tag:blogger.com,1999:blog-2067025423721859252024-03-19T01:24:19.423-07:00News PostEDITORIAL, LOCAL, INTERVIEW, REPORT, SOCIAL, BUSINESS, HEALTH, OPINION, NEWS, AFRICA, INTERNATIONALLShttp://www.blogger.com/profile/13653664367380284550noreply@blogger.comBlogger2816125tag:blogger.com,1999:blog-206702542372185925.post-4588272649701960382023-08-24T11:28:00.003-07:002023-08-24T21:36:43.601-07:00Safety, cost concerns still limiting uptake of mobile banking by Ugandans<script async="" crossorigin="anonymous" src="https://pagead2.googlesyndication.com/pagead/js/adsbygoogle.js?client=ca-pub-2604476376757737"></script>
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More Ugandans subscribing to mobile banking are using the platforms to withdraw money from their bank accounts, than those using them to deposit, according to the service providers. This is one of the findings and developments in the banking and financial technology (Fintech) industries that will form the discussions at the 6th Annual Bankers Conference next Monday.
Various reasons are forwarded for this low uptake of banking money using the mobile phone, including the fear of the transaction not being complete therefore loss of money, as well as the high cost of transacting. Speaking ahead of the conference, Richard Yego, MTN Mobile Money Uganda Managing Director said Shillings 4 billion was withdrawn from banks to the mobile wallet last year as opposed to Shillings 2.6 billion deposited from the wallet to the bank.
However, to prove the importance of the Fintech industry, Yego said Shillings 90 trillion was moved around electronically by MTN alone, while Shillings 400 billion went out in mobile loans.
Some banks charge as high as Shillings 5,000 to deposit money from the mobile wallet to the bank account compared to the charge on withdrawal from the bank to the wallet of between Shillings 1,000 and 1,700. They say sometimes it makes more business sense to deposit cash via the counter or move physical cash from one bank to another. Yego said they hope the establishment of a national switch, the process of which is underway, will help reduce the costs.
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Fans and followers of musician Sheebah Karungi were left in disbelief when the self proclaimed Queen Karma left the stage in the middle of a press conference that was staged to re-fuel her battle with Cindy Sanyu whom she left calm and settled.
All this drama took place at Victoria University where they had staged a press conference that saw mammoth crowds gather to witness history in the making.
Cindy Sanyu arrived early at the press conference escorted by her husband Prynce Joel Atiku and was later followed by Sheebah who came in with a motor-cade of bikes and huge cars.
Each performer was then given an opportunity to speak up and field questions as the press conference got underway.
Drama unfoled when Bukedde Tv entertainment journalist Josephat Sseguya issued questions that seemingly didn’t settle well with Sheebah.
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</script>Amonhttp://www.blogger.com/profile/10367515154175786676noreply@blogger.com1tag:blogger.com,1999:blog-206702542372185925.post-50494520061184734282023-08-24T11:27:00.006-07:002023-08-24T21:36:07.431-07:00Women shatter gender barriers in Uganda’s fish farming industry<script async="" crossorigin="anonymous" src="https://pagead2.googlesyndication.com/pagead/js/adsbygoogle.js?client=ca-pub-2604476376757737"></script>
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In a groundbreaking turn of events, women in Bugiri District, Eastern Uganda, have defied societal norms and broken into the traditionally male-dominated fish farming industry.
Through the Women Economic Empowerment Programme launched by UN Women, these women have not only mastered the art of fishing but also revolutionized their economic prospects.
Rose Nakimuli, a resident of Bugiri, vividly recalls her journey into fish farming.
“When I was selected to be trained in fish farming, I embraced the opportunity. I approached it as a job,” Ms. Nakimuli says with determination.
With the support of the UN Women project, she learned the ins and outs of aquaculture, swimming, and fishing, becoming a skilled fish farmer. Today, she proudly feeds her family and earns a descent livelihood from her newfound expertise.
Ms. Nakimuli is one of 1,400 women trained in fish farming.
The Programme, initiated in 2019, has set ambitious goals to enhance women’s income security, promote decent work, and empower them with economic autonomy by 2025. The success achieved in the fish farming industry in Bugiri District stands as a shining example of the program’s impact.
With funding from the Government of Sweden and Standard Bank, UN Women partnered with the Bugiri District Local Government to support rural women in engaging in fish farming activities on the waters of Lake Victoria.
As a result, 28 cages brimming with Tilapia fish now stand as a testament to the women’s unwavering dedication and determination.
Amina Nakiranda, the project’s production manager, explains that it went beyond teaching women how to fish as the programme also equipped them with essential business management skills.
“Before this programme, many of us struggled with small businesses selling fresh produce or silverfish in local marketplaces,” Nakiranda reveals.
“However, through the comprehensive training provided by the project, we learned how to run our businesses efficiently, from start to finish.”
The cage fish project has also strengthened the women’s capacity in governance, financial literacy, and the entire fish value chain. Inspired by their achievements, the women established a private company called “Women Economic Empowerment Bugiri (WEEB).”
Success stories
Immaculate Were, the CEO of WEEB, proudly highlights the transformational journey of these women. “Although 85% of the beneficiaries are illiterate, they have become specialists in various aspects of fish farming, including feeding, harvesting, preservation, marketing, and trading,” Ms. Were remarks, adding that “Once a woman gets wealthy, that’s wealth for the whole nation.”
The project has also made significant strides in improving gender relations at the household level. With women contributing to the family budget and gaining financial independence, gender-based violence has notably reduced.
Judith, a member of the executive board of WEEB, shares her experience: “The project has reduced gender-based violence because we no longer sit home and beg our husbands for everything. We are no longer burdens; the project has empowered us.”
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The cost of the new number plates that are expected to be rolled out later in the year were a result of a financial model used for their pricing. The Minister for Security Jim Muhwezi stated this while appearing before the Committee on Physical Infrastructure on Tuesday, 08 August 2023.
Muhwezi, said the Ministry of Finance participated in the financial model that dictated the price of the new digital number plates.
“Government is not putting a shilling in this project but the investor is putting all his money in it and he has to recover it,” he said.
AUDIO Muhwezi
Muhwezi and the Works and Transport Minister, Gen. Katumba Wamala were before the committee chaired by Dan Atwijukire.
The committee is considering a petition by Tororo District Woman Representative, Sarah Opendi on the high cost of the new number plates.
New vehicle and motorcycle owners will be pay shs714,000 for the the digital number plates while already registered road users will be required to pay shs150,000 and shs50,000 for vehicles and motorcycles.
The Intelligent Transport Monitoring System (ITMS) is to be implemented in a phased manner and will be managed by Joint Stock Company Global Security for 10 years, before it is handed over to government.
Muhwezi also revealed that the project will commence its rollout on 31 October 2023.
“We shall begin with Kampala and because that is where most of the vehicles are and it is where most of the crime is committed. We shall rollout out to the rest of the country in a phased manner,” the minister added.
According to Winston Katushabe, the Commissioner for Transport Regulation and Safety at the Ministry of Works and Transport, government will receive a share of the non-tax revenue generated over the 10-year period.
He added that a financial model covering the total investment of the Intelligent Transport Monitoring System, including selling number plates and traffic fines, informed the pricing of the new digital number plates.
“Even when it was not a security issue, government had already started initiating a new regime of replacing these number plates. Here we have a total solution where the number plate has a tracker for security purposes,” said Katushabe.
AUDIO Katushabe
Opendi said the cost of the new digital number plates is prohibitive to road users.
“Why are we not using Ugandan companies that are already printing number plates? I am aware that these number plates will be imported and maybe that is why they are so costly,” said Opendi.
AUDIO Opendi
Patrick Oshabe (NUP, Kassanda County North) reiterated that the cost of the digital plates is too high for ordinary Ugandans.
“I do not know why the ministry does not take into consideration that the people they are bringing the technology to, cannot afford it. If I already have a number plate, why charge me shs50,000? Leave Ugandans and just replace the number plates” said Oshabe.
