Local currency holds steady amid dollar inflows
The local unit was largely stable this week as dollar supply from commodity exporters and portfolio investors continued to keep existing demand from energy and manufacturing firms at bay. The local unit was seen trading at 3675 / 3685 levels on Friday, a little weaker than the week’s opening of
Davis & Shirtliff Partners with Flowserve to Expand Access to Premium Industrial Pumps and Seals
Davis & Shirtliff has partnered with Flowserve Corporation, a global leader in flow control products and services, to enhance access to high-quality, affordable industrial pumps and seals across East and Central Africa. This collaboration enables Davis & Shirtliff to expand its industrial portfolio with Flowserve’s premium products, while Flowserve, a
African Leaders Unite to Mobilise African Investment and Financing for Implementing Agenda 2063
Discussions centered on innovative strategies for mobilizing African capital, strengthening financial institutions, and leveraging the role of African Multilateral Financial Institutions (AMFIs) in financing critical development sectors On the sidelines of the 38th Ordinary Session of the Assembly of the African Union Summit in Addis Ababa, Ethiopia, African Heads of State,
Soroti City Painters Launch SACCO to Enhance Their Livelihoods
The Soroti City Plascon Painters Association has launched a Savings and Credit Cooperative Organisation (SACCO) aimed at improving the livelihoods of its members. The SACCO is primarily composed of young, energetic individuals with the potential to enhance their well-being while contributing to the wider national development. During the SACCO
Delayed Umeme Buyout will cost Uganda Shs 139 billion
The Ministry of Finance has warned that failure to approve a Shs 696.621 billion loan for Umeme Limited’s buyout will lead to high interest penalties. The buyout loan, to be provided by Stanbic Bank, is intended to finance compensation for Umeme Limited’s unrecovered capital investments in line with the lease
AfDB and Standard Bank Unite to Support SMMEs and Boost Trade
The African Development Bank Group [AfDB] and Standard Bank Group (SBG) on Monday signed a landmark financial agreement to enhance funding for small, medium, and micro enterprises (SMMEs) and expand trade across Africa. The agreement includes a R3.6 billion investment in a social bond and a $200 million Risk Participation
Network International appointed as Payment Processing Partner by MTN Group Fintech
Network International, a leading enabler of digital commerce across the Middle East and Africa (MEA), has been appointed as a Payment Processor – Issuing partner for MTN Group Fintech, Africa’s leading mobile financial services provider. This partnership marks a significant extension of Network’s portfolio of issuer processing collaborations throughout the
World Bank urges Uganda to prioritize early childhood development for future economic growth
Despite ongoing global challenges and geopolitical tensions, economic activity in Uganda has remained robust. According to a new World Bank report, real gross domestic product (GDP) grew by 6.1% in fiscal year 2023/2024 on top of 5.3% growth registered a year before. This growth has been broad-based with significant contributions
Mastercard Foundation holds’ Young Africa Works Dialogue to chart way for unlocking youth-led entrepreneurship
Annually, Uganda churns over 700,000 graduates into the labor market, but only 90,000 secure formal employment, leaving hundreds of thousands to grapple with uncertainty of unemployment. Last week, the Mastercard Foundation held the Young Africa Works 2025 Dialogue, an event that brought together government officials, private sector leaders, financial
Former employee wins case against Standard Chartered Bank
A former employee of Standard Chartered Bank, Peter Victor Kwagala, and his wife, Priscilla Mbabazi, have emerged victorious in a legal battle against the bank. Lady Justice Patricia Mutesi ruled in their favor after the bank terminated Kwagala’s employment in the credit department and refused to extend a loan
