Ugandan Shilling Remains Stable as Kenya’s Currency Faces Pressure
The Ugandan shilling remained stable throughout the week, trading consistently at 3660/3670 per dollar. The short-term outlook appears positive, with expectations that the shilling will continue its upward trend, likely fluctuating between 3640 and 3690 in the near term. Richard Nsubuga, Trader CIB Markets at Absa Bank Uganda, noted that
Governments, Companies Borrow USD 25 Trillion in 2024
Governments and companies borrowed a record USD 25 trillion from markets in 2024 USD 10 trillion more than pre-COVID levels and nearly three times the amount raised in 2007 according to the latest OECD report. The OECD Global Debt Report 2025: Financing Growth in a Challenging Debt Market Environment projects
UDB launches RISE initiative to facilitate sustainable development
Uganda Development Bank (UDB) has launched the Reshaping Industries for a Sustainable Economy (RISE) Program, an initiative that is expected to transform the way the Bank deploys its resources within the economy. The RISE Program delivers a groundbreaking solution to address modern-day challenges, diversify the economy, and establish high-tech, high-value-added,
MTN Uganda empowers families of children with autism through skills training initiative
MTN Uganda, through its corporate social responsibility arm, MTN Foundation, has donated vocational training equipment to Teens and Tots Neuro Development Centre in Kira Municipality, Kampala. The initiative aims to support parents of children with autism and young adults with disabilities by equipping them with skills to build sustainable livelihoods.
Patrick Bitature Suffers Another Legal Defeat Against Vantage Mezzanine
City businessman Patrick Bitature has lost yet another court battle against Vantage Mezzanine Fund II Partnership, a South African venture capital firm, in an ongoing debt dispute. High Court Judge Steven Mubiru ruled in favor of Vantage, overturning a previous decision that had awarded the firm 194 million shillings in
Infobip, Bayobab partner to transform SMS services in Africa
Infobip has entered a strategic five-year partnership with Bayobab, a leading African digital connectivity provider. Bayobab will use Infobip’s Communication Platform as a Service (CPaaS) Customer Modules and Routing management to handle campaign management, APIs, and analytics and deliver SMS across Africa and beyond. Bayobab will also access Infobip’s security
Absa Group Appoints Kenny Fihla as Group Chief Executive Officer
Absa Group has appointed Kenny Fihla, a senior financial services executive with 20 years of experience, as its new Group Chief Executive Officer (GCEO), effective 17 June 2025, pending regulatory approval. “Kenny is a recognised leader with substantial Pan-African banking experience, strong relationships across the financial ecosystem, and a proven
Shilling Strengthens Amid Portfolio Inflows as Dollar Index Stabilizes
A combination of portfolio flows, commodity inflows, and remittances outweighed corporate demand, helping the Ugandan shilling strengthen against the U.S. dollar during the week’s trading session, according to Richard Nsubuga, Trader CIB Markets at Absa Bank Uganda. The local unit traded at 3660/3670 per dollar, improving from the week’s opening
NSSF Smartlife Flexi Surpasses Shs 5 Billion in Savings Within Three Months
NSSF Smartlife Flexi, the flagship voluntary savings product by the National Social Security Fund (NSSF), has surpassed Shs 5 billion in savings just three months after its launch. This milestone has been largely driven by informal sector micro savers. Praised for its flexibility, Smartlife Flexi primarily targets workers in the
Gov’t Moves to Waive Shs 607.9 million in Unrecoverable Taxes for Fresh Cuts Ltd
The Ministry of Finance is seeking Parliament’s approval to waive taxes amounting to Shs 607,931,933 owed by Fresh Cuts (U) Limited. This follows an admission by the Uganda Revenue Authority (URA) that the taxes in question are not recoverable. The request was tabled by the Minister of State for Finance,
