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State House Investors Protection Unit (SHIPU): Guarding the Interests of Investors

State House Investors Protection Unit (SHIPU): Guarding the Interests of Investors

World Business Journal talks to Col. Edith Nakalema Asizua, Head of Unit, State House Investors Protection Unit (SHIPU), about establishing accessible reporting channels for investors to address concerns and mitigate risks associated with misconduct.

What prompted the creation of the SHIPU, and how does it collaborate with the Anti-Corruption Unit?

Established by H.E. President Museveni, the State House Investors Protection Unit (SHIPU) began operations in July 2023. It was formed as a direct response to the need to prioritise and provide specialised attention to investors, acknowledging their critical contribution to national development. Unlike the State House Anti-Corruption Unit (SHACU), which addresses all corruption-related cases, SHIPU focuses exclusively on cases affecting domestic and international investors. This initiative stems from the President’s directive to furnish investors with genuine information to safeguard them against fraudulent activities and to ensure coordination among government entities to eliminate undue delays. While distinct in their roles, the operational synergy between SHIPU and SHACU is unified in their mandates and scopes, demonstrating a combined effort in handling investor-related issues. When investor concerns are reported to either unit, there is an immediate collaboration with relevant Ministries, Departments, and Agencies to find a resolution. Our united goal is to cultivate a prosperous investment environment in Uganda, realising this vision through cooperative endeavours with all stakeholders to promptly address and resolve complaints related to investors.

What are your objectives for the first year?

We prioritise the President’s directives, the Manifesto, and the National Development Plan, ensuring diligent implementation within specified timeframes through collaborative coordination with various agencies. Recognising the vital role of investment in national development, we value investors for their contribution to economic growth, job creation, and revenue generation. We aim to increase investors’ confidence by offering a dependable destination when uncertain about the proper authorities.

Which areas pose potential challenges that investors should be cautious about?

Numerous reports indicate that corrupt individuals masquerading as high-ranking government officials, including Ministers and Permanent Secretaries, have misled foreign investors. This leads to a pressing need for heightened awareness about legitimate authorities within government Ministries, Departments, and Agencies. These impostors have resorted to forging signatures to deceive investors, underscoring the critical necessity for increased sensitisation to thwart these dishonest practices. It is imperative to safeguard investors against falling prey to fraudulent schemes perpetrated by such fraudsters, emphasising the importance of distinguishing between authentic and false representatives.

Seco Marine is Building a Ferry to Halve Travel Time to Tanzania

Seco Marine is Building a Ferry to Halve Travel Time to Tanzania 

World Business Journal talks to Mohanlal Pillai, Project Director at Seco Marine, about the new roll-on-roll-off ferry from Uganda to Tanzania and training local talent in marine-related skills. 

Could you provide updates on the recent construction progress of the 96-meter-long roll-on-roll-off ferry?

The project involves constructing a Roll-On/Roll-Off (Ro-Pax) ferry for vehicles and passengers for the East African Maritime Transport Company (EAMT) between Port Bell, Uganda and Mwanza, Tanzania.

It’s backed by stakeholders InfracoAfrica, part of the Private Infrastructure Development Group (PIDG), and Grindrod, South Africa. 

The contract was finalised in November 2021, and the notice to proceed was issued on December 21, initiating a 28-month delivery period. Bureau Veritas, an international classification society, oversees the design and construction. The main hull construction is complete, and the ship’s launch is scheduled for 2024.

We are starting the second phase of infrastructure development, including a second slipway for vessel repair and maintenance, requiring an investment of $3-4 million. Each vessel can carry up to 1,000 tonnes, accommodating around 21 trucks and 60 passengers, not including the crew. The journey from Port Bell, Uganda, to Mwanza, Tanzania, will take approximately 11 to 13 hours, significantly less than the 24-hour road journey. This vessel will reduce transportation time, offering a faster, more cost-effective option, especially for Uganda’s agricultural and perishable goods, enabling quicker market access in Tanzania or Kenya.

What impact does the project have on local talent and maritime education?

Around 70% of our workforce consists of local talent, highlighting our commitment to knowledge transfer. We’re focused on advancing technical skills and have recently signed an MOU with Busitema University, which is establishing a maritime institute. This partnership will offer practical training for marine-related fields and integrate expert lectures into the curriculum, bridging the gap between theory and practice.

In 2024, we plan to launch a Skill Development School, aiming to train about 100 individuals annually in fabrication, welding, and similar skills. This program will provide certification and aims to recruit and retain the most skilled individuals.

