Connect with us

Leader board

Specials/Features

UBL celebrates women’s day in style

Published

on

Ugandans joined the rest of the world on Wednesday to celebrate the International Women’s Day under the theme, “Be bold for change.”

Beer giant Uganda Breweries on that day held a party for their female staff to not only celebrate their contribution at work but also acknowledge their importance at the workplace. The brewery also officially opened a mother’s comfort room, a space where mothers back from maternity leave can get away from the work madness and tender to their babies nursing needs.

UBL Women's day party

According to Rhona Arinaitwe, the communications Manager, the party was meant to celebrate the extra ordinary role they all play in a male dominated industry. It was a tribute for all the hard work and tremendous jobs that make the female employees part of the team.

“At the heart of our value preposition is our deliberate effort towards pushing for diversity at Uganda Breweries. One of the interventions is place, is the spirited women programme that aims at bringing all UBL women together to discuss and tackle issues that affect them in their careers and personal life. The programme allows for Mentorships, counselling, spiritual and life coaching for the UBL women.” She said.

“We are proud that 30% of the management positions are filled by women and we continue to see growth in more females taking up leadership positions. “She added.

Including the men to the table to discuss issues that affect women, each female employee was urged to bring a male college as a date; who were tasked to share their experiences of women that have positively impacted them in the work place.

Clad in “spirited women” t-shirts, the UBL women along with their dates hit the UBL rooftop bar. The party was lit with lots of Nyama choma, music and a flow of cocktails mixed by Uganda’s top Female mixologist who raised the bar and left everyone astounded.

A number of activities and games were done during the event with lot of prizes given away and the night was crowned off with karaoke and a dance battle.

(Visited 105 time, 1 visit today)

Continue Reading

Specials/Features

2017 was an interesting year in the banking industry, 2018 promises to be even more exciting.

Published

on

By

Wilbrod Humphrey Owor, the Executive Director of Uganda Bankers Association

Wilbrod Humphrey Owor, the Executive Director of Uganda Bankers Association

By Wilbrod Humphrey Owor

As the period for publication of bank financial reports gets underway, it is a good time to start sharing reflections on the year 2017.

The year began with continued slow credit growth resulting from spillover effects of slow economic activity and high non-performing loans whose share to gross loans stood at 10.47 percent in December 2016. The high non- performing loan (NPLS) ratios were also partly attributed agricultural shocks, delayed payment of domestic arrears, slow down on growth of the real estate sector, continued instability in South Sudan and Eastern DRC and an overall tough economic environment among others. From preliminary results, total assets of the banking industry increased by 12% from Ugshs 23.7 Trn to Ugshs 26.5 Trn over the year to 31st December 2017.

All banks met the minimum regulatory capital adequacy requirements as at end of December 2017 and aggregate core capital and total regulatory capital ratios were at 21.1% and 23.4 % respectively.

Customer deposits grew by 12% from Ugshs 16.2 Trn to Ugshs 18.2 Trn but gross loans hardly grew by a marginal 1.5% from Ugshs 11.5Trn to Ugshs 11.7 Trn reflecting challenges in the credit space inspite of the monetary easing championed by the Central Bank during the year.

The key sectors of manufacturing, trade & real estate which constitute 12.6%, 18.7% and 20.5% of total industry lending respectively suffered heavily with trade & commerce registering a decimal growth of only 0.1%, while manufacturing and real estate actually slipped downwards by 1.1% and 2.9% respectively.

Banks exercised a lot of caution during the year and this effort dropped NPL ratios from the 10.5% of 2016 to 5.6% at end of December 2017.

The excess liquidity arising from the above is reflected in the liquid assets to total deposits ratio which increased from 42.5% to 54.6% over the year 2017 most of which was in investments in Government & Bank of Uganda Securities.

Bank holdings of BOU securities (Repos & deposit facility scheme) grew by 204.1% to Ush 2.5Trn. Overall the banking sector’s profitability improved significantly and average return on equity (ROE) and return on assets (ROA) improved to 16% and 2.7% respectively.

The major banking industry event of the year however, was the timely resolution of the Crane bank issue by Bank of Uganda without loss to depositors or contagion to the rest of the banking system. The Purchase and Assumption agreement entered between Bank of Uganda and dfcu bank guaranteed smooth transition and integration of customers into dfcu bank who were able to access their deposits seamlessly, did ensure continued stability in the industry. dfcu bank’s ability to mobilize USD50m at short notice to finance the transaction, followed by a successful rights issue, with 96% uptake, is a clear testament of the confidence investors have in Uganda’s financial sector.

It is this stability and confidence in the sector brought about by a combination of factors including consistency in monetary policy and regulatory frameworks, that must continue to be applauded and reinforced. The conversations today would be very different if depositors were unable to access their money and the exposure by other banks in the interbank lending market crystalized leading to what is called contagion (the communication of disease from one person or organism or institution to another by close contact).

