Saturday, July 24We Break the News

Banking World

Jul212021 by Ronald KabuubiNo Comments
PART ONE: dfcu Bank’s Digital Transformation Journey: Banking at the speed of you!

PART ONE: dfcu Bank’s Digital Transformation Journey: Banking at the speed of you!

AFRICA, Banking World, Business, dfcu Bank, EAST AFRICA
Digital technologies have dramatically reshaped industry after industry. Digital transformation is now universally regarded as essential for businesses to remain viable and competitive according to a digital transformation survey done my McKinsey Global.  The survey also highlights that businesses are heading unequivocally towards becoming digital from top to bottom. For those that are not transforming with urgency, the negative consequences will become compounded to the point of being untenable. dfcu Bank started its digital transformation journey in 2017 and has registered considerable progress overtime. The Bank in its latest endeavors has launched a campaign dubbed “Banking at the speed of you” that speaks to their digital transformation agenda as a Bank. We caught up with Lloyd Jo...
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Jul212021 by Ronald KabuubiNo Comments
Lesotho: African Development Fund extends $4.25 million loan to modernize tax collection, boost revenue

Lesotho: African Development Fund extends $4.25 million loan to modernize tax collection, boost revenue

AFRICA, African Development Bank, Banking World, Ivory Coast
The funds will go to support the Supplemental Financing of the Lesotho Tax Modernization Project ABIDJAN, Ivory Coast, July 21, 2021/ -- The Board of Directors of the African Development Bank Group (www.AfDB.org) has approved a loan of $4.25 million to the Lesotho Revenue Authority to provide digital tax services, including e-taxation and e-payment, that will broaden the country’s tax base and boost government revenue.The funds, to be sourced from the African Development Fund, the Group’s concessional lending window, will go to support the Supplemental Financing of the Lesotho Tax Modernization Project. The project follows the Lesotho Tax Modernization Project (LTMP) approved in November 2017, and for which the African Development Bank Group provided $7.09 million, in financi...
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Jul142021 by Ronald KabuubiNo Comments
African Development Bank, partners, renew commitment to end child stunting in Africa

African Development Bank, partners, renew commitment to end child stunting in Africa

AFRICA, African Development Bank, Banking World, Ivory Coast
Each speaker reaffirmed their commitment to the Partnership and to help countries end child stunting on the continent ABIDJAN, Ivory Coast, July 14, 2021/ -- Urging unity and action to accelerate nutrition targets amid the global Covid-19 pandemic, representatives of the African Development Bank (www.AfDB.org), the Aliko Dangote Foundation and Big Win Philanthropy renewed their commitment to end child stunting and other forms of malnutrition through the Banking on Nutrition Partnership (https://bit.ly/3wEhp4H). The partners convened during a high-level panel discussion held on 8 July, organized by the African Development Bank. They shared lessons learned, experiences, achievements of the Banking on Nutrition Partnership since its inception five years ago. They also discussed its imp...
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Jul102021 by Ronald KabuubiNo Comments
African Development Bank Group’s $6 million grant kicks off Desert-to-Power West Africa Regional Energy Program

African Development Bank Group’s $6 million grant kicks off Desert-to-Power West Africa Regional Energy Program

AFRICA, Banking World, Business, HUMAN INTEREST STORIES, INTERNATIONAL
Desert to Power, an initiative led by the Bank, is expected to transform the Sahel by harnessing the region’s abundant solar potential ABIDJAN, Ivory Coast, July 9, 2021/APO Group/ --  The Board of Directors of the African Development Bank Group (AfDB.org) has approved a $6 million grant to launch the initial phase of the Desert to Power West Africa Regional Energy Program. Desert to Power, an initiative led by the Bank, is expected to transform the Sahel by harnessing the region’s abundant solar potential. The grant funding, sourced from the African Development Fund’s 15 (ADF-15) Regional Operations Envelope, will go to the West African Power Pool (WAPP) to conduct pre-feasibility studies for the construction of the Sahel Transmission Backbone that will link regional solar ...
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Jul92021 by Ronald KabuubiNo Comments
Absa Uganda introduces MTN MoMoPay payments on point of sale terminals