What transformative effects will this project have on a landlocked nation like Uganda?

Landlocked countries like Uganda face challenges with costly air transport and congested roads. Maritime transport offers a cost-effective, eco-friendly trade alternative. Considering vessels for tourism could open opportunities to explore Lake Victoria’s islands from Entebbe airport. With the lake underutilised, expanding maritime infrastructure could improve transportation options, benefiting business and tourism while promoting economic growth and enhancing regional tourism experiences.

CTC Conservation Center: Where Visitors Can Get Up Close and Personal with Wildlife

CTC Conservation Center: Where Visitors Can Get Up Close and Personal with Wildlife

World Business Journal talks to Thomas Price, Founder of CTC Conservation Center, about his mission to connect humans and wildlife through a unique, globally rare experience that benefits both conservation and tourism.

How did the CTC Conservation Center come into existence?

In 2015, driven by a profound love for animals, CTC Conservation Center embarked on a journey to create a unique destination where visitors could engage in up-close and personal interactions with wildlife, transcending mere observation. Here, amidst natural beauty, guests can feed zebras, walk alongside lions, and connect with various animals, including impalas, chameleons, baby crocodiles, and lemurs from Madagascar. We have the largest lion enclosure in tropical Africa (excluding South Africa) and plan to introduce black rhinos and establish an elephant orphanage in the future. We offer an experience found in only a select few locations worldwide. With a $2 million investment, we’re committed to expanding our acreage from 57 to 200 by the third quarter of 2024 and adding cottages and essential infrastructure, including a restaurant.

What’s your approach to enhancing the bond between visitors and wildlife?

It’s about connecting with wildlife, telling their stories, and promoting conservation. The interactions enrich our animals’ playtime. We want to show that these animals aren’t just wild beings in nature; they have emotions and unique personalities. Our guides play a vital role in educating visitors, offering insights into animal behaviour, such as the hierarchical structure within lion pride, and talking about their natural habitat, nutrition, and status of animals in the wild. Visitors, including families, depart with a stronger bond and understanding of the wildlife.

How do you balance animal welfare with tourist satisfaction?

We limit interactions to prevent stress, which can negatively impact happiness, breeding, and overall welfare. For instance, with our lions, this amounts to an hour in the morning and an hour in the afternoon. That way, playtime continues to be a genuine source of joy for them and our visitors, forging a deep connection through shared moments.

What was the most significant challenge you encountered?

Despite ongoing efforts over four years, we still need to work with wildlife authorities to address and remove regulatory barriers, such as securing licenses to introduce new animal species like giraffes. It appears counterintuitive to consider importing animals from South Africa when Uganda’s Murchison Falls National Park houses a substantial giraffe population. We aim to resolve bureaucratic challenges to enhance our conservation and ecotourism ventures.

KCCA Initiates Smart City Campaign for Urban Development

KCCA Initiates Smart City Campaign for Urban Development

World Business Journal talks to Dorothy Kisaka, Executive Director, Kampala Capital City Authority (KCCA), about the progress of major projects and the leveraging of ICT for a more responsive and connected urban landscape.

What does Kampala Capital City Authority (KCCA) have planned for 2024?

This year, we will progress significantly on major infrastructure improvement projects under the Smart City Campaign. These include the Kampala City Roads Rehabilitation Project (KCRRP), where we expect to reconstruct and upgrade more than 80 km of roads. The $288m project is funded by the African Development Bank and the government of Uganda. Implementation of the $610m Greater Kampala Metropolitan Area Urban Development Programme (GKMA-UDP) will also commence in 2024 with a focus on upgrading and constructing roads and drainage, especially arterial roads. As part of our plans, we’re also set to initiate the waste-to-energy project, a public-private partnership, and finalise the design update for the Kampala Bus Rapid Transit (BRT) system and the KCRRP, all geared towards implementation by 2025.

In what ways will the land records registry digitisation process aid KCCA and Uganda moving forward?

The digitisation of the land records registry by the Ministry of Lands, Housing and Urban Development was a major milestone in addressing land management in Kampala and the country. The system has allowed us to have all land titles and the cadastre in digital form. This eliminates double allocations of plots, reduces encroachments, minimises land disputes, and, as a result, reduces the time required to process and obtain approvals for building permits. 

The digitisation of the registry also means that entities, such as us, that provide other value-added services can now build on top of the system to serve the clients better. For example, we are now developing the Smart Permit solution to fully automate the building permit approval process. We expect to reduce the processing time for building permits to less than 14 working days once the solution is fully functional, which will go a long way in the cost of doing business in Kampala.