The financial sector is in a way similar to blood pumped by the heart across the body. An infection can be dangerous, poisonous and can bring infection to other body parts, an un-coordinated policy direction be it monetary or fiscal can lead to numerous un-intended consequences of catastrophic proportions. Our own country has been through this path, and as a nation or group of institutions driving growth initiatives in the country, working together and harmonizing approaches must be the leading light ahead of us all the time.

The financial sector is a confidence industry that takes time to build and is measured by its resilience in the ability to absorb shocks. It however depends on the millions of silent depositors who oil it with savings and turnover from various businesses, taxes, transactions collections, payments and a combination of instruments etc. As policy makers or implementers, we must therefore constantly be alive to the impact of a policy signal to the financial sector.

Developing economies like ours must particularly be aware that we start from a very disadvantaged terrain with very low financial penetration and literacy levels anchored on a poor agrarian base.

The number of accounts in commercial banks increased from 4.5million in June 2015 to 7.4million in June 2017. Although this represents a decent growth, it is low considering Uganda’s population of nearly 40million people and is a far cry from the number of mobile phone accounts which is estimated to be over 23million.

Our efforts must therefore be towards encouraging and bringing on board the biggest proportion of our population into the formal financial sector where monetary policy can be transmitted effectively by initiatives that increase access to financial services, financial penetration, increasing access to credit, productivity, and markets which automatically widens the tax base to finance further development.

The financial sector is adjusting to these priorities by adapting technologies that deliver services to previously underserved or completely unserved markets and segments of the population.

Banks are increasingly sharing infrastructure (creating synergies) to enable them lower costs of delivery by pooling resources and reducing redundancy and its attendant costs. This allows for scalability, while focusing on introducing more and more services and products to address the needs of the various segments of the population. This process is journey that requires many travelers and partners to join hands.

The new developments such as Agent Banking will go a long way in expanding financial services, lowering costs of delivery and bringing services closer to customers, most importantly those that are currently financially excluded. In addition, Banks in collaboration with the regulator (Bank of Uganda) are working hard at increasing financial literacy initiatives and efforts to help reduce this barrier to use of banking and other financial services.

We call upon all stakeholders to join hands in ensuring financial sector stability, and its intended outcomes of penetration, deepening and growth.

As an industry, we embrace and will continue to support the national strategic objectives and vision therein and remain keen to work with the various agencies of government contributing to the development of the Country.

About author:

The writer is the Executive Director of Uganda Bankers Association (UBA) and also represents contributing institutions at the Deposits Protection Fund Board.

(Visited 105 time, 1 visit today)

Continue Reading

Featured

StarTimes announces it will broadcast the 2018 FIFA World Cup in Russia.

Published

on

By

StarTimes has today confirmed it will broadcast all the 64 FIFA World Cup matches live and in HD. StarTimes acquired media Pay-TV broadcasting rights for the Sub-Saharan Africa to broadcast the World Cup and the theme will be “ALL 64 MATCHES IN HD AND LIVE”.

StarTimes Vice President also Brand and marketing manager Aldrine Nsubuga stated “Our current market leadership with close to 1.4 million subscribers guarantees that the 2018 FIFA WORLD CUP RUSSIA will now be enjoyed by many more households than the previous ones. This is excellent news to millions of television owners in Uganda who couldn’t watxh the World Cup due to high cost of acquisition and subscription.”

The world cup will broadcast on StarTimes on four dedicated channels which are World Football, Sports premium, Sports Life and Sports focus.

StartTimes was launched in 2010 and is now the leading digital TV operator in Uganda with 1.4 million subscribers.

(Visited 105 time, 1 visit today)

Continue Reading

Specials/Features

Uganda Little Hands Go Green To Celebrate Earth Day With Conference

Published

on

By

Uganda Little Hands Go Green, an organisation that champions keeping Uganda “Green” through young children so as to keep its pride as the Pearl Of Africa is set to hold a conference on Sunday April 22, 2018 as a way of celebrating Earth Day.

This year’s conference will run under theme End Plastic Pollution,Restore Wetlands,Protect the Future from 8 Am to 4PM where children will be provided with information and inspiration needed to fundamentally change on human attitude and behavior about plastics, interactions, discussions, Kids Challenges and Exhibitions.

The International Children’s Climate Change Conference will be held at the Ntinda School For the Deaf, it will have participants from different schools in Uganda like Otim Tom Memorial Primary School from Lira District and neighbouring countries like Rwanda. Uganda Little Hands Go Green is partnering with KCCA, Mixakids, Java House, NEMA and Round Bob.


Inorder to make the conference known to children, the Go Green team led by Joseph Masembe have been visiting schools around Kampala planting trees and teaching children about environmnental conservation.

(Visited 105 time, 1 visit today)

Continue Reading

Facebook

Yop Polls

Do you think Kifeesi terror will ever end in Kampala?

Bigeyeug TV

HOT RIGHT NOW