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Stanbic Bank joins NSSF to promote professional financial and investment decision making

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By Our Reporter

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Stanbic Bank Uganda, Liberty Life Assurance Uganda Limited and STANLIB Uganda Limited have made a significant contribution of UGX 50 Million towards the NSSF Money Talk symposium taking place on Monday, 10th June 2019.

This will be the first NSSF Investment and Wealth management symposium and it aims to bring together financial advisory and investment experts from within the East African region to promote professional financial and investment decision making.

NSSF Head of Marketing, Barbara Arimi said that for NSSF members to sustainably benefit from their savings, they must plan and seek expert advice, lest they lose all their life savings because of ill- advised and poor decision-making.

“In 2018 we concluded a survey among NSSF beneficiaries to compare the quality of life of NSSF beneficiaries before and after retirement receiving NSSF benefits. 53% said that their benefits sustained them for less than a year and by the end of the first year, 98% had no cash left. We know that the story would be different if they had planned well and had sought professional advice,” she said.

Speaking at the handover ceremony, Israel Arinaitwe – Head of Personal Markets Stanbic Bank Uganda said, “We are proud to be in partnership with NSSF in this inaugural symposium because it aligns with our wealth strategy. Wealth is not only for the wealthy, but it is for everyone and we are all on our unique personal wealth journeys. Through our Wealth Financial Fitness academies, we enable our clients understand how they can holistically plan for their finances, protect the wealth created for their families to enable them to live their desired lifestyles.”

In delivering the Wealth proposition, Stanbic leverages on the capabilities of the strategic partnership with STANLIB and Liberty Group who will be integral to providing the best solutions in creating sustainable wealth.

The symposium, which is expected to be attended by over 1,000 people at the Kampala Serena Hotel, will also equip participants with knowledge to enable them plan for their retirement better by managing their personal finances well, planning, and making sound and informed choices about financial products and investment.

At the event the guest speakers will talk about “Wealth Creation & Preservation for Generations”. Other topics of discussion include “How to create wealth through Capital Markets” and “Real Estate for Wealth Creation & Preservation”.

According to the findings of the Fund’s survey, most retirees invest their pension in agriculture, business, land, rentals, cows, further education, school fees, medical bills or fixed deposits to earn an interest.

“Making better investment decisions will ensure retirees do not end up being destitute or dependent after receiving their pension. Whereas many of our members invested their money gainfully in business, there is a general lack of knowledge on business management and opportunities that can generate earnings to cater for their cash flow needs,” Richard Byarugaba, the NSSF Managing Director noted.

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Local Business

Fanfare in Masaka as MTN launches “MoMo Nyabo” promo

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Bebe Cool entertains revelers in Masaka. Bebe Cool entertains revelers in Masaka.

Bebe Cool entertains revelers in Masaka.

By Our Reporter

Business was brought to a standstill in Masaka town on Friday afternoon as MTN Uganda launched the second edition of the “MoMo Nyabo” campaign which is aimed at encouraging customers to transact using Mobile Money.

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The campaign which was officially launched during a press briefing held at Brovad Hotel was marked by a flurry of fanfare, much to the excitement of the town dwellers.

The launch was followed by a procession around the town displaying the brand new Toyota Wish cars and motorbikes that will be given away during the campaign.

It culminated in a mega concert which was hosted at the Masaka Recreation grounds. Revelers were entertained by Uganda’s top artistes including Jose Chameleone and Bebe Cool among others.

During the concert, the first winners in this year’s MoMo Nyabo campaign were also announced. Kigundu Rashid and Steven Nanziga emerged the lucky winners and each walked away with a motorcycle.

Hundreds turned for the concert at the Masaka Recreation grounds.

Hundreds turned for the concert at the Masaka Recreation grounds.

Meanwhile, prizes worth Ugx 1.5billion will be won by lucky customers in the eight week campaign.The prizes include 24 cars, 32 Boda bodas, 160 smartphones as well as mobile money.

The MoMo Nyabo promotion is part of a series of offers the telecom company has launched in recent times to reward customers including bonus on data bundle purchase via MTN Mobile Money and a few days ago, MTN slashed mobile money sending rates by more than half.

“This will be a double win for our customers. First of all, they will be sending money at half price. While doing that, they will be entered into a draw to win one of those exciting prizes. So in a way, all our customers will be winners”. Samuel Gitta, MTN Uganda’s Ag. GM Risk & Compliance said.

“We are continually evolving to make our customers’ lives better. We value and appreciate our customers and all that we are doing is just to give back to them for continuing to support us,” he added.