AUDIO Oshabe
Atwijukire tasked the ministers to present documentation showing the process of generating the charge for the digital number plates.
“The cost of a motorcycle is about shs5 million and if one pays for it on a loan period of about three years, it brings the total to about shs8 million. If you add the cost of the digital plate, it will cover 20 per cent of such a cost which is too high,” said Atwijukire.
Nathan Byanyima (NRM, Bukanga North County) expressed reservations about how government will benefit from the non-tax revenue to be generated after the project has been rolled out.
Susan Kataike, the Head of Communications at the Ministry of Works and Transport said they are implementing a communication strategy to sensitize stakeholders and the public on the rollout of the Intelligent Transport Monitoring System and what it entails.
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The Shadow Cabinet has called for an expedited appraisal of the impact of the National Data Transmission Backbone Infrastructure and e-Government Infrastructure that was rolled out during the Financial Year 2006/2007 to benefit Ministries, Departments, and Agencies – MDAs.
The government through the National Information Technology Authority Uganda (NITA-U) has announced the extension of more high bandwidth data connection among MDAs onto an optical fibre cable-based network. The newly announced national infrastructure backbone routes include Kampala-Wakiso, Mbarara-Ibanda-Kamwenge, and Ntungamo-Mirama Hills with an expected coverage of 4,298 kilometers across the country.
The project will be financed by the International Development Association (IDA) of the World Bank under the refugee protection framework. Through the Uganda Digital Acceleration Project (UDAP-GOVNET), 53 district headquarters, and 61 local government sites have been connected to the national backbone infrastructure (NBI) under the last mile connectivity project.
NITA-U Executive Director, Dr. Hatwib Mugasa, told URN that under the renewed Digital Acceleration Project, 12 districts hosting refugees will soon be connected to high-speed internet in a bid to promote digital inclusion across the country. They will deploy 80 mobile broadband masts, purchase additional bandwidth, develop a telecentre for refugee-hosting communities, set up an e-waste management center, and expand Wi-Fi hotspots.
Currently, Uganda hosts at least 1.5 million refugees from the Democratic Republic of Congo, and South Sudan among others across 13 districts of Adjumani, Isingiro, Kampala, Kamwenge, Kikuube, Kiryandongo, Kyegegwa, Koboko, Lamwo, Madi-Okollo, Obongi, Terego, and Yumbe.
But, Mawogola County South Member of Parliament, Gorreth Namugga, the Shadow Minister for Science, Innovation and Communication Technology tasked NITA with their impact on improving e-services across the beneficiary local governments and MDAs citing poor performance of the system which she described as being ‘on and off.
Meanwhile, Joyce Bagala Ntwatwa, the Mityana District Woman Representative expressed concern about the increasing level of insecurity arising from Uganda’s internet backbone system. The Authority reported that the current cyber threat awareness in the country stands at 87 percent.
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To address the fears of the legislators on impact and security, Richard Obita, the Director for Planning, Research and Development at NITA-U said public sensitization is ongoing to create awareness on existing cyber security threats.
Obita also revealed that the Authority contracted an independent firm to undertake the assessment of the Digital Acceleration Project as a requirement by the World Bank, and the report analysis will soon be shared with Parliament’s Committee on ICT for feedback.
The NITA officials also revealed that they are providing a platform to integrate the different systems used at the administrative centers, and pushing for the reduction of taxes on the unit cost of a smartphone on the market aimed at improving access to e-governance services.
World Bank’s GovTech Maturity Index (GMTI) 2022 report that reflects trends in the Public Sector Digital Transformation in 198 Global Economies indicated that Uganda’s GovTech Maturity index value has risen from 0.639 in 2020 to 0.858, thus Uganda moved from Group B to Group A among the GovTech Leaders.
The World Bank`s GovTech approach represents the current frontier of government digital transformation which focuses on 4 areas; Core Government Systems, Public Service Delivery, Citizen Engagement, and GovTech Enablers.
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<div class="separator" style="clear: both;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgjiW2xUqaGGTwTUNXPEfmIKKOOIdDdC5gF19zO-CJWc9V8GXJYOutCduhEuFr_uLpDN2BqrgUgV5sCV79yN7uZVDD25e-Ct5gcUfbSWw7LpSJvzcVWfVoDkeJOJabJ_fuhTXedCssEmQhPKMo3I1YQUsy5KfLYCxHvzSbh7X0Smg8aZENfmazXD9x095vT/s595/Screenshot%202023-08-24%20112408.png" style="display: block; padding: 1em 0; text-align: center; "><img alt="" border="0" width="320" data-original-height="325" data-original-width="595" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgjiW2xUqaGGTwTUNXPEfmIKKOOIdDdC5gF19zO-CJWc9V8GXJYOutCduhEuFr_uLpDN2BqrgUgV5sCV79yN7uZVDD25e-Ct5gcUfbSWw7LpSJvzcVWfVoDkeJOJabJ_fuhTXedCssEmQhPKMo3I1YQUsy5KfLYCxHvzSbh7X0Smg8aZENfmazXD9x095vT/s320/Screenshot%202023-08-24%20112408.png"/></a></div>
Last year’s majestic Itanda Falls proved to be too far and complicated, so this year, organizers of Nyege Nyege Festival have brought it back for its 8th edition in an exciting new location setting it up on three conjoined sites: The Jinja Golf Course, Source of the Nile and the Jinja Showground.
With over 300 hotels, the city will provide accommodation for all guests just minutes away from the venue. The safety and comfort of all artists and revelers will be a top priority, and camping will no longer be provided on site but smaller, safe and comfortable campsites will be set up by partnering hotels.
In 2022, after a 3 year hiatus and entering a new site at Itanda Falls, the new site proved to be too inconvenient for the logistics of production and for revelers alike, bad weather and roads led the organizers to search for a new and better home until the day Itanda rises again.
With over 500 shows internationally, the festival and its associated labels and collective have defined the vanguard of new sounds emerging from the Continent and the festival is widely considered to be the greatest showcase of traditional and contemporary African music in the world, attracting music fans and industry movers and shakers to come and discover new music genres, breakthrough artists and blossoming talents at every edition. This year the festival will start with a 2 day music conference (November 7th and 8th) for artists and east African industry players to connect and learn in order to strengthen the East African music industry through workshops, networking sessions and showcases.
The line-up will be announced in September but will include East Africa’s most exciting new acts, as well as artists from music power houses such as Nigeria, South Africa and Brazil. Styles and genres will cover the diversity of African sounds, from South African amapiano to Nigerian cruise beat, from afrobeats to gengetone, dancehall, singeli, soukous and more. A real treat for the ears, the mind, the soul and the body.
This year the whole city of Jinja will take part in the festival, by working with local businesses, hotels, artists, builders and volunteers, this year’s edition will be a real showcase in community involvement, and how music festivals can spark the imagination and dedication of an entire community and boost the local economy in order to leave a positive impact.
This year again Nyege Nyege will partner with Uganda’s leading event production company Talent Africa who has been with the festival since its second edition and with its long-term sponsor Uganda Breweries, who will host 3 distinct experiences, in addition to a new Hakuna Kulala stage going on for a 96H music and performance marathon and comprising both live acts,
DJs and dance and theatre performances. The festival will once again showcase the diversity of Ugandan traditional music with traditional acts coming from all over the country as well as Burundi, Tanzania and Comoros.
The festival runs a year-long music residency and community space where musicians and creatives from all over the continent can meet and create together. Harnessing that energy, the festival has evolved from a small party into the most adventurous festival on the continent - a party no Ugandan can miss. Despite past challenges of rain and government shutdown, the festival has never drifted from its vision; in 2023 Nyege Nyege aims to inspire and amaze even more.
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Airtel Uganda’s First 5G Network has demonstrated 5G’s potential to foster digital inclusion and connectivity in Uganda. This was during a 5G showcase event held at Kampala Serena Hotel Monday night.
