Poor Africans continue to have bigger families compared to their rich counterparts. The State of Uganda Population Report 2017 indicates that Ugandan women have a high fertility rate, with each woman producing on average five children in their lifetime. This, the report notes, translates into a high dependency syndrome that
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Guaranty Trust Bank Uganda (GTBank) Ltd has appointed Lekan Sanusi as its new Managing Director. His tenure took effect on April 23, 2018. Sanusi replaced Olufemi Omotoso, who has since returned to the bank's head offices in Nigeria. Sources say Omotoso's contract expired last year and declined to renew it. [caption
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Stanbic Bank’s Purchase Managers Index (PMI) posted 51.8 in April, down from 53.2 in March signaling a further improvement in the health of the Ugandan private sector. However, the pace of growth fell below the average observed across the series so far (since June 2016). According to the PMI
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Nominees for the 2018 African Banker Awards have been announced. This year’s shortlist sees another strong year for banks from Morocco, Nigeria and Kenya. Ecobank, Standard Bank and Standard Chartered, which have a large footprint across the continent, also feature across several categories. The Awards, which are hosted by African
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Ecobank Uganda has once again showed that the worst years are over after registering an impressive performance in 2017. According to financial results for the year ended December 31, 2017 released on Monday, Ecobank Uganda made a net profit of Shs1.54bn, up from Shs813.3m recorded in 2016. This represents a
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Government’s plan to ban importation of cars eight years old or more with the aim of protecting the environment and Ugandans against the dangers resulting from air pollution (by older cars) has attracted public criticism. Some analysts are wondering whether it will be implemented when ‘kaveera’ ban also meant to
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2017 was generally a challenging year for Uganda’s banking sector, but it was more challenging for Standard Chartered Bank (StanChart). According to the bank’s 2017 financial results released on Friday, StanChart net profit dropped by 16.9% to Shs93.19bn in 2017, down from Shs112.15bn recorded in 2016. Most of the bank’s
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Crane Bank acquisition by dfcu on February 27, 2017 at a paltry fee of Shs200bn has elevated it to the table of big boys in the banking industry, Business Focus exclusively reports. Before the acquisition, dfcu wasn’t among the top five banks in Uganda. It was competing for the 6th
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The 2018/19 tax-heavy budget has sent many Ugandans’ tongues wagging. The Shs200 daily tax on social media, reinstatement of corporation tax on SACCOs making profits and 1% tax on Mobile Money transactions and 15% on Money transfers are some of the proposed taxes that have received a lot of criticism.
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The Uganda shilling was on the back foot against the dollar, trading above the 3700 key level on both buy and sell side, pressured by low fx supply amidst an uptick in demand mainly from commercial banks, manufacturing and energy sectors. During the week ending April 27, 2018, trading was
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