What’s been KCCA’s standout achievement under your helm, and how has the authority tackled Kampala’s needs?

We rolled out the Smart City campaign, enhancing infrastructure with ICT and focusing on technology, infrastructure, and people’s well-being (T-I-P). The Weyonje app gained international acclaim, offering fast access to sanitation services. Initiating urban maintenance initiatives, we enlisted over 3000 unemployed youth and launched two major projects aimed at improving roads, intersections, walkways, drainage, and lighting infrastructure.

Uganda National Bureau of Standards’ Unified Approach to Food Safety and Certification

Uganda National Bureau of Standards’ Unified Approach to Food Safety and Certification

World Business Journal talks to Patricia Bageine Ejalu, Deputy Executive Director, Uganda National Bureau of Standards (UNBS), about standards harmonisation in the EAC region and globally, the deployment of mobile labs for enhanced coverage and quality verification, and a personnel certification pilot program to improve the country’s testing capacity

How does UNBS ensure harmonisation among Ugandan, East African, and global standards?

The East African Standards Committee, comprising bureaus across the EAC, harmonises trade standards. Uganda Standards are adopted East African Standards, ensuring regional uniformity. Mutual recognition of certification marks within the EAC streamlines market access. EAC’s leadership in harmonisation extends to ARSO, with East African standards often serving as blueprints. International standards are adopted for non-local products to ensure conformity. Membership in the Codex Alimentarius Commission (CAC) ensures adherence to international food safety standards, while membership in global standards bodies like ISO and IEC, coupled with partnerships with national bodies such as ASTM and BSI, provides access to worldwide standards for local adaptation.

What specific efforts are being made to broaden the organisation’s reach?

Operating with headquarters in Kampala and regional offices in Gulu (north), Mbale (east), and Mbarara (west) enhances our nationwide coverage. While our current regional labs are rented, we aim to construct our own for cost reduction and focused expansion in the next five years, especially in strategic areas like the oil and gas region in Hoima and West Nile. Mobile labs will be employed to provide temporary testing solutions in various regions. We promote private sector involvement and specialisation to alleviate the government’s burden, enhancing sector-specific testing through collaboration with private labs. Starting this year, immediate plans involve equipping entry points like one-stop border centres to address food safety and verify produce quality efficiently.

.How has the certification application process evolved in the digital age?

Our standards, certification, testing, and calibration departments all have online systems. Certification can be obtained online without a physical visit. However, the challenge lies in the overwhelming demand compared to our limited resources. Government support is crucial to addressing this gap and enhancing our turnaround time. We have recognised 22 laboratories (20 private and two government) to improve the country’s testing capacity, which can feed into the certification process. We are working on a personnel certification pilot program with The Grain Council of Uganda (TGCU), which is targeted to be completed by the third quarter of the financial year 2023/2024. This scheme will allow private sector individuals or companies to conduct initial assessments, reducing the burden on our limited teams. We aim to focus more on surveillance audits, improving our ICT infrastructure, and reducing certification processing time from four months to two.

Access and Facilities Upgraded in Uganda’s Health System

World Business Journal talks to Dr Diana Atwine, Permanent Secretary, Ministry of Health, about the progress made in increasing medical infrastructure and access and the outstanding challenges, such as ramping up home production of vital medical supplies.

What notable changes have marked the healthcare sector’s progress in the last five years?

The health sector has undergone substantial development in recent years. We upgraded more than 300 facilities, which reduced healthcare distance, putting 91% of the population within a 5km reach. The ongoing plan involves establishing basic health centres in every sub-county and constituency.

In the tertiary medical services domain, two specialised hospitals—Pediatric Surgical Hospital in Entebbe and Women’s Hospital—now serve as regional centres of excellence. Additionally, legal frameworks for organ transplants are in place, with two facilities ready for bone marrow transplants and a kidney transplant unit in Mulago.

Our Cancer Institute, the East African Center of Excellence for Oncology, has expanded to regional centres in Gulu and Mbarara. We’re enhancing cardiac care by establishing a standalone heart hospital in Naguru, which will be completed within two years.

We’ve established one of the largest medicine warehouses in Africa, the National Medical Stores.

Delivery indicators show significant progress: maternal mortality nearly halved from 336 to 189, under-five mortality and neonatal mortality reduced, and access to family planning and healthcare increased.

