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“Battle for Cash” Top 20 Investment Clubs for Nairobi Study tour

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The Top 20 Investment Clubs in the recently concluded dfcu ‘Battle for Cash’ Investment Clubs Competition flew out late last week for a study tour in Nairobi. The flag off was presided over by Mr. William Sekabembe, dfcu Chief of Business and Executive Director.

The three-day study tour will cover areas like investment club formation, set up and management; Designing and Executing a Successful Investment Strategy; Compliance with laws and regulations; Funding your investment project and practical tips from the top four investment clubs in Kenya.

The Top 20 Investment Clubs in the recently concluded dfcu ‘Battle for Cash’ Investment Clubs Competition flew out on Monday for the Nairobi Study Tour. The flag off was presided over by Mr. William Sekabembe, dfcu Chief of Business and Executive Director (2nd left)

The Top 20 Investment Clubs in the recently concluded dfcu ‘Battle for Cash’ Investment Clubs Competition have flown out for the Nairobi Study Tour. The flag off was presided over by Mr. William Sekabembe, dfcu Chief of Business and Executive Director (2nd left)

Between June and August 2017, dfcu Bank had teams going round the country carrying out regional saving and financial literacy workshops. Some of the topics covered included; Why and how to save; where to invest money so it can grow, things to think about when thinking of investing and so much more. This was aimed at changing the perceptions and attitudes about money, savings and investments.

dfcu Bank received applications from close to 200 Investment clubs across the country. The applications were independently vetted by PwC who were able to zero down to 20 clubs that entered the TV competition.

As part of the application process, clubs were tasked to develop a Business plan for an innovative investment project. So at the start of the show all shortlisted 20 clubs had to defend the business plan they wrote to a panel of judges to make it to the next show. The clubs were trained in different aspects and assigned weekly tasks to demonstrate their ability to put into practice what they had been taught.

Geneber Outspan Organic Farmers who were the overall winners in the competition walked away with UGX 25 million and coming in second, The Peak Investment Club won UGX 15 Million. The third winner Sikyomu Development Organisation got UGX 10 Million while the fourth and fifth clubs both got UGX 5 Million each.

In recognition of the role of women and youth in development there was a special category for women and youth. The best youth club price was scooped by Plus Save Group and Soroti Women Cooperative Union were awarded in the best women club category. Both clubs walked away with UGX 7.5 Million each.

dfcu Bank introduced the Investment Clubs program in 2007 providing a conducive platform to foster group savings. The dfcu Bank program has since grown with over 10,000 Investment Clubs that cut across all segments including students, the professionals, women and youth holding a savings turnover in hundreds of billions of shillings.

“It is not enough to simply save money if it is not growing so the Investment Club challenge was also about challenging the investments clubs and the public to think through how to grow & multiply their savings,” Sekabembe said.

An amount totaling to UGX 100 million in prize money was set aside for the Investment Club challenge including regional draws carried out in different parts of the country.

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Local Business

Coca-Cola, REHORE sign MoU to empower women in refugee settlements

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Coca-Cola Beverages Africa (CCBA) Uganda has signed an MOU with REHORE, a local NGO that will see over 10,000 women refugees in Bidi bidi, Kiryandongo and Nakivale camps

Coca-Cola Beverages Africa (CCBA) Uganda has signed an MOU with REHORE, a local NGO that will see over 10,000 women refugees in Bidi bidi, Kiryandongo and Nakivale camps empowered for improved livelihoods. This initiative is one of the several that Century Bottling Company in Uganda has embarked on under the global 5by20 Coca-Cola pronouncement over the years.

5by20 is the Coca-Cola Company`s global commitment to enable the economic empowerment of 5 Million women entrepreneurs across the Company`s value chain by the year 2020. “Women around the World are already pillars of our business system and as part of our Women Economic Empowerment Program; we shall this time round empower refugees in camps in partnership with REHORE which will be the NGO that will actually do the day to day running of the project in the camps. By doing this, we affirm our need to build both our business and the communities in which we operate”. Conrad Van Niekerk, Managing Director, Coca-Cola Beverages Africa Uganda.

“In Uganda, running successful businesses is mainly a male domain. Through 5by20, we address the most common barriers women face when doing business which include; Lack of basic business skills, Lack of financial services or assets and lack of access to peer networks and mentorship. This initiative offers women access to business skills training, linkages to financial services and connections with peers and Mentors, along with the confidence that comes along with building a successful business. I am glad that we are able to support women through this initiative and our value chain.” Conrad added.