Airtel Uganda unveiled one of its industry firsts, the 5G network, ushering in a new era of connectivity and innovation for the country. The Telecom giant indicated in February 2023, it was 5G ready and had applied for the required spectrum to start rolling out the revolutionary technology. 11 sites were tested in Kampala in ahead of the official launch.
5G is the 5th generation mobile network that enables a new kind of network that is designed to connect virtually everyone and everything together including machines, objects, and devices at very high speeds. It delivers higher multi-Gbps peak data speeds, more reliability, massive network capacity, increased availability, and a more uniform user experience to more users.
5G can support up to 1 million connected devices per square kilometre compared to 4G which can only support up to 100,000 connected devices in a similar area. This makes 5G the suitable network over which remote teams can collaborate to undertake tasks like surgery, shared online school classes, farmers can share live video farming tips, engineering tasks over video and stream gaming and other entertainment experiences.
Airtel Uganda MD Manoj Murali said, “Our 5G network is not just a technological advancement, it’s a catalyst for progress, an enabler of dreams, and a testament to our commitment to bring the world closer.”
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</script>LShttp://www.blogger.com/profile/13653664367380284550noreply@blogger.com4tag:blogger.com,1999:blog-206702542372185925.post-37915249646794130132023-08-24T11:22:00.004-07:002023-08-24T21:34:45.513-07:00In a heartfelt birthday message, Mikie Wine expresses his emotions as he celebrates the fifth birthday of his son, Kyagulanyi David Paris.<script async="" crossorigin="anonymous" src="https://pagead2.googlesyndication.com/pagead/js/adsbygoogle.js?client=ca-pub-2604476376757737"></script>
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Singer Micheal Mukwaya aka Mikie Wine has penned down a heartfelt birthday message to his son David Paris Kyagulanyi with girlfriend Pauline Kemigisha as he turns 5 years old.
Mikie and Pauline gave birth to David as their first child together in 2018 when they were still madly in love before Shazney.
Even though for the past few years Mikie Wine has ben hiding this son, he has now decided to make his whereabouts public as he also recently returned to his father and the two are now dating again.
"Happiest 5th birthday to you My Son Kyagulanyi David Paris you are such a blessing to this family,may you live to love your country and stand for the truth like your Namesake who we named you after and May God bless you all the days of your life..Happy birthday"- he posted.
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Absa Group reported resilient results in an increasingly challenging operating environment during the first half of 2023.
Headline earnings increased 2% to R11.2 billion from a high base a year earlier, as strong revenue growth of 16% offset 60% higher credit impairments.
“With the right strategy in place, an experienced and diverse leadership team, a strong balance sheet and consistent execution, Absa remains positioned for growth,” the group said in a statement.
According to the statement, the “Group’s well-diversified franchise helped mitigate the earnings impact of the increasing strain on consumers in South Africa, which is Absa’s largest market. ”
Headline earnings in South Africa declined 17%, given elevated credit impairments, while earnings for regions outside of South Africa, collectively known as Africa regions, almost doubled.
“Our deliberate diversification strategy stood us in good stead in the first half of 2023, given weaker economic conditions and significant pressure on consumers in South Africa,” said Arrie Rautenbach, Absa Group Chief Executive Officer. “We will further diversify going forward by deploying resources and capital into attractive growth prospects on the continent which provides a natural performance hedge for the group, while continuing to invest in South Africa.”
The Group’s underlying performance during the period is reflected by 16% higher pre-provision profit, which is profit before setting aside money for bad debts, tax and other items.
“We are executing consistently against our strategic focus areas, as we strive to become a leading Pan-African bank. This is evident in the continued progress we have made against key targets,” said Rautenbach.
“We are particularly pleased with our return on equity of 16.7% and with our cost-to-income ratio improving further to 49.8%, driven by solid revenue growth,” said Jason Quinn, Absa Group Financial Director. “We remain well capitalised to fund growth opportunities,” he said.
Absa continued to grow as a primary partner, with a focus on building its transactional business through investments across its businesses, notably in Private & Wealth, Youth propositions, Bancassurance and Business Banking during the period.
“We are seeing tangible progress in becoming the primary partner for our customers, which is shown by improved client experience, accelerated customer growth and solid deposit growth,” said Rautenbach.
Customer numbers grew 4% to 11.8 million, while customer deposits increased 11% to R1.2 trillion. New-to-bank retail transactional account sales increased by 23% in South Africa, with active customers in Absa Regional Operations (ARO) up 16%.
Absa continued to invest heavily in technology and its digital journey yielded value across the franchise, with the Group’s digital customer base growing across retail and corporate segments. Digitally active customers increased 10% to 3.5 million.
The effects of slower economic growth, increased interest rates and consumer strain were evident in the performance of the Group’s retail businesses in South Africa.
Product Solutions Cluster (SA home loans, vehicle financing, insurance, investment, advisory services)
Headline earnings declined 13% as credit impairments increased, reflecting significantly higher interest rates and weak economic growth that put consumers under strain. Demand in the home loans market slowed, with application volumes decreasing across the industry, reflecting the subdued property market, while vehicle sales displayed resilience.
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Pre-provision profit growth remained strong, as the insurance business performed well, given lower mortality claims, improved investment returns and solid net premium income growth.
Everyday Banking (day-to-day banking products and services in SA such as credit card, payments and personal loans)
Headline earnings decreased 21% due to elevated credit impairments, which was largely due to the adverse economic climate and the impact on customers’ disposable income. Pleasingly, the customer base grew 2%, given strong growth momentum in the young adult and entry level segments.
The economic environment remains uncertain. Geopolitical concerns, particularly surrounding the Russia-Ukraine conflict and rising tension between the West and China, appear likely to impact the outlook for some time.
Absa expects real GDP growth of 0.7% in South Africa, where electricity supply remains a significant risk for the economy for the foreseeable future. It expects GDP-weighted economic growth in ARO countries to slow to 4.3% in 2023.
Based on these assumptions, and excluding further major unforeseen political, macroeconomic or regulatory developments, Absa expects high single-digit revenue growth in 2023, driving high single-digit growth in pre-provision profit, while its credit loss ratio will likely improve substantially in the second half.
“Absa’s strong balance sheet and liquidity, together with the value of its diversified franchise, position the Group well to deliver on its strategy over the medium-term.
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In April of this year, American rapper Tekashi 6ix9ine visited Uganda and interacted with various individuals, including the young rapper Kapilipiti Omubaaya. Months later, he reveals that he has financially supported the repair of Kapilipiti's old car, bringing it back to working condition.
In a video shared on his social media accounts, Kapilipiti recounts that 6ix9ine initially intended to buy him a new car, but Kapilipiti requested financial assistance to repair his existing vehicle instead.
Speaking on camera, the Ugandan rapper explains that he was facing difficulties with his car when Tekashi visited Uganda. They maintained communication after his departure, and Tekashi even sent him some money.
During his time in Uganda, 6ix9ine discreetly shot a music video with the Hyper Kid dancers, a group that Kapilipiti is a part of. This opportunity allowed Kapilipiti to discuss a potential collaboration with 6ix9ine in the future, given that he is the only artist in the group.
Upon receiving his repaired car, singer Pallaso was also present and gifted Kapilipiti with a substantial amount of money.Amonhttp://www.blogger.com/profile/10367515154175786676noreply@blogger.com0tag:blogger.com,1999:blog-206702542372185925.post-31966257396655397542023-08-24T11:20:00.002-07:002023-08-24T21:33:58.817-07:00Absa Group reports resilient 2023 first-half earnings, reflecting diverse franchise<script async="" crossorigin="anonymous" src="https://pagead2.googlesyndication.com/pagead/js/adsbygoogle.js?client=ca-pub-2604476376757737"></script>
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Absa Group reported resilient results in an increasingly challenging operating environment during the first half of 2023.
Headline earnings increased 2% to R11.2 billion from a high base a year earlier, as strong revenue growth of 16% offset 60% higher credit impairments.