In the context of epidemics, especially with COVID and Ebola, we’ve demonstrated a robust capacity for effective response. The mobile lab quickly and efficiently processed samples, and a streamlined government structure, from local to national task forces, played a pivotal role in our overall success. Despite initial challenges, Uganda’s swift containment of Ebola within 90 days highlights the effectiveness of our established systems.

How have e-health and digitalisation influenced the health sector in Uganda?

We’ve been at the forefront of the digital health rollout, recognising E-health’s efficiency and real-time access benefits. Telemedicine facilitated through a telecenter in Mulago, has enabled consultations and advice from specialists, enhancing productivity and quality of care. Digitalisation is also crucial for efficient responses to epidemics, with our Emergency Operating Center receiving minute-by-minute information.

Our commitment to digitalisation extends to regional referral hospitals, with an ambitious target to fully digitise the health sector in the next five years. Strong regulations, including the recently passed Patient Data Protection and Privacy Law, assure data security. With a well-established Ministry of ICT, NITA-U as a digital regulator, and comprehensive policies on E-governance, the framework, structure, and laws are in place to drive and support our digitisation efforts.

What strategies could Uganda employ to lessen its reliance on imported essential medicines and health supplies?

About five years ago, we initiated engagements with potential manufacturers in the UK, collaborating with the government there and partnering with the Ministry of Finance to develop this sector. There are local manufacturers, but approximately 78% of the medicines used in the country are still imported. To support local manufacturers, the National Drug Authority charges only a 3% verification fee for locally produced medicines meeting standards, compared to a 12% fee for imported counterparts.

Recently, we secured land in Kisozi for a designated industrial park for pharmaceutical companies, working with the Ministry of Finance to ensure its full development. Once completed, we anticipate this industrial park, operational in the next 12-24 months, to be a significant incentive for manufacturers. Additionally, the government offers free land to manufacturers, further enhancing the favourable environment for investors interested in pharmaceutical manufacturing.

Where do you identify the most promising opportunities for pharmaceutical investors?

Our critical need is anticancer drugs, as we import all cancer medications. While we produce some antibiotics, there’s a gap in the entire range. Similarly, we don’t manufacture any vaccines, relying entirely on imports. Specialised care items such as kidney transplant commodities, including dialysis, IV medicines, antibiotics, immunotherapy, and supportive drugs, are all imported.

Currently, our local production covers under 30% of medicines and supplies needed. Investment opportunities exist in essential medical equipment, such as blood pressure machines, glucometers, and cholesterol monitoring devices, which are currently imported. Our goal is to support local manufacturers in producing point-of-care equipment and fostering self-sufficiency in healthcare resources beyond medicines.

Bank of Uganda’s Proactive Monetary Approach Steers Economic Stability

Bank of Uganda’s Proactive Monetary Approach Steers Economic Stability

World Business Journal talks to Dr. Michael Atingi-Ego, Deputy Governor of the Bank of Uganda, about the impact of robust monetary policies on inflation, optimistic indicators signalling resilience and growth, and the pivotal role of financial inclusion in advancing the country’s economic development agenda.

What factors contributed to the drop in annual inflation, and what’s the expected trend in the medium term?

We implemented robust monetary measures to counter rising inflation post-lockdown and when the Russian-Ukraine conflict started. These included increasing the Central Bank Rate (CBR) from 6.5% in May 2022 to 10% by June 2023 and a 10% increase in the Cash Reserve Requirement (CRR). Tight interbank liquidity led to increased usage of the Standing Lending Facility (SLF) Window for short-term liquidity needs. Despite recent fuel price increases, annual inflation stood at 2.4% in October 2023, significantly lower than the 10.7% recorded in October 2022. Annual core inflation was at 2.0%, much lower than the 8.9% registered over the same period last year. This moderation in inflation is attributed to effective monetary and fiscal policies, diminishing impacts of drought on food prices, and easing global cost pressures. In the medium term, the downward trend in inflation is predicted to continue, eventually returning to the target. Forecasted inflation is in the 3-4% range in Q4 2024, rising to 4-5% in 2025. The current monetary policy stance is deemed appropriate for maintaining inflation within the medium-term target and supporting economic stability for saving, investment, growth, competitiveness, and socio-economic transformation.

What strategies are being implemented to drive inclusivity and digitalisation within the financial sector?

We’re committed to leveraging digitalisation to drive socio-economic transformation and foster financial inclusion. Through partnerships with financial institutions and fintech firms, we aim to empower individuals at the grassroots level and broaden access to financial services, including micro-savings, loans, and insurance. The 2020 National Payment Systems Act introduces flexible licensing criteria and regulatory sandboxes to encourage innovation while ensuring compliance, alongside Consumer Protection Regulations that enhance digital security and promote fair competition in the financial sector.

