On March 29, 2017, Oxfam International launched a report indicating that Uganda’s income inequality is on the rise. In simple terms, the rich are getting richer and the poor poorer. The report was compiled by Prof. Augustus Nuwagaba, a senior economist who is consulted worldwide on poverty eradication matters and
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Uganda’s struggling economy continues to swallow top companies, a move that is likely to make the already bad situation worse. Spencon Services Ltd, Civil engineering and Construction Company is the latest to fall victim of the wobbly economy. The heavily indebted company which is currently under receivership over has literally
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The Tony Elumelu Foundation (TEF) recently selected Vendor Capital Finance Limited, a brainchild of Anne Hope Anguyo among Africa’s 1,000 growing enterprises to watch in the Financial Services category. After making to the list, Anguyo will receive seed capital worth US$10,000 (about Shs35m) in addition to training. Business Focus had
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Standard Chartered Bank Uganda Ltd (StanChart) has overcome the economic headwinds in 2016 to post an impressive Shs112.1bn net profit, up from Shs28.3bn recorded in 2016. This represents 296.1% growth. According to the bank’s audited financial results for the year ended December 2016 released on Thursday, customer deposits increased by
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Many people have brilliant business ideas that never materialise due to limited funding. Quite often, these lack collateral and other key requirements to obtain a bank loan. However, besides banking, there are many alternative sources of financing your business. Business Focus brings you the top nine (9) alternative sources of
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Uganda’s Central Bank, the Bank of Uganda (BoU) has announced that all licensed commercial banks can henceforth have direct access to the primary market for Government security operations. This means all 24 commercial banks licensed by BoU are now eligible to open Central Securities Depository (CSD) accounts at BoU for
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Umeme Ltd has recorded Shs99.7bn net profit in 2016, down from Shs105.8bn recorded in 2015. This represents a decline of 5.8%. This is contained in the company’s financial results for the year ended December 31, 2016 released on Monday. The directors have recommended a final dividend of Shs7.8 per share.
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Stanbic Bank Uganda (SBU) is set to recruit 1,000 agents as Ugandan banks ready themselves to embrace a new model of banking-agency (agent) banking, Business Focus has established. This was revealed by Patrick Mweheire, the SBU Chief Executive Officer at the side-lines of a press conference to announce the bank’s
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The Uganda shilling surrendered some ground, trading weaker due to uptick in demand from energy, telecom and import sectors during the week ending 31st March 2017. Trading was in the range of 3610/3620. In the fixed income market, Shs160billion was on offer. Yields dropped on the 91 and 182 paper
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Stanbic Bank Uganda (SBU) has posted Shs191bn net profit in 2016, up from Shs151bn recorded in 2015. This represents 25% growth. This was revealed Wednesday morning at Serena Hotel, Kampala by the bank’s top management during a media presentation of the bank’s financials for 2016. Like many other banks, Stanbic
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