Absa Uganda introduces MTN MoMoPay payments on point of sale terminals

Absa Uganda, AFRICA, Bank Of Uganda, Banking World, Business, EAST AFRICA, MTN, South Africa, UGANDA
Kampala, Uganda 8th.July. 2021 | (Above Caption) Mr. Mumba Kalifungwa, the Chief Executive Officer of Absa Bank Uganda Limited welcomed the innovation between Absa Bank and MTN Uganda. Absa Bank Uganda and MTN Mobile Money Uganda Limited have today announced the introduction of mobile money payment functionality, also known as MTN MoMoPay on Absa Point of Sale (POS) machines/terminals. The service is open to all MTN Uganda mobile money account holders, who can now make payments on any Absa POS machine, regardless of whether they hold an account with the bank. MTN Uganda Mobile Money General Manager Stephen Mutana noted that the innovation between ABSA Bank and MTN MoMo would bolster the digitalisation of Uganda's economy Announcing the partnership, Absa’s Managing Director, M...
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Jul82021 by Ronald KabuubiNo Comments
Coup driving foreign companies out of Myanmar

Coup driving foreign companies out of Myanmar

Banking World, CRISIS, GOVERNMENT, INTERNATIONAL, MYANNMAR, WORLD
Several international chains have closed their stores and investors are putting their plans on hold. The departure of Norwegian telecom company Telenor is causing concern. Digital rights activist wonders: “Will privacy still exist in Myanmar?” Several international chains and brand names are divesting and pulling out of Myanmar. Stores have closed due to "the changing operating environment", while the remaining foreign companies are cutting or stopping investments in the country. In recent days, the US company Auntie Anne's, China’s Little Sheep and Taiwan’s bubble tea franchise KOI Thé have left Myanmar. Norwegian telecom operator Telenor’s decision to sell all of its activities in Myanmar to the Lebanese M1 group for US$ 105 million is causing concern. “Telenor entere...
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Jul72021 by Ronald KabuubiNo Comments
Zimbabwe’s new biggest banknote is worth just $0.60

Zimbabwe’s new biggest banknote is worth just $0.60

AFRICA, Banking World, Business, ZIMBABWE
Zimbabwe’s central bank on Tuesday announced the introduction of a new 50-dollar note, the country’s highest denomination, worth only around $0.60 in US currency. Insufficient to pay even for a loaf of bread, the bill’s entry into circulation has revived memories of hyperinflation seen more than a decade ago in the southern African nation. As price growth spiralled out of control, denominations at the time mounted as high as a 100-trillion-dollar note. Award-winning journalist and government critic Hopewell Chin’ono scoffed at the new banknote, which at the unofficial black market exchange rate will be worth just $0.35 in US dollars. “It tells you something about inflation in your country if you need 3 notes of your highest currency denomination to buy a premium beer in a supermark...
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May252021 by Ronald KabuubiNo Comments
A ‘shot’ at ending the pandemic

A ‘shot’ at ending the pandemic

AFRICA, Banking World, dfcu Bank, EAST AFRICA, HUMAN INTEREST STORIES, INTERNATIONAL, Twitter, UGANDA, WORLD, Youth
With COVID-19 Vaccination opening up for everyone above the age 18 years, many companies are taking the initiative to vaccinate their employees and family members. In a recent drive to ensure that as many of  it’s employees respond to the national call for vaccination, dfcu Bank, in partnership with Ministry of Health and KCCA organised a two-day COVID-19 vaccination camp, for its staff in Kampala,  under the company’s COVID-19 care initiative. dfcu employees during vaccination The exercise held at its head office saw a total of 311 people get vaccinated. The bank has continued to rally its employees stationed upcountry to get vaccinated at the government gazetted centres. As part of its efforts to manage the COVID 19 situation, the company set-up a 24/7 helpline and group level tas...
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May242021 by Ronald KabuubiNo Comments
China crypto mining business hit by Beijing crackdown, bitcoin tumbles

China crypto mining business hit by Beijing crackdown, bitcoin tumbles

Asia, Banking World, China, POLITICS, TECHNOLOGY, USA, WORLD, World Bank
BEIJING, China Cryptocurrency miners, including HashCow and BTC.TOP, have halted all or part of their China operations after Beijing intensified a crackdown on bitcoin mining and trading, hammering digital currencies amid heightened global regulatory scrutiny. A State Council committee led by Vice Premier Liu He announced the crackdown late on Friday as part of efforts to fend off financial risks. It was the first time China's cabinet has targeted virtual currency mining, a sizable business in the world's second-biggest economy that some estimates say accounts for as much as 70% of the global crypto supply. read more Cryptocurrency exchange Huobi on Monday suspended both crypto-mining and some trading services to new clients from mainland China, adding it will instead focus on ov...
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May212021 by Ronald KabuubiNo Comments
Bitcoin tanks below $40,000; here’s why

