bank noted that consumers are now, more than ever expecting rapid responses and personalized care and as a result, insurance service providers ought to ensure that customer service remains a priority.
Housing Finance Bank named Most Innovative Bancassurance Agent for 2020
“In the year ahead, as Housing Finance Bank we pledge to maximize customer-oriented service, execute maximum competitiveness in products, business operation, and systematically establish and strengthen mid-and long-term strategic partners...
The Bank will continue to promote the development of African Capital markets with the issue of local currency denominated debt to facilitate the financing of its local currency operations
ABIDJAN, Ivory Coast, December 20, 2020/ -- The 2021 Borrowing Program of the African Development Bank (www.AfDB.org) has been approved by the Board of Directors for up to $10.4 billion to be raised from capital markets. This program will allow the Bank to raise funds in the debt capital markets in order to help finance the Bank’s projects and programs in Africa. The approval was made on December 11, 2020.
The African Development Bank is active in various international capital markets including the US dollar, Euro, Australian dollar and Pound sterling. The Bank will continue to promote...
Gauthier, a Belgian citizen, is a seasoned professional in international negotiations and relations with various stakeholders
ABIDJAN, Ivory Coast, December 16, 2020
The African Development Bank Group (www.AfDB.org) is pleased to announce the appointment of Mr. Gauthier Boulard as Director and Special Advisor in the Office of the President, effective 1 January 2021.
In his new role, Gauthier will support President of the African Development Bank Group Akinwumi Adesina, to strengthen partnerships and engagements with multilateral development banks, international institutions and global initiatives to coordinate international financing for development. He will also support the President in outreach efforts to strengthen relations and engagements with non-regional m...
Simon is a British national who joined the Bank on the 10th of May 2009, as Head of Results Management Division
ABIDJAN, Ivory Coast, December 17, 2020/ -- The African Development Bank (https://www.AfDB.org/) is pleased to announce the appointment of Mr. Simon MIZRAHI as Acting Director, Communication and External Relations Department (PCER), effective 16 December 2020.
The African Development Bank Appoints Mr. Simon Mizrahi, Acting Director, Communication and External Relations (PCER)
Simon is a British national who joined the Bank on the 10th of May 2009, as Head of Results Management Division. Before joining the African Development Bank, he worked for the Organisation for Economic Cooperation and Development (OECD), based in France, as Senior Policy Adviser, A...
The African Development Bank is pleased to announce the appointment of Ms. Aissa Touré as Country Manager for Rwanda
ABIDJAN, Ivory Coast, December 17, 2020/ -- An economist and development expert, Aissa Touré, the Country Manager designated for Rwanda, a Senegalese national, brings to the Bank over 25 years of experience, working in three continents and 12 countries for 5 international organizations.
The African Development Bank Appoints Ms. Aissa Touré, Country Manager, Rwanda
Aissa’s work experience covers rural development, particularly agriculture, rural economics and climate adaptation and mitigation, among others. She brings a solid set of skills in strategic management, institutional representation and partnership management at country, regional and global l...
Adesina engaged in discussion which covered three areas: the current state of affairs with respect to COVID-19 and climate change, stimulus policies and recovery, and the role of the private sector in terms of recovery
ABIDJAN, Ivory Coast, December 17, 2020
Africa must leverage investment to unleash the potential and ingenuity of its youth, its most important asset, African development Bank (www.AfDB.org) President Akinwumi Adesina said at a Conference of Montreal fireside chat event.
The three-day virtual event was organized by the international economic forum of the Americas, under the theme, a sustainable recovery for people and planet. During the fireside chat, Adesina engaged in discussion with Inger Andersen, Under-Secretary-General of the United Nations...
Prof. Benedict Oramah, President of Afreximbank
Intra-Africa trade key to cushioning the blow of trade tensions and external shocks, says Afreximbank
Africa’s share of global trade was 2.7% in 2019, below the 4% figure of the 1970s
CAIRO, Egypt, December 16, 2020/ -- Global trade expected to contract by 9.2% this year, having fallen by 2.9% in 2019; Africa’s share of global trade was 2.7% in 2019, below the 4% figure of the 1970s; informal cross-border trade which is a key component of intra-African trade is wide-spread in its composition; the African Trade Report estimates that in Eastern African ICBT is very high and could be worth as much as 80% of value of formal trade in some countries; South Africa was the biggest contributor to Intra-African trade, ac...