“With the right strategy in place, an experienced and diverse leadership team, a strong balance sheet and consistent execution, Absa remains positioned for growth,” the group said in a statement.
According to the statement, the “Group’s well-diversified franchise helped mitigate the earnings impact of the increasing strain on consumers in South Africa, which is Absa’s largest market. ”
Headline earnings in South Africa declined 17%, given elevated credit impairments, while earnings for regions outside of South Africa, collectively known as Africa regions, almost doubled.
“Our deliberate diversification strategy stood us in good stead in the first half of 2023, given weaker economic conditions and significant pressure on consumers in South Africa,” said Arrie Rautenbach, Absa Group Chief Executive Officer. “We will further diversify going forward by deploying resources and capital into attractive growth prospects on the continent which provides a natural performance hedge for the group, while continuing to invest in South Africa.”
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The Group’s underlying performance during the period is reflected by 16% higher pre-provision profit, which is profit before setting aside money for bad debts, tax and other items.
“We are executing consistently against our strategic focus areas, as we strive to become a leading Pan-African bank. This is evident in the continued progress we have made against key targets,” said Rautenbach.
“We are particularly pleased with our return on equity of 16.7% and with our cost-to-income ratio improving further to 49.8%, driven by solid revenue growth,” said Jason Quinn, Absa Group Financial Director. “We remain well capitalised to fund growth opportunities,” he said.
Absa continued to grow as a primary partner, with a focus on building its transactional business through investments across its businesses, notably in Private & Wealth, Youth propositions, Bancassurance and Business Banking during the period.
“We are seeing tangible progress in becoming the primary partner for our customers, which is shown by improved client experience, accelerated customer growth and solid deposit growth,” said Rautenbach.
Customer numbers grew 4% to 11.8 million, while customer deposits increased 11% to R1.2 trillion. New-to-bank retail transactional account sales increased by 23% in South Africa, with active customers in Absa Regional Operations (ARO) up 16%.
Absa continued to invest heavily in technology and its digital journey yielded value across the franchise, with the Group’s digital customer base growing across retail and corporate segments. Digitally active customers increased 10% to 3.5 million.
The effects of slower economic growth, increased interest rates and consumer strain were evident in the performance of the Group’s retail businesses in South Africa.
Product Solutions Cluster (SA home loans, vehicle financing, insurance, investment, advisory services)
Headline earnings declined 13% as credit impairments increased, reflecting significantly higher interest rates and weak economic growth that put consumers under strain. Demand in the home loans market slowed, with application volumes decreasing across the industry, reflecting the subdued property market, while vehicle sales displayed resilience.
Pre-provision profit growth remained strong, as the insurance business performed well, given lower mortality claims, improved investment returns and solid net premium income growth.
Everyday Banking (day-to-day banking products and services in SA such as credit card, payments and personal loans)
Headline earnings decreased 21% due to elevated credit impairments, which was largely due to the adverse economic climate and the impact on customers’ disposable income. Pleasingly, the customer base grew 2%, given strong growth momentum in the young adult and entry level segments.
The economic environment remains uncertain. Geopolitical concerns, particularly surrounding the Russia-Ukraine conflict and rising tension between the West and China, appear likely to impact the outlook for some time.
Absa expects real GDP growth of 0.7% in South Africa, where electricity supply remains a significant risk for the economy for the foreseeable future. It expects GDP-weighted economic growth in ARO countries to slow to 4.3% in 2023.
Based on these assumptions, and excluding further major unforeseen political, macroeconomic or regulatory developments, Absa expects high single-digit revenue growth in 2023, driving high single-digit growth in pre-provision profit, while its credit loss ratio will likely improve substantially in the second half.
“Absa’s strong balance sheet and liquidity, together with the value of its diversified franchise, position the Group well to deliver on its strategy over the medium-term.
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The Bank of Uganda has lowered the Central Bank Rate (CBR) to 9.5 percent, an indicator of its intention to bring down the cost of credit, for the first time since June 2021.
The rate, which the Monetary Policy Committee uses to influence interest rates and control the flow of money, rose sharply from 6.5 in April 2022 to 10 percent in October 2022, a rate maintained till the last statement in June 2023.
The bank says the reduction was informed by the steady decline in inflation from 10.8 percent at the beginning of this year, to 3.8 percent in July 2023, the lowest in 15 months, according to the Uganda Bureau of Statistics.
Deputy Governor, Michael Atingi-Ego says the lower inflation is due to the reduction in prices of agricultural and imported products, the slowdown in global economic activities, as well as reduced domestic demand.
Though it reduced the CBR, the Bank remains cautious about the global and domestic risks that remain in place.
However, overall, Atingi-Ego says, there is higher certainty that global inflation, demand and economic recovery will remain subdued for some time, meaning inflation could remain suppressed.
Dr Atingi-Ego says the economic outlook over the next two years calls for support to increase economic activity as the global situation looks weak.
Another fact that has caused discomfort is the World Bank’s suspension of new credit to Uganda, as it could affect the economic forecasts.
Atingi-Ego said that for now it’s hard to predict the impact, until the Ministry of Finance compiles the list of possible projects affected, adding that they need to know how the ministry will react.
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The Deputy Governor also delved into possible scenarios or what could happen to a country like Uganda in regard to suspension of loans by one of the biggest lenders.
He says whatever the case, the options could be costly, for example if the government decided to increase domestic borrowing, cut the budget or make reallocations of resources and there is a likelihood of affecting the foreign reserves of the country.
According to the Bank, Uganda’s economy has demonstrated resilience and has been recovering well despite the uneven global growth environment with estimated annual growth of 5.3 percent in 2022/23.
However, it notes that economic growth seems to be slowing due to weak domestic demand.
Data at the Uganda Bureau of Statistics showed quarter-on-quarter average economic growth of -6.5 percent in the second and third quarters of 2022/23.
This was mainly because of a slowdown in agriculture to -21.6 percent, while industry and services sectors also posted negative growths of 2.3 and 1.39 percent respectively.
Looking ahead, economic growth is expected to recover gradually, ranging from 5.0 percent to 6.0 percent in fiscal year 2023/24.
This growth is expected to be driven by private sector consumption, investments in extractive industries, and improved exports, according to the Bank.
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<div class="separator" style="clear: both;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgR6xRyVwr-b0xVMiHSisetA8ziJcI8iBBF340qEzO1GNoumcPLg_ZDD2sE5sPwjYWzV4nEYzkfnTbm5js055Vy2y_l3htwdxEhcdVFnG_7ct6BgHQYjQE_edjenDnaj3xzFcsFIUAFloMHRpgsTJu_DntK-1SYA2n2ptCNeouyFCVB63R_egT0gIKeZ2UH/s325/Screenshot%202023-08-24%20111610.png" style="display: block; padding: 1em 0; text-align: center; "><img alt="" border="0" height="320" data-original-height="325" data-original-width="245" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgR6xRyVwr-b0xVMiHSisetA8ziJcI8iBBF340qEzO1GNoumcPLg_ZDD2sE5sPwjYWzV4nEYzkfnTbm5js055Vy2y_l3htwdxEhcdVFnG_7ct6BgHQYjQE_edjenDnaj3xzFcsFIUAFloMHRpgsTJu_DntK-1SYA2n2ptCNeouyFCVB63R_egT0gIKeZ2UH/s320/Screenshot%202023-08-24%20111610.png"/></a></div>
Angry and bitter, singer Grace Khan has spoken out and issued an apology to Papa Mesach Semakula following her bitter fight with upcoming singer Kid Dee at Papaz Spot Restaurant in Makindye.
Through her social media, Grace Khan has apologized to Mesach after she was embroiled in a physical altercation that saw them exchange jabs, flying objects and sharp insults.
