UDB reports net profit of Shs 57.8 billion in 2024
Uganda Development Bank Ltd [UDB] has reported a net profit after tax of Shs 57.8 billion for the year ended December 31, 2024, representing a 16 percent increase from Shs 49.8 billion in 2023. The profit growth was driven by continued strategic investment in interest-earning assets, coupled with prudent cost
Positive customer demand props up business conditions in May
Uganda’s private sector confidence about business conditions reached its highest level in almost two years, as the headline Stanbic Bank Purchasing Managers’ Index (PMI) for May reached 56.4, rising from 55.3 recorded in April. This is well above the 50.0 threshold for a positive outlook. Christopher Legilisho, Economist at Stanbic
Partners enter new alliance leveraging Islamic and Arab finance for economic transformation
Africa Finance Corporation (AFC) , United Nations Industrial Development Organization [UNIDO], the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) and the Union of Arab Banks (UAB), formalized new strategic partnerships under the Islamic and Arab Finance for Economic Transformation in Africa, the Arab Region and Beyond (IFETAA) Programme. Access to
Reinventing Hospitality: How reserveport by Pesapal is powering Uganda’s hotels
Jean Byamugisha, CEO – Uganda Hotel Owners Association (UHOA) Uganda’s hospitality industry stands at a pivotal moment. As global travel patterns shift and guest expectations become increasingly tech-driven, hotel operators must reimagine how they do business — not just to stay relevant, but to thrive. Today’s traveler, whether local or
MTN Uganda deepens digital push with donation to Busoga Kingdom
MTN Uganda and its partners have today donated digital equipment and vocational tools to the Busoga Kingdom, reaffirming their commitment to bridging the country’s digital divide and empowering youth through practical skills development. The support, part of MTN’s annual 21 Days of Y’ello Care volunteerism campaign, was received by Busoga
High Trade and Investment Barriers Pose Threat to Mobilizing Financing for Development
Flows of foreign direct investment (FDI) into developing economies—a key propellant of economic growth and higher living standards—have dwindled to the lowest level since 2005 amid rising trade and investment barriers, new research from the World Bank shows. These barriers pose a significant threat to global efforts to mobilize financing
Court Faults Stanbic Bank in Shs 7.5M Fraud Case
The High Court has ordered Stanbic Bank to pay a total of Shs 7.5 million to a client over unauthorized transactions conducted on his bank account. In May 2022, David Onyango sued Stanbic Bank, seeking a declaration that a series of debit transactions amounting to USD 2,459.15 (Shs 8.8 million)
Infobip Unveils CXOP: The Next Generation of AI-Powered Customer Conversations
Global cloud communications platform Infobip has announced its Conversational Experience Orchestration Platform (CXOP) — a game-changing solution that places agentic AI at the heart of every customer interaction. CXOP enables brands to move beyond static, rules-based workflows to deliver dynamic, goal-oriented conversations across marketing, sales, and support — at scale.
Egypt: African Development Bank to provide $184.1 million for Africa’s largest solar energy and battery storage projec
The Board of Directors of the African Development Bank Group has approved a financing package of up to $184.1 million to support the development of the Obelisk 1-gigawatt solar photovoltaic project and 200MWh battery energy storage system in Egypt, which will be Africa’s largest solar power plant. Located in Qena Governorate
Gov’t Grants Tax Holiday to Start-Ups to spur growth
In a dramatic gesture hailed as bold and possibly useful, the Ugandan government has announced a three-year tax holiday for start-up businesses owned exclusively by Ugandan citizens provided they manage to survive the labyrinth of bureaucracy, unstable power supply, and regulatory whiplash. The announcement was made by Finance Minister Matia Kasaija