Bitcoin tanks below $40,000; here’s why

Banking World, TECHNOLOGY, WORLD, World Bank
Bitcoin continued its week-long slide triggered by Elon Musk's back-and-forth remarks on Tesla's holdings of the digital currency. Extending its losses, the cryptocurrency fell below $40,000 on Wednesday, May 19. As per the latest data on Coinbase (at around 11.30 am), Bitcoin was trading at $38,570.90 (on May 19). This is the cryptocurrency's lowest level since February 2021 and comes after knocking a peak of $64,895 last month. It had dipped as much as 5.1% to $42,547 in New York on May 18. Bitcoin's price traded below $45,000 on May 16 following a tweet by Tesla CEO Elon Musk, who has been a forthright supporter of cryptocurrency, suggesting that the California-based company may be mulling offloading its bitcoin holdings. The most popular digital currency has been on a downwar...
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May212021 by Ronald KabuubiNo Comments
Global connectedness spurs Turkey’s economic growth

Global connectedness spurs Turkey’s economic growth

Banking World, UN, UNBS, UNDP, WORLD, World Bank
BONN, Germany Turkey is the most globally connected country in South and Central Asia, according to the DHL Global Connectedness Index (www.DHL.com); The country moves ten places up to rank 55th out of 169 countries on the Index. One of the few countries to have experienced economic growth in 2020, a year when COVID-19 ravaged economies around the world, Turkey saw its economy grow by 1.8% last year (https://bit.ly/3ftjqKq) and is forecasted to expand by 4.8% in 2021 (https://reut.rs/3v4QnTX). In addition to the Turkish Government’s robust economic stimulus campaign, the country’s global connectedness seems to have played a pivotal role in Turkey’s recovery. Global Connectedness According to the seventh DHL Global Connectedness Index (GCI), published by DHL and N...
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May202021 by Ronald KabuubiNo Comments
Standard Chartered Bank Uganda Appoints Former Minister of Finance, Mrs. Maria Kiwanuka as Independent Non-Executive Director

Standard Chartered Bank Uganda Appoints Former Minister of Finance, Mrs. Maria Kiwanuka as Independent Non-Executive Director

AFRICA, Bank Of Uganda, Banking World, Business, EALA, EAST AFRICA, European Council, EUROPEAN UNION, HUMAN INTEREST STORIES, Standard Chartered Bank
Kampala - 20 May 2021: Standard Chartered Bank Uganda has announced the appointment of Mrs. Maria Kiwanuka to its Board as an Independent Non- Executive Director.   Mrs. Maria Kiwanuka Mrs. Kiwanuka is a senior economist with 14 years’ experience at the World Bank, where she focused on East Asia, Southern Africa and Uganda and took part in a number of projects aimed at improving transport and power infrastructure as well as urban studies, among others. She served as the Minister of Finance Planning and Economic Development of Uganda from 2011-2015 and thereafter as a Senior Advisor to the President of Uganda on finance matters. She is a non-state expert in the 17-member governing council of the Global Green Growth Initiative, an intergovernmental organisation which aims to pro...
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May182021 by Denis SseggujjaNo Comments
dfcu Bank makes an 80M shelter investment at the Uganda Cancer Institute May 18, 2021

dfcu Bank makes an 80M shelter investment at the Uganda Cancer Institute May 18, 2021

AFRICA, Bank Of Uganda, Banking World, dfcu Bank, EAST AFRICA, HUMAN INTEREST STORIES, INTERNATIONAL, UGANDA, Uganda Cancer Institute
dfcu Bank's CEO, Mathias Katamba at the ground Breaking ceremony at UCI. dfcu and UCI Executives during the ground breaking Ceremony today. dfcu Bank has extended support to the Uganda Cancer Institute with the construction of a 100-seater shelter to provide the outpatients with a secure and decent waiting area as they access health services at the Mulago institute. The shelter valued at close to UGX 80million is expected to be ready for use in four (4) weeks. The Uganda Cancer Institute was established in 1967 and its mission is to provide state-of-the-art cancer care services while advancing knowledge through research and training of healthcare professionals in cancer care. One of the major challenges faced by UCI is the high patient load as a result of increasing cance...
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May172021 by Denis SseggujjaNo Comments
Invitation to World Health Organization (WHO), the World Bank and Standard Chartered Webinar on the financing of COVID-19 vaccines in Africa

Invitation to World Health Organization (WHO), the World Bank and Standard Chartered Webinar on the financing of COVID-19 vaccines in Africa

