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Geneber Outspan Organic Farmers wins the dfcu Bank Savings and Investment challenge

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Geneber Outspan Organic Farmers are the ‘Battle for Cash’ winners

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dfcu Bank, in partnership with NTV Uganda and Price Waterhouse Coopers (PwC) have just concluded a nationwide campaign targeted at driving a savings and investment culture in Uganda. The campaign, which has been running over the last three months, was a TV show competition dubbed ‘Battle for Cash’.

Between June and August, 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.

“We are grateful to dfcu Bank for championing this cause as part of financial literacy in Uganda. An enlightened community will always invest wisely so we encourage all able men and women should come together and form savings clubs to guarantee their future,” said Ag. Managing Director, NTV Uganda Johnson Omolo.

Geneber Outspan Organic Farmers who are the overall winners 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.

Speaking during the Battle for Cash grand finale and awards gala, the dfcu Bank Executive Director and Chief of Business William Sekabembe said; “In terms of changing culture, you will appreciate that it takes some time. What we have seen though, over the last six months, is growth in the number of investment clubs opened with dfcu Bank across the country. Even more important we have seen several Clubs reorganizing themselves and becoming more focused in terms of developing ideas for investment.”

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 added.

“We have had a lot of learning from specialists in different areas of business. The exposure that we have got has been very important and it has helped improve the running of our businesses. It has been a great opportunity to get ideas on how to handle different business challenges.” Said Geneber Outspan Organic Farmers the winner of the Battle for Cash finale.

According to the Ambassador of France to Uganda, Stephanie Rivoal, chief guest at the grand finale and awards gala, Uganda’s young population presents an incredible opportunity to spur growth and achieve Vision 2040 of a transformed, modern and prosperous country.

“Government together with the private sector can make this dream a reality through policies and ventures that favour entrepreneurship, innovation, sustainable investments and a savings culture among the population. dfcu Bank’s Investments Clubs initiative deserves an applause.” she added.

During the Battle for Cash challenge, emphasis was put on two special groups of women and youth. Clubs with 100% composition of these special groups applied to enter the competition and were added into a special category for Women and Youth clubs, increasing their chances of winning. This was in belief that these two categories play a major role in the development of communities and Uganda as a whole.

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. Additionally, one delegate from each of the 20 selected clubs that entered the competition is to be sponsored to attend a study tour in Nairobi in January 2018. This as the top seven clubs will receive free advisory services for a period of one year courtesy of PwC.

 

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Local Business

UBA unveils solution to allow customers access bank services via Facebook

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Johnson Agoreyo, Managing Director/CEO, UBA Uganda

Johnson Agoreyo, the Managing Director UBA Uganda addresses guests during the launch of Leo.

By Our Reporter

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United Bank for Africa (UBA) has unveiled a digital solution dubbed Leo, a chatbot that enables customers use their Facebook accounts to carry out key banking transactions. This was during a ceremony held at their Head Offices on Tuesday.

According to Johnson Agoreyo, Managing Director/CEO, UBA Uganda, this product offering was developed to match customer’s lifestyles since more people are spending more time on social media.

“The formulation of this product is consistent with the bank’s customer-first philosophy, where we are doing things not the way we like but exactly what the customers want, where they want it, and in the exact platform they want. Therefore, we at UBA have collaborated with Facebook to come up with this. In future, Leo will show up on other platforms,” he said.

He further explained that Leo is a very interactive and easy to use  platform which will offer more convenience in how customers interact with the bank.

With Leo, customers are able to open new accounts, carry out money transfers and airtime top-up among others right on their mobile phones.

Gloriaus Byaruhanga, the Head, Digital Banking, UBA Uganda, emphasized that the platform is secure, noting that “the security with this platform is that for every transaction, an OTP (One Time Password) is generated to the phone number that is registered on the account.”

She also explained that to use the chat banking platform, a customer just needs to log in to Facebook Messenger and open up chat with Leo, who then takes over the conversation by telling the customer what steps to take.

