Shilling Under Pressure Amid Global Market Volatility
Just like other emerging and frontier market currencies, the Ugandan shilling faced significant pressure this week as offshore investors sold off local debt and converted the proceeds into hard currency. This reaction followed a surge in global risk-off sentiment after the U.S. President announced new tariffs, fueling concerns of an
Flexipay Users to Win Shs 500,000 for Receiving Money in new Easter Campaign
As the Easter season approaches, Flexipay by Stanbic Bank has announced a new promotional campaign offering users the chance to win Shs 500,000 when they receive money from relatives abroad. From April 7 to June 30, 2025, customers using Flexipay’s international money transfer services will be automatically entered into a
Nigeria’s Agro-Revolution: Construction of Special Agro-Industrial Processing Zones begins
Nigeria’s food and agriculture sector is set to enter a new era of industrialization, as the Nigerian government, the African Development Bank , and the State government of Kaduna kickstart the construction of Phase 1 of the Special Agro-industrial Processing Zones (SAPZ) program. The groundbreaking ceremony starts in Kaduna where
Gov’t Warns Accounting Officers, Releases Shs 19.79 Trillion for Final Quarter of Fiscal Year
The Permanent Secretary to the Ministry of Finance, Ramathan Ggoobi, has issued a warning to accounting officers regarding delays in the payment of civil servants’ salaries. This comes in the wake of the government’s release of Shs 19.79 trillion for the final quarter of the 2024/2025 fiscal year. The Quarter
African Development Bank and Bank of Africa Tanzania sign $7.5 million facility to boost trade finance
The African Development Bank and the Bank of Africa Tanzania (BOAT) have signed a $7.5 million trade finance transaction guarantee facility to boost trade finance activities of the Bank of Africa in Tanzania. Under this facility, the African Development Bank will provide a guarantee of up to 100% to confirming banks
Africa’s Strategic Diplomacy Fuels Mining Sector Growth
African nations are leveraging strategic partnerships to attract investment and strengthen their mining sectors. As competition between Western and Eastern powers intensifies over critical minerals, Africa has emerged as a key player in global supply chains, balancing geopolitical interests while maximizing economic benefits. With global markets racing to secure resources
MTN Uganda invests Shs 327 million in a new classroom block to boost education in Soroti District
MTN Uganda, through its Corporate Social Responsibility arm, MTN Foundation, has today officially inaugurated a new school block at Ocokican Community Secondary School in Ocokican Sub-County, Soroti District, in Eastern Uganda. This significant development includes two classrooms, a laboratory, 60 desks, 10 lab tables, 60 stools, a water harvesting system,
MTN recognizes ATC Uganda CEO for advancing women empowerment Initiatives
MTN Uganda’s leadership team, headed by Ibrahim Ssenyonga, General Manager of the Enterprise Business Unit, visited ATC Uganda on April 1, 2025, to commend CEO Dorothy Kabagambe Ssemanda for her instrumental role in promoting women empowerment within the company and the broader telecom sector. The courtesy visit, which took place
Shilling Strengthens Amid Robust Currency Inflows, Market Eyes US Tariff Impact
The shilling demonstrated strength throughout the week, supported by robust inflows of hard currency, despite subdued corporate demand. At the start of the month, the exchange rate stood at 3660/3670. By mid-week, it appreciated to a yearly high of 3640/3650, attracting buyers from the energy and offshore sectors before closing
African Oil Giants Advance IPO Plans to Attract Investment
In a bid to bolster investment and competitiveness within Africa’s oil and gas sector, national oil companies (NOCs) in Nigeria and Angola are progressing with long-anticipated initial public offerings (IPOs). These IPOs are poised to attract significant global investment, providing much-needed capital to enhance production capabilities, improve infrastructure and foster
