By Magnus Nmonwu Cash flow problems—more money going out of the business than is coming in— are among the most significant reasons that many companies go out of business. Cash flow isn’t simply about sales or profits—it’s also about your business expenditure and your ability to collect money owing to
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A top insurance firm in Uganda is in trouble after senior agents started quitting and others stealing customers’ premiums (money paid by policy holders), Business Focus exclusively reports. ICEA (Insurance Company of East Africa) Life Assurance is the company under fire. A source privy to the rot at ICEA Life
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Bank of Uganda (BoU) Governor Emmanuel Tumusiime-Mutebile has trashed and rejected the Inspector General of Government (IGG)’s directive to the Board of Directors of the Central Bank not to endorse recent staff appointments and transfers. Lady Justice Irene Mulyagonja Kakooza, the IGG had in letters dated February 23, 2018 and
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The European Union and its free trade agreement took decades to establish. Africa is now hoping it can achieve the same in a fraction of the time. But with Nigeria pulling out, questions are being raised over just how achievable it really is. The vision is a free trade deal
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Kenyan commercial banks have increased or introduced new loan approval fees to capitalise on the increased appetite for loans in the wake of a cap on interest rates, the Standard reports. A new study by the Central Bank of Kenya (CBK) found that commercial banks have shifted lending to the
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The cost of doing business in Uganda remains high although it is slowly declining. The World Bank’s annual ‘Doing Business report 2018: Reforming to Create Jobs’ released late last year indicates that Uganda dropped seven places to 122 in the rankings out of 190 economies, compared to 115 out of
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Troubled retail chain Nakumatt owes the Kenya Revenue Authority (KRA) KSh1.8 billion (about UShs65 billion) in unpaid taxes, according to an audit of the retailer’s accounts. Peter Kahi, the supermarket’s court-appointed administrator, told the company’s creditors that the KRA debt is part of the KSh35.8 billion that Nakumatt owes creditors,
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Retail chain Nakumatt lost UShs650 billion worth of stock in the year to December 2017, its managers say in a report that reveals the extent of fraudulent activity that brought the company to near collapse, Business Daily reports. Peter Kahi, the court-appointed administrator, has hired experts to conduct a “special
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Financial inclusion can provide a route for citizens to manage their finances better. However, only one in six citizens (17%) has a bank account, either alone or jointly with another person, a new report has revealed. The report adds that men (22%) are nearly twice as likely as women (12%)
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By Simon Carpenter A lot can happen in a year. And when that year is 2018, a year in which we stand on the threshold of an exponential future driven by technologies such as artificial intelligence, big data, IoT and blockchain, the world may look very different by the end
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