"Hello taata @Measerch Semakula It’s me your dear Daughter Grace Khan I am here to apologize about today’s act! Taata you know me very well I have never done anything like this regardless of how many times I have been at your place! But since someone who has always been calling himself mu gals baby dad, we met for the first time (Omuntu gwesogelangako Naye olwokuba ye anywa drugs nenjagaze Dad Kumwana wange ntabuka) I won’t go in details taata im very sorry for the act! Hope my Sorry Gets granted!And for the customers @papas spot is not aviolat place Naye ye we Musanze Mumilembe jange ate nga nawalala wenkusanga njakukolako nga amateka ge Gaza bwegalagila agatali ga police! Until I rest in peace. KYOVA OLABA BAKUGOBYE WO MANGU NAKULINDA DDA ! "- she posted.
The pair’s fallout emanated from Kid Dee crossing paths with Grace Khan and Papa’s Spot restaurant and claiming the paternity of her daughter before demanding the kid’s DNA test.
Grace implored Mesach Semakula to find a spot in his heart to forgive her for her misconduct, before making it known to the Papaz Spot restaurant customers that it is not violent.
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Amonhttp://www.blogger.com/profile/10367515154175786676noreply@blogger.com0tag:blogger.com,1999:blog-206702542372185925.post-77923135929383500862023-08-24T11:10:00.002-07:002023-08-24T21:33:02.785-07:00Paul Okoye reunites with his ex-wife, Anita, as they come together to accompany their children to a concert rehearsal.<script async="" crossorigin="anonymous" src="https://pagead2.googlesyndication.com/pagead/js/adsbygoogle.js?client=ca-pub-2604476376757737"></script>
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Over the weekend, Paul Okoye, one half of the Nigerian duo P Square, stirred up social media discussions by reuniting with his former wife, Anita.
Their relationship had been marred by a bitter dispute in 2022, stemming from allegations of cheating. This discord led to their divorce in December of the same year.
Paul and Anita found themselves in Detroit, USA, attending the Afro Nation concert with their children. They shared videos capturing the family moments, emphasizing their commitment to co-parenting and creating a positive environment for their kids.
Anita took to her social media to express her overwhelming emotions during this experience.
"The Afronation was a magical moment. My children not only watched their father perform for the first time but also joined him on the stage. Seeing their eyes light up next to their Papa and Uncle Papa, creating memories that I know will be cherished forever. My heart is brimming with pride and emotions. These are memories they'll hold close forever," she shared.
In August 2021, Anita filed for the dissolution of their seven-year marriage, citing irreconcilable differences as the underlying cause.
On December 20th, an Abuja High Court in the Federal Capital Territory, Maitama, granted her request for separation.
Among her accusations were "infidelity, alleged separation, absentee parenting, fraud, and painful experiences."
The court documents revealed that the 'Reason with Me' singer had allegedly undermined a joint business deal involving the construction of a mall. Anita claimed to have contributed N10 million to the project, with an agreement to receive space in the completed mall.
Paul and Anita's journey began in 2004 when they met during their undergraduate days at the University of Abuja. Their marriage took place on March 22, 2014, in Port Harcourt, Rivers State. Together, they share three children: Andre, as well as twins Nathan and Nadia.
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</script>Amonhttp://www.blogger.com/profile/10367515154175786676noreply@blogger.com0tag:blogger.com,1999:blog-206702542372185925.post-7519385856537769062023-08-24T11:09:00.004-07:002023-08-24T21:32:46.534-07:00Africa’s fashion industry eyes a US$69 billion market<script async="" crossorigin="anonymous" src="https://pagead2.googlesyndication.com/pagead/js/adsbygoogle.js?client=ca-pub-2604476376757737"></script>
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Africa’s bright and dynamic fashion industry is finding itself if the spotlight, drawing increased attention to the opportunities offered by a US$69 billion apparel market.
Latest figures from data-gathering and market insights firm Statista show the continent’s apparel market growing by 4.9 per cent annually until 2027, with womenswear currently the largest segment, accounting for US$29 billion in 2023.
According to the Africa Development Bank, while still in its infancy, the continent’s fashion industry is in expansion mode.
“This is largely due to growing interest in Africa’s cultural traditions, including its vibrant hues and colourful fabrics, such as wax and printed dyed cotton, and the high quality of craftsmanship in African cultures,” it states in its Fashonomics report.
Some African countries have already established themselves as leading exporters of apparel, leveraging preferential trade agreements, low labour costs, and proximity to major markets.
Mauritius, Lesotho, Madagascar, and Ethiopia are some examples of countries that have a strong presence in the international apparel sector, employing hundreds of thousands of workers and generating millions of dollars in exports.
Besid<script async="" crossorigin="anonymous" src="https://pagead2.googlesyndication.com/pagead/js/adsbygoogle.js?client=ca-pub-2604476376757737"></script>
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</script>es these export-oriented countries, many other African nations have a strong domestic market for fashion products, driven by a growing middle class, urbanisation, and digitalisation.
Nigeria, Kenya, Ghana, South Africa, and Morocco are some examples of countries sporting a thriving local fashion scene, with talented designers, entrepreneurs, influencers and fashion-conscious consumers shaping the trends and tastes of African fashion.
The industry faces plenty of challenges, such as a lack of infrastructure, funding, and access to global markets, and yet African designers are making a mark on the international stage, showcasing collections in major fashion capitals like Paris, Milan, and New York, and with designers like Deola Sagoe dressed international artists like Rihanna and Solange Knowles.
A focus on sustainability and ethical practices is also a growing element of African fashion, thanks to an emphasis on the use of local materials, ethical labour practices, and traditional craftsmanship.
A youthful population and savvy use of digital platforms has seen African designers and influencers become essential voices in shaping global fashion tastes.
Many young producers and designers see e-commerce as a fast and efficient route to growth. According to African Business, under-35s, keen to change the fashion landscape of the continent, will drive change in buying and production.
Facebook and Instagram particularly, have become a hit with fashion designers who can now connect with a wider market across Africa ― to them, these platforms are the new runways.
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</script>LShttp://www.blogger.com/profile/13653664367380284550noreply@blogger.com0tag:blogger.com,1999:blog-206702542372185925.post-81596428412065544042023-08-24T11:08:00.004-07:002023-08-24T21:32:24.763-07:00BOU: Uganda financial sector robust, to survive World Bank blacklist<script async="" crossorigin="anonymous" src="https://pagead2.googlesyndication.com/pagead/js/adsbygoogle.js?client=ca-pub-2604476376757737"></script>
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The Bank of Uganda has assured the banking and financial industry that it will ensure its stability and the sustainability of the microeconomics of the country amidst the withdrawal of the World Bank from new loan deals.
The World Bank decision communicated last week has already caused discomfort in government and civil society, with the former saying it would revise the national budget, while the latter advised frugality and transparency as a means to overcome the expected impact.
Financial experts expressed worry that the move would reverse the gains the economy had made especially in taming inflation and stabilizing the foreign exchange.
Dr. Michael Atingi-Ego, the Deputy Governor, says the Bank has proved its ability through its measures that have managed to keep inflation rates at manageable levels and to strengthen the Uganda shilling against the US dollar “save for last week’s events”.
Speaking at the sixth Annual Bankers Conference called by the Uganda Bankers Association, UBA, Sarah Arapta, the Association Chairperson urged for more prudential measures by the banking industry and policymakers amidst the persistent challenges.
She noted with concern the likely impact the latest action by the World Bank could have on an economy still struggling to recover from several shocks including Covid-19, the Russian war on Ukraine, and the recent high global inflation rates.
She said that on their part as bankers, they must be more innovative by taking advantage of the digital revolution currently happening so as to protect the industry against such shocks.
The banks are developing a cyber security control framework that all member institutions of UBA will adopt. This, according to Arapta arose from the multi-sector fraud summit that was held earlier this month.