AFRICA, Banking World, Standard Chartered Bank, WORLD, World Bank
Invitation to World Health Organization (WHO), the World Bank and Standard Chartered Webinar on the financing of COVID-19 vaccines in Africa   Dear member of the media,You are invited to join our online media briefing with experts from the World Health Organization (WHO), the World Bank and Standard Chartered on the financing of COVID-19 vaccines in Africa.Date: Thursday 20 MayTime: 12:00-13:00 Central African Time/CEST; 13:00-14:00 Nairobi time; 10:00-11:00 Dakar timeLanguage: English with the option of questions and answers in French  To attend, please register at www.wef.ch/whoafricacall The briefing is on-the-record and organized with support from the World Economic Forum as part of the COVID Action Platform. It is an opportunity for you to ask world-leading experts questions about C...
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May42021 by Ronald KabuubiNo Comments
Standard Chartered announces resilient business performance with record Total Assets growth of 21.5% and Customer deposits growth of 27.1% in 2020

Standard Chartered announces resilient business performance with record Total Assets growth of 21.5% and Customer deposits growth of 27.1% in 2020

AFRICA, Banking World, Business, COVID-19, INTERNATIONAL, Standard Chartered Bank, UGANDA
Kampala - 04 May 2021: Standard Chartered Bank announces it delivered a resilient and competitive performance for the year ended 31 December 2020 with Total Assets growth of 21.5% to Ugsh. 3,831 Bn and Customer deposits growth of 27.1% to Ugsh 2,712 Bn in 2020. Mr Albert Saltson, Standard Chartered Bank Chief Executive Officer while commenting on the Bank’s performance said: “Our performance remained buoyant in the face of the extraordinary challenges posed by the pandemic and associated economic contraction. We made good progress on our strategic initiatives and our financial performance was overall very resilient. As we look to the future, I am fully confident that the foundations we have built will help us deliver our strategic priorities and further strengthen our c...
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Apr222021 by Ronald KabuubiNo Comments
President Kenyatta commends Equity Bank for growing Africa’s economic freedom through its continental expansion

President Kenyatta commends Equity Bank for growing Africa’s economic freedom through its continental expansion

AFRICA, Bank Of Uganda, Banking World, Business, EAST AFRICA, Housing Finance Bank, HUMAN INTEREST STORIES, INTERNATIONAL, Nairobi, TECHNOLOGY, UGANDA, WORLD, World Bank
KINSHASA, DR CONGO, 21st April 2021-President Uhuru Kenyatta has commended Kenya's Equity Bank for its growing continental presence saying the financial institution's expansion is helping unite Africa and expand her economic freedom. President Uhuru Kenyatta and Equity Bank Group CEO Dr James Mwangi unveil a commemorative plaque to signify the official inauguration of the rebranded Equity BCDC office block in Central Kinshasa, DRC.  "Today, the Republic of Kenya and the Democratic Republic of Congo forge a stronger bond through the merger of Banque Commerciale du Congo (BCDC) and Equity Bank Congo (EBC). President Uhuru Kenyatta with Equity Bank Group CEO Dr James Mwangi and DR Congo's Central Bank Governor Deogratias Mutombo during the official inauguration of the rebranded Equi...
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Apr152021 by Ronald KabuubiNo Comments
DIGITAL FINANCIAL SERVICES EXTEND CREDIT TO UNBANKED UGANDANS

DIGITAL FINANCIAL SERVICES EXTEND CREDIT TO UNBANKED UGANDANS

AFRICA, Bank Of Uganda, Banking World, dfcu Bank, EAST AFRICA, HUMAN INTEREST STORIES, INTERNATIONAL, MTN, TECHNOLOGY
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 ...
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Mar252021 by Ronald KabuubiNo Comments
Standard Chartered customers gain access to exclusive LFC prizes through BANK MORE SCORE MORE

Standard Chartered customers gain access to exclusive LFC prizes through BANK MORE SCORE MORE

AFRICA, Bank Of Uganda, Banking World, Business, EAST AFRICA, FUFA, INTERNATIONAL, Standard Chartered Bank, TECHNOLOGY
The digital pan-bank league competition’s top prize includes a trip to Anfield for LFC fans Press Release 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...
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Mar222021 by Ronald KabuubiNo Comments
Agricultural Stewards Recognized & Celebrated during the Best Farmers Awards

Agricultural Stewards Recognized & Celebrated during the Best Farmers Awards

AFRICA, Banking World, dfcu Bank, EAST AFRICA, European Council, EUROPEAN UNION, HUMAN INTEREST STORIES, INTERNATIONAL, TECHNOLOGY, UAE, UGANDA, WORLD
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. Overall Winners 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...
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