For customers to stand a chance to win one of the prizes, all they have to do is dial *165*1#. Customers will then automatically enter into a draw to win the exciting prizes.

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Vivo Energy in joint venture with Kuku Foods to accelerate roll-out of KFC restaurants

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Vivo Energy plc (Vivo Energy), the pan-African retailer and distributor of Shell and Engen-branded fuels and lubricants, has agreed to form a non-fuel joint venture to accelerate the roll-out of KFC restaurants in Kenya, Uganda and Rwanda. The 50:50 joint venture will manage and operate the restaurants in the three markets on behalf of Kuku Foods East Africa Holdings (Kuku Foods), who will remain the local KFC franchisee. Completion of this transaction is subject to standard legal agreements and regulatory and competition authority approval.

The restaurants, 22 in Kenya and 8 in Uganda, are located in shopping malls, city centre locations, and service stations. Kuku Foods plans to open its first KFC restaurant in Rwanda in 2019.

The 5 KFC restaurants operated by Kuku Foods Tanzania, the KFC franchisee in Tanzania, will not form part of the transaction.

The joint venture will enable a significant increase in the number of KFC restaurants in the portfolio in the coming years. It is envisaged that many of the new restaurants will be opened at Vivo Energy’s network of service stations across Kenya, Uganda and Rwanda, which leverages Vivo Energy’s retail footprint, with more countries to be considered in the future, based on market opportunities.

Commenting on the transaction, Christian Chammas, CEO of Vivo Energy, said: “We are delighted to be partnering with Kuku Foods to replicate the KFC joint venture model we pioneered in Botswana and Côte d’Ivoire. Kuku Foods shares our ambition to invest in order to grow the number of restaurants and give more African customers access to the internationally renowned KFC brand. This partnership further demonstrates our ambition to continue to offer more convenience to satisfy the evolving needs of our growing number of African customers.”

Derrick Van Houten, Group CEO of Kuku Foods and Principal Operator of the KFC franchises, added: “Having launched our first KFC in East Africa in 2011, we have successfully grown the business over the last eight years. We are delighted to announce this new partnership with Vivo Energy to continue this growth, bringing our world-renowned KFC products and experience to as many customers as possible.”

KFC Africa’s General Manager, Tarun Lal concluded: “We are delighted that KFC can leverage the joint venture entered into between Vivo Energy and Kuku Foods to continue to grow its network of KFC restaurants in Africa. We are confident that the KFC franchisee will continue to provide customers with a great KFC experience, driving improvements in customer
service and quality through its relationship with Vivo Energy.”

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Rising Woman initiative returns for second edition

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Monitor Publications Limited’s (MPL) flagship brand Daily Monitor in partnership with dfcu Bank’s Women in Business Program and Uganda Investment Authority(UIA) have launched the second edition of the Rising Woman initiative.

The Rising Woman initiative which was started last year under the theme ‘Taking your business ahead’ is meant to recognize, celebrate and promote a culture of mentorship among women in business in Uganda and targets Ugandan business women, Small scale investors, Entrepreneurs, Members of Uganda Women Entrepreneurs Association Limited (UWEAL), Members of Uganda Small Scale Industries Association (USSIA) and Uganda Manufacturers Association (UMA) members.

Speaking at the launch, dfcu Chief Executive Officer Mathias Katamba called the initiative a “…fundamental step on the path to creating a financially-enabling environment for female entrepreneurs.”

He went on to note that the bank has created programs and products which specifically address the financial needs of women across the country. “As a financial institution that believes in building thriving communities, dfcu embarked on a journey to creating an enabling environment for Small and Medium Women owned Enterprises starting in 2007, with the introduction of the Women in Business program. Our primary motivation is the fact that despite women making up over 52% of the population of Uganda, it is not reflected in the ratio of women who have access to financial services.”

“Through the program, we work with women in diverse ventures to turn business ideas into realities which in turn become vehicles for change in communities. With over 53 years of lending to SMEs, and at least 10 years running the WiB program, dfcu Bank understands the financial needs of women and goes ahead to provide tailor-made solutions for them,” Katamba added.

He also officially announced the call for business proposals through the bank’s official website which will begin the contention for the top 10 business ideas.

The proposal submission is already underway and will run up to 20th September 2019. The top 3 winners will walk away with Ugx 15 million, Ugx 10 million and Ugx 5 million respectively and the top 10 will take part in an all-expense study tour trip to Nairobi.

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