Following the issuance of Uganda’s first Islamic banking license last year, what impacts do you anticipate?

Granting the inaugural Islamic banking license signifies a transition towards a profit-and-loss-sharing financial model, indicating diversification within the financial sector. Islamic banking, focusing on asset acquisition, addresses high-interest rate concerns and enhances financial inclusivity, adding a vital dimension to the financial sector.

What factors fueled economic expansion, and what are the growth forecasts for Uganda in 2024?

UBOS reports a 5.3% growth for FY2022/23, exceeding the previous year’s 4.6%, highlighted by a 6.8% surge in Q4 2023. Growth is driven by the services sector, accounting for 42.6% of GDP. The rebound in services and industry, notably in extractive sectors, is propelled by foreign direct investment (FDI), which soared by 80% to US$2.2 billion, 67% of which is linked to oil projects. The economy demonstrated a resilient recovery from the challenges faced in FY2019/20, showcasing a significant expansion of 5.3% during FY22/23 and exceeding the 4.6% growth recorded in FY21/22. Forward-looking projections indicate a robust economic trajectory, anticipating a growth rate of 6% in FY23/24 and 6%-7% over the medium-term.

Madhvani Group Expands Its Sugar Capacity

Madhvani Group Expands Its Sugar Capacity

World Business Journal talks to Mayur Madhvani, Joint Managing Director, Madhvani Group of Companies, about expanding its footprint into various investment areas and plans to establish a new sugar mill in the Northern Region as it ramps up its sugar cultivation and manufacturing capacity.

What are the group’s latest developments and investment initiatives?

We’re establishing a new sugar mill in Uganda’s northern region, expanding sugar cane cultivation and manufacturing. This joint venture with the Uganda Development Corporation (UDC) will see the government holding a 49% stake. The complex will cover 30,000 hectares, including a nucleus estate for out-grower farmers. It will feature a sugar mill, a cogeneration plant for electricity, and a distillery unit for alcohol production. Initial investment for the first two phases is estimated at $150m, rising to $225-250m at full capacity. This will generate 9000 direct jobs, employ over 3000 out-grower farmers, and support ancillary service providers. The project will boost local infrastructure and business opportunities while providing the government with tax revenue and bioethanol for petrol blending.

Within our construction business, we’re currently engaged in a $4-5m project to redevelop the Source of the Nile tourist attraction in Jinja for the Ministry of Tourism, Wildlife, and Antiquities. We’re also handling housing and concrete work for a central processing facility for TotalEnergies and China National Offshore Oil (CNOOC).

Plans are underway for a new paper mill with a 200-tonne daily capacity, with an estimated investment of $15-18 m. 

This will include wastepaper and pulp recycling to produce export-quality paper. Given Uganda’s reliance on imported paper goods, this venture stands poised to address and alleviate substantial foreign exchange outflows.

How has the group navigated Uganda’s private investment landscape since its establishment?

We’re one of Uganda’s largest private sector groups, employing over 16,000 people. Since 1914, we’ve excelled in revitalising dormant companies, leading in various sectors. Our flagship enterprise, Kakira Sugar (KSL), emerged in 1985 from the revitalisation of Madhvani Sugar Works. Under our management, the Kakira Sugar Complex has flourished, with funding from the World Bank, the African Development Bank, and the Uganda Development Bank. We recently expanded our centre-pivot irrigation project to 9300 ha, one of the largest in Central Africa. 

In which sectors does the group plan to expand?

We’re exploring the potential of green steel manufacturing, utilising Uganda’s top-tier iron ore to minimise carbon footprints. We’re expanding our bioethanol production output by establishing a new sugar factory in Amuru. This complements our Kakira facility, which supports petrol blending and emission reduction efforts vital for sustaining Uganda’s transportation sector. Efforts are also ongoing to enhance our Marasa Africa Lodges, aiming to maximise the country’s tourism appeal.

Fairway Hotel Redefines Hospitality with Entertainment Offerings

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Fairway Hotel Redefines Hospitality with Entertainment Offerings

World Business Journal talks to Azhar Jaffer, Managing Director of Fairway Hotel, about the strategic adaptations the hotel has undertaken to meet evolving guest demands, expansion plans and emerging trends shaping the sector.

How has Fairway Hotel adapted to changing guest demands and industry trends recently?