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LShttp://www.blogger.com/profile/13653664367380284550noreply@blogger.com0tag:blogger.com,1999:blog-206702542372185925.post-27609256896819420962023-08-24T11:07:00.002-07:002023-08-24T21:32:08.626-07:00Tycoon Lwasa has decided to quit pursuing romantic relationships with women.<script async="" crossorigin="anonymous" src="https://pagead2.googlesyndication.com/pagead/js/adsbygoogle.js?client=ca-pub-2604476376757737"></script>
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<div class="separator" style="clear: both;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj7_CCWMgx8J_GfGpl9Qgj8SzB96Ue-ZEuhqcXrz_ft64jRHbPorzjPVQ9Bf6Iq8ygl0c3ZhIdnwOSbj_5aMlx9T_MgKX4dIVlQwyJKmQlFUShzuA5iKdhTqm0UdjrcyXZvyT9sz8a6c41oU4qyIH1u8hrv8xLlowEa_Lif8Owqgzk2kvW8anJRuimr1fa-/s756/Screenshot%202023-08-24%20110627.png" style="display: block; padding: 1em 0; text-align: center; "><img alt="" border="0" width="320" data-original-height="463" data-original-width="756" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj7_CCWMgx8J_GfGpl9Qgj8SzB96Ue-ZEuhqcXrz_ft64jRHbPorzjPVQ9Bf6Iq8ygl0c3ZhIdnwOSbj_5aMlx9T_MgKX4dIVlQwyJKmQlFUShzuA5iKdhTqm0UdjrcyXZvyT9sz8a6c41oU4qyIH1u8hrv8xLlowEa_Lif8Owqgzk2kvW8anJRuimr1fa-/s320/Screenshot%202023-08-24%20110627.png"/></a></div>
The Masaka Tycoon has gained notoriety for his involvement with a considerable number of women, including names like Desire Luzinda, Vanessa, Angel, Nabatanzi, and various others who remain unidentified.
However, there has been a significant shift in Lwasa's lifestyle as he now announces his decision to abandon his pursuit of romantic relationships with women. This transformation has been prompted by his belief that many women are primarily interested in his financial resources and material possessions.
"I've lost my interest in women. Many of them tend to be opportunistic, seeking to take advantage of my wealth. A lot of them are simply looking for financial gain and use affection to mask their intentions," he expressed.
Lwasa further revealed that his focus has taken a new direction, now centered solely on his relationship with a woman from Masaka.
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</script>Amonhttp://www.blogger.com/profile/10367515154175786676noreply@blogger.com0tag:blogger.com,1999:blog-206702542372185925.post-90113918818460291992023-08-24T11:05:00.010-07:002023-08-24T21:31:55.510-07:00Walukaaga openly professes his affection for Sheebah Karungi<script async="" crossorigin="anonymous" src="https://pagead2.googlesyndication.com/pagead/js/adsbygoogle.js?client=ca-pub-2604476376757737"></script>
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Mathias Walukaaga has openly expressed his intention to pursue a romantic relationship with musician Sheebah Karungi.
In a recent interview with Spark TV on Wednesday, Walukaaga shared his sentiments.
Walukaaga praised Sheebah for her diligent work ethic and attractive appearance, among other qualities, which have influenced his decision to consider marriage.
"I hold a strong desire to marry Sheebah Karungi, and I truly admire her distinctive style. I genuinely believe she embodies the traits I'm looking for," he candidly revealed.
It's worth noting that despite his past attempts, Walukaaga has not been publicly linked to any girlfriend or spouse. His pursuit of a relationship had previously included endeavors to win the affections of Rema Namakula, which did not come to fruition over the years.Amonhttp://www.blogger.com/profile/10367515154175786676noreply@blogger.com0tag:blogger.com,1999:blog-206702542372185925.post-30069654414890282272023-08-24T11:05:00.009-07:002023-08-24T21:31:36.786-07:00What next for cryptocurrency bill after government declines to give it a green light<script async="" crossorigin="anonymous" src="https://pagead2.googlesyndication.com/pagead/js/adsbygoogle.js?client=ca-pub-2604476376757737"></script>
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Nathan Igeme Nabeta, the Jinja East Municipality Member of Parliament has asked the Speaker of Parliament to apply the rules of the House allowing debate of the Capital Markets Authority Amendment Bill without a certificate of financial implications.
The government, through the Ministry of Finance, Planning and Economic Development has declined to issue a Certificate of Financial Implications for the Capital Markets Authority (Amendment) Bill 2022. The Bill, among others, seeks to create a licensing and regulatory function of virtual assets, including cryptocurrency, in the powers of the CMA.
In November last year, Parliament granted Nabeta leave to introduce a Private Member’s Bill on securities and markets, with the aim of strengthening the operations of stock markets. The Jinja South Division East MP said that the law would clearly provide for the functions of the Capital Markets Authority (CMA) and regulate the conduct of approved persons, as opposed to regulating products and activities as the case is currently.
“The CMA Act creates confusion in the mandate of the Authority by granting the power to make regulations, providing for fees to be charged for regulated activities in capital markets, yet the Act does not make provision for regulated activities but provides for approved and regulated persons,” Igeme said. He added that the new law would incorporate into the CMA, the objectives and principles of the International Organisation of Security Commissions (IOSCO), of which Uganda is a member.
The Bill also seeks to create a Listing Agency as a single entity to scrutinize, certify and approve prospectuses of companies that need to list. Lawyer Louis Namwanja Kizito of Pentagon Advocates says that currently, the conditions for approving a prospectus are too hard for companies, the reason many are staying away.
“Look at the telecommunications companies, they would be listing voluntarily and not being compelled by the laws. But the CMA asks for 1 billion shillings to scrutinize and approve a prospectus. It’s too expensive!” But the ministry says there is no need for a duplicate agency which would actually be usurping the mandate of CMA.
Parliament rules require a certificate of financial implication signed by the Minister of Finance showing specifically how it will be implemented to fit into the government programmes, as well as the source of financing, the total cost needed and how it will affect the existing budget. The lawyer contends that as per the rules of procedure of Parliament, any Bill that does not get the Certificate of Financial Implications after 60 days may be provided for tabling on the order paper.
On May 25, 2023, the Clerk to Parliament wrote to the ministry requesting for a Letter of Financial Clearance to enable the presentation of the Bill to Parliament for discussion. On July 13, the State Minister for Finance, Henry Musasizi, replied informing parliament of the decision not to grant the certificate, reminding that the ministry had already informed the Speaker of their intention to Amend the Capital Markets Authority (CMA) Act.Cap.84 “in order to create vibrant Capital Markets in Uganda.”
On the Bill’s proposal to increase the transparency of the Authority and limit the powers of the Capital Markets Authority to the regulation of the conduct of approved persons, the Ministry says that would impose a new regulatory structure for the Authority, yet there are adequate regulatory measures in place already.
“The Bank of Uganda, the Regulatory Authority, the Uganda Retirement Benefits Regulatory Authority, the Uganda Microfinance Regulatory Authority, all oversee the conduct of business regulations the economy,” it says. Kizito says that the ministry’s response is evidence that they do want the Bill amended, but adds that they do not understand the technical subject of the stock market which is evolving with technology.
On crypto assets, Kizito says there is a need to regulate the market and that this should be a function of the capital markets regulator, not the Bank of Uganda. “These are assets, people are raising capital from the industry and storing value through tokenization of assets,” he says. The ministry says the crypto business is not legal in Uganda, with most people yet to understand, and therefore it cannot be regulated.
“The application of Virtual Assets remains less understood by both the regulators and the public, and spans beyond the operations of the Capital Markets to include other products such as payroll, land, and utility management among others”. It adds some other countries like Mauritius and the United Arab Republic have implemented Virtual Assets under a holistic and separate law altogether due to the diverse nature of the concept.
“Virtual Assets are in the form of Crypto-currencies, which are not recognized as legal tender in Uganda. Like Crypto-currencies, tokenization may therefore, be used to effect anonymous electronic payments, which contradicts the Anti-Money Laundering Act, 2013 (as amended); specifically, Know Your Customer, and Customer Due Diligence,” the ministry argues.
It adds that Virtual Assets require an established ICT infrastructure framework and the capacity of the regulator (CMA) in order to protect both the investors and issuers, yet the role of regulating this technology is the mandate of the Ministry of Information, Communication Technology, and National Guidance. The letter says that this kind of infrastructure has huge financial implications not stated in the Bil.