The bank is continuously innovating and developing strategies aimed at making banking seamless and effortless for millions of its existing and potential customers, while also ensuring utmost safety of their transactions.

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Plascon Uganda announces 3-year partnership with Buganda Kingdom

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Owek. Charles Peter Mayinga addresses guests

Owek. Charles Peter Mayinga addresses guests

By Our Reporter

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Kansai Plascon Uganda, a leading paint manufacturer in Uganda, has sealed a three-year partnership with the Buganda Kingdom. This was announced during a ceremony presided over by the katikkiro of Buganda Owek. Charles Peter Mayinga at Bulange, Mengo on Tuesday.

Speaking during the ceremony, Owek. Mayiga noted that this partnership was merely a renewal of the working relationship that the Kingdom has enjoyed with the company for a while, though it is only the first partnership since the rebranding process to Plascon.

“I’m grateful that this long term relationship has been revived under the new Plascon brand. We believe the Kingdom and everyone that stays within its boundaries is going to partake of the benefits that are already coming through as a result of the new business acquisition. From today onwards Plascon is Buganda Kingdom’s exclusive painting partners of choice,” he stated.

Plascon’s Managing Director Chris Nugent was equally appreciative of the renewed relationship stating that it was further confirmation of the company’s status as the dominant paint brand in Uganda, especially in view of the new products introduced on the market this year.

“This is a really significant occasion in the journey of Plascon. It confirms that the rebranding process to Plascon was only a change of name but we retain the same value system, which is anchored on investing in the communities in which we operate,” said Mr. Nugent.

As part of the partnership, Plascon will be painting of 11,573 square meters of selected institutional buildings including Bulange, Kasubi Tombs and the Lubiri.

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MTN Uganda 21 Days of Y’ello Care Comes To An End With Career Expo

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Give a man a fish and you feed him for a day; teach a man to fish and you feed him for a lifetime.

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This is what MTN Uganda is aiming for as the end of the 2018 edition of the 21 Days of Y’ello Care comes to an end.

The MTN Uganda 21 Days of Y’ello Care will climax with a two day career expo from 20th to 21st June, 2018 at the MTN Office in Nyonyi Gardens.

On 20th June, a panel discussion with key leaders in the Ugandan business and entrepreneurship space will address the youth at MTN offices, Nyonyi Gardens, from 2.00pm to 4.00pm.

The panel discussion will also focus on the available opportunities for the youth as well as providing career and life skills. The panel discussion will feature the following individuals:

  • Wim Vanhelleputte – MTN Uganda CEO
  • Japheth Kawanguzi – Innovation Village Team Leader
  • Dickson Mushabe  – Founder and CEO of Hostalite
  • Diana Nandagire Ntamu – ‎Director Entrepreneurship Centre, ‎Makerere University Business School

On 21st of June, the action will start at 10am and end at 4pm with a full blown career day. The career day will offer a platform for MTN Uganda staff across different departments to offer guidance, inspiration, mentorship and insight to how the youth can be better prepared for the opportunities available in both the formal and informal sectors.

Youth Groups that have benefitted from 21 Days of Y’ello Care will also exhibit at the venue, as well as MTN partners Huawei, NITA and Enable Belgian Development Agency.

Diana Ntamu Muwanga Nandagire will be speaking at the Career expo

Every year, MTN Uganda staff step out of their offices to make a difference in the lives of the communities within which they work in.

2018 was no different as MTN Uganda staff outdid themselves as they took part in the twelfth edition of its global award winning staff voluntary program 21 Days of Y’ello Care.

This year, the 21 Days of Y’ello Care focused on one of the most critical issues affecting countries across the globe – Youth Empowerment – under the theme ‘Creating a Brighter Future’. Activities were carried out in Kampala, Mbarara and Gulu.

The theme, aimed at undertaking initiatives to tackle the unemployment problem amongst the youth, saw MTN Uganda staff take part in special activities that sowed seeds of change, provided empowerment and brightened lives of those involved.

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