We’ve withstood the test of time, recently marking our 55th anniversary. Fairway Hotel has evolved beyond the conventional hotel model, now standing as a dynamic entertainment destination. Here, guests can relax, knowing their needs are our utmost priority as our team strives to create a home-like atmosphere. With over 350 employees, we’re expanding our portfolio by adding new brands and aim to strengthen our leadership in the entertainment, food and beverage sectors, providing exceptional experiences for our clientele.

What’s the vision behind the recent expansion, including acquiring Sambiya River Lodge and Coco Beach Club?

As people seek engaging activities, we’re developing a circuit providing high-quality, family-friendly entertainment and experiences. From Entebbe to Kampala and now to Murchison Park, we aim to extend this circuit to various parts of the country, including Jinja, Fort Portal, and Mbarara. Sambiya River Lodge sits on 70 acres in the heart of Murchison Park. We are just before the turnoff to Murchison Falls and offer lunch stopovers, zip-lining, canopy walks, pools, and excellent accommodations. COCO Beach Club is a safe beachfront property with fresh fish and BBQ, comfortable seating, and great music and vibes. We are located just before the airport and host those looking for a chill environment.


What key trends do you foresee shaping Uganda’s hospitality industry’s future?

As sustainability and green tourism reshape the travel industry, Uganda is emerging as a trendsetter in Africa, aligning its policies to promote eco-friendly practices. The country provides a unique and authentic experience with diverse opportunities, ranging from birding and butterflies to gorilla treks and mountain climbing. Another major attraction that we have is the vibe of Kampala. Tourists travel for many reasons, and although animals and landscapes are major attractions, our culture, nightlife, and culinary offerings are significant contributors to the tourist experience.

What steps or measures does the hotel implement to integrate local culture into its services and offerings?

We seamlessly incorporate local culture into our services and offerings by showcasing ‘Uganda’s Finest’, spotlighting the talent of local artists and creators. Our work with the MasterCard Foundation further enhances and supports the development of the arts and crafts industry.

 

Financial Solutions Fostering Housing Affordability

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Financial Solutions Fostering Housing Affordability

World Business Journal talks to Michael K. Mugabi, MD of Housing Finance Bank (HFB), about addressing housing market challenges through supply—and demand-side finance and creating novel financial instruments to help increase accessibility and inclusion. 

How is HFB addressing the gap in home ownership and providing affordable finance for the informal sector and beyond?

Our five-year strategy (2023-27) promotes home ownership and financial independence that targets youth, women, and those working in the informal sector, ensuring enhanced accessibility and inclusion in financial services. As a local bank, we provide customised solutions that surpass conventional offerings, ensuring flexibility to address unique homeownership demand and supply needs. We offer commercial rate funding to developers, increasing the availability of apartment units and providing buyers with affordable finance options to acquire units. The incremental Housing Loan/Building Solution gives loans as low as USD 100 to Ugandans in the informal sector, facilitating incremental construction without needing title deeds. This strategy addresses Uganda’s escalating housing gap, which is anticipated to expand by 300,000 units annually due to urbanisation. We actively support crucial sectors such as agriculture through the Agricultural Credit Facility, offering loans below 12%. Our engagement in oil, gas, trade, and commerce further cements our role, providing tailored and affordable financing solutions. Inclusivity is central, with partnerships with EIB and AfD supporting initiatives for women, youth, and the less privileged.

How has the bank embraced sustainability and digitalisation?

Banking is undergoing a global transformation fueled by technology. Our digital offerings, such as online account opening, agent services and internet banking, improve customer convenience and accessibility. The Online Securities Portal allow Ugandans to invest in securities and bonds for as little as UGX 100,000 (USD 26). In 2023, we initiated the process of achieving Sustainability Standards and Certification (SSCI), targeted for completion by the end of 2024. We focus on sustainable financing, environmental preservation, and tackling climate change, aiming to drive the transition towards a resilient, resource-efficient economy.

What is the primary liquidity concern currently facing the banking sector?

Accessibility challenges exist due to a shortage of long-term liquidity sources, and credit risk poses concerns, impacting liquidity and hindering loan repayments. Globally, high inflation rates affect liquidity flows, particularly in the US. Initiatives to boost oil and gas, manufacturing, and value-added coffee production are essential for exports and economic growth. Government programs like Emyooga and the Parish Development Model contribute to skill enhancement and market development, enhancing liquidity and improving economic indicators. Streamlining performance is crucial to positive outcomes.