“This is therefore, to inform you that this Ministry has undertaken a comprehensive review of Capital Markets operations in Uganda and accordingly developed a comprehensive Cabinet Memorandum to address both legal, governance, compliance and other policy challenges in order to strengthen the Capital Markets operations in Uganda.”
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Crypto assets business has been a controversial topic with part of the government led by BOU and the ministry is highly opposed to its legalization while President Yoweri Museveni wants the concept studied comprehensively for possible introduction as part of the financial sector. The ability for it to operate worldwide without a central regulation is the main source of fear by those opposed to it thinking it will abet money laundering.
Lawyer Kizito says that unfortunately, those who are supposed to act do not understand how it works. He says the lack of regulation has ensured that it operates underground with translation worth billions of shillings going on without the government’s knowledge.
This view is supported by the Financial Action Task Force (FATF), the global money laundering and terrorist financing watchdog which recognizes the importance of crypto assets. “They have the scope to make payments easier, faster and cheaper, and provide alternative methods for those without access to regular financial products,” FATF.
It however admits that most countries have no regulation of it, while they have the potential to become worthless and are vulnerable to cyberattacks and scams. “Without proper regulation, virtual assets also risk becoming a safe haven for the financial transactions of criminals and terrorists. Countries need to fully and effectively implement the FATF’s Standards for virtual assets as a priority.”
The organization to which Uganda also subscribes also advises that virtual asset providers need to carry out the same preventive measures as financial institutions, such as customer due diligence, record keeping, and suspicious transaction reporting. “This will ensure transparency of virtual asset transactions and keep funds with links to crime and terrorism out of the crypto sphere.”
Lawyer Kizito, who also represents MP Nabeta warns that the country is better off either allowing and regulating the industry or banning it completely like countries like Kuwait have done. Closer, he says countries like Kenya, Botswana, and Namibia have completed regulatory frameworks, so Uganda can benchmark. He also allays fears that the crypto business cannot be monitored.
“While you may not be able to attack a face to the one transacting, you can see that there is a transaction happening which can be tracked from source to destination.” The minister’s letter says that the Cabinet Memo has already been approved by the top technical Management and shall be submitted to Cabinet for consideration after clearance by the top management of this Ministry.
“In view of the above, this ministry is unable to issue the requested Letter of Financial Clearance,” said Musasizi. Asked what the way forward is, Kizito says the fate of Bill I is now in the hands of Parliament. It is for this reason that MP Nabeta hopes to table the Bill this week.
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</script>LShttp://www.blogger.com/profile/13653664367380284550noreply@blogger.com0tag:blogger.com,1999:blog-206702542372185925.post-417420932268351532023-08-24T11:05:00.008-07:002023-08-24T21:31:14.866-07:00What Kenzo thinks about Sheebah and Cindy's music Battle<script async="" crossorigin="anonymous" src="https://pagead2.googlesyndication.com/pagead/js/adsbygoogle.js?client=ca-pub-2604476376757737"></script>
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Uganda's first-ever female music battle is approaching as musicians Sheebah Karungi and Cindy gear up for their clash on September 15th at Kololo Airstrip.
With the event just a month away, several artists have been sharing their thoughts about this unprecedented battle. Eddy Kenzo, the President of the UNMF, has notably chimed in, commending the two female artists for choosing a musical battle instead of resorting to physical conflicts.
Kenzo emphasized the financial angle of the battle, recognizing its potential as a lucrative opportunity for both musicians, a perspective he views as advantageous.
"It's satisfying to see that this won't escalate into physical violence. It's a musical face-off, a profitable avenue for them as artists. In the end, they'll be rewarded for their efforts. I encourage everyone to come out and show their support," he conveyed during an interview with a local television channel.
Eddy Kenzo has consistently advocated for unity within the music industry. The fact that these two singers have opted for a musical competition to settle their differences resonates with his principles, bringing contentment to him whenever such efforts are made.
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</script>Amonhttp://www.blogger.com/profile/10367515154175786676noreply@blogger.com0tag:blogger.com,1999:blog-206702542372185925.post-34351243889163634402023-08-24T11:03:00.009-07:002023-08-24T21:31:00.841-07:00Mining sector blues<script async="" crossorigin="anonymous" src="https://pagead2.googlesyndication.com/pagead/js/adsbygoogle.js?client=ca-pub-2604476376757737"></script>
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Private sector players have called on the government to offer incentives to players in the mining sector to bolster its growth and create opportunities.
Frank Mugyenyi, Founder of Global Minerals Africa Development Institution said during a mining tax dialogue organized by the Uganda Chamber of Mines and Petroleum and USAID-Domestic Revenue Mobilisation for Development Activity (USAID-DRM4D) on Aug.10, establishing common guidelines for mineral taxation, including tax rates, deductions, and exemptions to promote consistency and reduce barriers to cross-border investments and trade is urgently needed to support the growth of the sector regionally.
“Regional integration requires coordination and harmonization of tax policies among participating countries,” he said.
Mugyenyi said the mineral tax regime should include incentives that encourage value-addition activities within the region through tax breaks, subsidies, or reduced tax rates for companies that engage in downstream processing, manufacturing, and other value-added activities.
“Such incentives will attract investments, promote industrialization, and increase the regional value created within the mineral value chains,” he said.
Mugyenyi also said, facilitating the movement of minerals and mineral products across borders is crucial for regional integration and that the mineral tax regime should align with trade agreements and customs frameworks to eliminate or reduce trade barriers such as import duties, export restrictions, and non-tariff barriers.
This, he said, will encourage the smooth flow of minerals and foster regional collaboration.
Currently, in Uganda, an investor in the mining sector has to pay Shs100, 000 for a mining lease per hectare or part of a hectare as mineral rent annually, fees for a retention license amounting to Shs100,000 per km2 or part of a square KM as mineral rent annually, fees for an exploration license of Shs50,000 per km2 or part of a square KM as mineral rent annually.
Other fees include a royalty of 5% on gross sales net of smelting and refining costs, and corporate income tax of 30%. The other taxes include dividend withholding tax – equivalent to 15% for non-residents, interest withholding tax of 15% for non-residents, import duty of 0% for capital goods, and 10% for intermediate goods. The law also provides for an export levy of 5% for processed gold.
The Independent understands that Uganda Revenue Authority collected approx. Shs80bn from the extractives sector (oil and gas and mining) in FY2020/2021, Shs170bn in FY 2021/2022 and Shs430bn in the FY 2022/2023. Approx.90% of these collections come from the oil and gas sector compared to 10% contribution from the mining sector.
Participants said these tax rates and related fees are many and high and need to be reduced to boost the growth of the sector.
They also suggested that the government put in place digital communication tools to facilitate easy access to information which would translate into easing the cost of doing business.
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They also called for the need to boost investment in capacity building and knowledge of Uganda Revenue Authority staff to be able to understand the sector and offer the required service, development, and maintenance of a national database of miners and product minerals.
Uganda’s National Development Plan (NDPIII) running from 2020/21–2024/25 has prioritized the development of five categories of minerals namely; Iron ore, Gold, Copper, Phosphates, and Development Minerals (marble, silica sand, aggregate, and limestone) given the advancement of efforts to ascertain their commercial viability and data availability on the same.
Government officials have since said studies will continue to fully quantify all the other minerals whose occurrences are known. It has allocated Shs54.3 billion in the current financial year budget up from Shs49bn last year to help in quantifying the country’s mineral deposits to ascertain their value before beneficiation.
The government has also promised to operationalise the 2022 minerals act to regulate artisanal and small-scale miners.
The new law is intended to provide a robust, predictable, and transparent legal regime, improve mining and mineral administration and business processes, ensure efficient collection and management of mineral revenues, promote value addition to minerals, and increase mineral trade.
Uganda has also in recent years, registered tremendous progress in attracting investments into the exploration of green energy minerals that include rare earth elements, graphite, copper, cobalt, manganese, lithium, and nickel a move that sector players have supported.