This program through REHORE will identify women refugees in Kiryandongo, Nakivale and Bidi Bidi Settlement Camps who will be beneficiaries of a skilling program using locally available resources within the camps in addition to retailing Coca-Cola products and establishing plastic collection initiatives in the camps. The activities will include bee keeping, backyard gardening, echo bag production, candle making, hair and beauty skills, catering, sewing and tailoring, soap making, colouring and painting as well as art and craft.

“We are pleased that together with our partner the Coca-Cola Beverages Africa, we are making an important contribution towards realization of the government vision 2020,” Joseph Rwamihigo, the Founder of REHORE stated.

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MTN Uganda to unveil Sponsorship of the Nyege Nyege Festival

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Nyege Nyege festival 2017MTN Uganda is expected to announce sponsorship of the Nyege Nyege Festival, an annual non-stop musical extravaganza that takes place along the shores of the River Nile.

Nyege Nyege Festival, which means “The irresistible urge to dance”, brings the most cutting-edge musical acts from around Africa and beyond in a magical setting on the shores of the river Nile in Jinja Uganda. This year it is set to take place from Thursday 6th September to Sunday 9th September 2018.

Speaking ahead of the official launch the MTN Chief Marketing Officer Mr. Olivier Prentout was ecstatic about the partnership and the role the festival plays in the hearts of Ugandans.

“Since its inception, the Nyege Nyege Festival has been revered for its work in exploring, producing and releasing outsider music from around the region and beyond. Ugandan artistes will enjoy a unique opportunity to showcase their music and arts on the same stage with other 100 foreign artists and thousands of audiences attending the event and viewing it online. Through this partnership, we look forward to celebrating culture, booting tourism and creating a platform for people from all walks of life to enjoy and celebrate all kinds of music; as you know, music is food for the soul!”, Prentout said.

Details of the sponsorship will be announced today, Wednesday 21st February 2017 at The Square, Industrial Area.

Last year, a host of artists from Uganda, East Africa, Africa and Europe descended in Jinja along the banks of River Nile for a three-day festival of music and dance. So successful that the rain couldn’t take away the enjoyment of the attendees.

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MTN announces new data rates

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MTN Uganda CEO Wim Vanhelleputte (left) addresses the media at the MTN CEO Briefing held at MTN Towers on Tuesday. He is flanked on the right by Olivier Prentout (Chief Marketing Officer).

MTN Uganda CEO Wim Vanhelleputte (left) addresses the media at a briefing held at MTN Towers on Tuesday. He is flanked on the right by Olivier Prentout (Chief Marketing Officer).

MTN Uganda has revised data rates to continue the drive towards ensuring offering affordable internet to Ugandans. The reduction in data is expected to drive further internet connectivity, facilitate business growth and enable communication through internet-based channels.

The rate reduction, according to Wim Vanhelleputte the MTN Uganda CEO is an indication that as uptake and internet usage continues to grow, the internet rates will also continue to fall. “What we are currently witnessing is data revolution coming into full swing. The reduction in pricing is by over 100%, indicating our commitment towards internet connectivity and affordability for all,” he said.

The revised data bundles are not just price based but also include increased volumes for a lower price. For instance, the lower data bundle threshold has been increased to 15MBs from 10MB at a price of Shs250. For Shs5000, a customer would get 325MB but with the new rates, a customer gets 1GB for that price. This is more value for the customer at the same price.

For Shs100,000, you can now get Shs30GB for a month. In the old rates, a customer had to pay Shs285,000 to get 30GB.

“It is important that our customers not only get lower rates, but also experience a good quality network – where we are keen to continuously invest; everywhere. MTN Uganda over a two year period of 2017 and 2018 has budgeted over Ugshs 400 Billion invested in network upgrades in order to improve customer experience. This will increase our 3G sites and 4G/LTE sites to deliver a bold digital world to our customers,” he added.

According to Wim, MTN Uganda’s planned investment will upgrade the network in order to ensuring quality, good coverage and better experience. Further investment in the network also means the internet speeds continue to improve, which will facilitate business growth and innovation.

“In the world right now, the internet is driving innovation to unprecedented levels. We are seeing this in our numbers and data continues to be one of the fastest growing sources of revenue and subscriptions for MTN Uganda. We expect this trend to continue,” Wim pointed out.

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