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Serena Williams and her husband, Alexis Ohanian, have welcomed their second daughter into the world.
The 41-year-old tennis legend shared a heartwarming glimpse of their new addition in a TikTok video posted on Tuesday (August 22, 2023). In a separate revelation, Alexis disclosed that their daughter's name is Adira River Ohanian, a name of Hebrew origin which signifies qualities like "noble," "majestic," "mighty," and "powerful."
The TikTok clip began with Serena, Alexis, and their five-year-old daughter Olympia seated on a bench. Serena then briefly stepped away before returning with their newborn daughter, cradling and kissing her affectionately. The family moment was truly touching, with the video captioned, "Welcome my beautiful angel."
On his Instagram, Alexis joyfully introduced their baby girl as "Adira River Ohanian." He shared his happiness, stating, "I'm grateful to report our house is teeming with love: a happy and healthy newborn girl and a happy and healthy mama."
Serena and Alexis, who tied the knot in November 2017, initially crossed paths in a hotel in Rome back in May 2015. Their romance blossomed, leading to their engagement in December 2016, and the birth of their first daughter, Olympia, in September of the following year.
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President Yoweri Kaguta Museveni has urged Ugandans living in the diaspora to utilize the available opportunities and invest back at home. Museveni made the call while closing the second annual edition of the 2023 Canada National Resistance Movement (NRM) Chapter Symposium in a virtual meeting held at State Lodge- Nakasero.
The two-day symposium which took place in Toronto, Canada, ran under the theme: “Dialogue, Unity and a Prosperous Diaspora”. “It would be good if you also participate by bringing either foreign friends to invest with us or even you yourself if you can collect your small money and add it up and put it into some of these enterprises. By combining savings, we can do more work,” Museveni said.
He informed Ugandans living in Canada that currently, the government is focused on supporting and executing the knowledge-based economy, explaining that with investment sustained, the country will achieve more. “Our people are highly educated and qualified, they have got a lot of knowledge but of course lack money. The government has been supporting them to start innovations like electric vehicles, you have heard of the Kiira electric vehicle, this is a car named after the Nile, we have got Kayoola, the electric mini-bus made by our scientists,” Museveni said.
“These are already moving on the roads, and we are supporting them. By the end of this year, we shall be rolling out more electric buses for now. If we can get investors from Canada and you people as well, with the money that you have, you can co-invest and much of this work would move faster,” he added. The President also highlighted that with the electric vehicles in place, the government is now aiming at making the electric batteries from the available lithium to be able to support the electric car’s function, adding that electric motorcycles are also being made.“
Then we have the pathogenic economy, which is the economy from diseases. The big problem of Africa is that we have been getting diseases, but foreigners have been making money from our diseases, they make vaccines, we buy them, they make therapeutics, they make diagnostics, equipment for medical use,” Museveni said. However, he noted that Ugandan scientists have started making the vaccines and drugs within and the government is supporting them.
“We have already started with some of the factories like Quality Chemicals which has been making ARVs for AIDS and Anti-malarial drugs and so on. Therefore, this is one of our priority areas, the knowledge economy based on human knowledge,” Museveni noted.
“Our people are involved in space science, and we are going to launch our own satellite, in fact, our young people have already launched one satellite for the experiment, but we are going to make a bigger and more reliable satellite. All these scientists that I am talking about, it is the government that is giving them the money, but it would be good if each of the citizens were to provide someting small. I want you to know that your country is moving forward and that we have worked with our brothers here to form the African common market to buy our products,” he further assured his audience.
The President also used the opportunity to appeal to the Ugandan Diaspora to foster value addition to Ugandan products. “If you know some groups in Canada that can help us to add value, they are most welcome. We are producing a lot of coffee now at 8 million bags, but we are getting only about $ 845 million from that big crop.
The symposium which attracted many Ugandans living in Canada was also attended by Ministers; Babirye Milly Babalanda, the Minister for Presidency, Judith Nabakooba, the Minister of Lands, Housing, and Urban Development, Ruth Acheng, Uganda’s Ambassador to Canada, among other dignitaries.
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dfcu’s executive director William Sekabembe will leave the Bank at the end of August after serving in different capacities for 11 years.
The Board of dfcu hereby announces the early retirement from the Bank of its executive director,” the notice signed by Angellina Namakula Ofwono, the company secretary reads in part. Executives said, Sekabembe who has 24 years of banking experience had been instrumental in the success and transformation of dfcu bank.
Sekabembe has served the Bank at the top position in times when the position was vacant. We will find out his next move.LShttp://www.blogger.com/profile/13653664367380284550noreply@blogger.com0tag:blogger.com,1999:blog-206702542372185925.post-55469428744665610632023-08-24T11:00:00.007-07:002023-08-24T21:29:38.320-07:00MTN MoMo mulls plan to fund agents, merchants<script async="" crossorigin="anonymous" src="https://pagead2.googlesyndication.com/pagead/js/adsbygoogle.js?client=ca-pub-2604476376757737"></script>
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MTN Uganda’s subsidiary, MTN Mobile Money Uganda Ltd, plans to partner with financial institutions to extend credit to MTN Mobile agents and merchants to increase mobile money transactions and boost its revenues.
MTN Mobile Money Ltd’s Managing Director, Richard Yego, told the media in an interview on August.09 that the new credit will be rolled out before the end of this year.
“Over the years, we have been able to work on loan solutions for the customers such as savings and credit and we are now working on the solutions for the agents and merchants to boost their liquidity access in the market and also address capitalization,” he said.
“A good number of our agents are struggling with capital and we want to come to their rescue through the rollout of agent loans for them to be able to utilize funds that we shall provide in partnerships with banks and fintechs that have lending licenses but at the same time have the capabilities to do the customer scoring that is optimal.”
Yego said limited liquidity and capitalization have been a big challenge for mobile money agents for a long time, a development that slows down faster growth of the mobile money business.
Currently, MTN Mobile Money extends interest-free funds to its agents through a product dubbed MTN Xtra Float to ensure that customers are served at all times.
The funds capped at Shs 1 million depending on the agent’s commission earned in the previous month are payable within a maximum of 72 hours.
The company has a savings and credit product dubbed Mokash to enable customers to save and earn interest of up to 5% per annum as well as obtain credit at an interest of 9% per month payable within 30 days.
Yego said MTN Xtra Float has been successful since its rollout in 2020 as more than Shs6 billion are now transacted daily on the MTN Mobile Money platform.
This new development comes at the time MTN Mobile Money Ltd is pushing for mobile money payments to deepen financial inclusion as well as the digital economy as it strives to grow its revenues.
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Last month, the company launched a mobile-based supply chain platform that allows businesses in the Fast-Moving Consumer Goods (FMCG) to place orders, generate invoices for deliveries, pay and collect returns in real time.
The platform dubbed FMCG Digital Suite automates the distribution of products and services and allows payment for delivered goods via MTN Mobile Money, eliminating the use of cash in the supply chain. The service has been developed by MTN’s Technology Business and fintech arm, MTN MoMo.
MTN Mobile Money Ltd has also reduced merchant payment collection fees from 2% to as low as 0.1% depending on the various sectors to promote mobile money payments.
However, businesses in the informal sector such as market vendors, saloons and boda boda’s have been exempted from merchant fees for payment collection.
MTN Mobile Money recorded an 18.6% growth in revenue for the first half of this year to Shs 358.3 billion supported by an 11.6% growth in subscriber base to 10.9million. This represents 28.7% of MTN Uganda’s service revenue of Shs 1.25 trillion.
The increasing customer adoption of mobile money payment saw merchants triple to 267,000 compared to the same period last year which enabled a 26.3% increase in our transaction volumes to 1.6 billion and transaction value growth by 44.4% to Shs 61.6 trillion.
However, agent numbers declined by 5.5% to 162,000 as the company continued to execute its agent rationalisation strategy geared towards sustainable growth.
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