Local Business
UDB Scores high with International Fitch Rating
The Managing Director UDB, Patricia Ojangole (2nd from right) makes her remarks.
By Our Reporter
Fitch Rating, one of the top International Credit rating agencies worldwide based out of New York and London has assigned Uganda Development Bank Ltd (UDB) a Long-Term Issuer Default rating (IDR) of B+ with a Stable Outlook.
A credit rating is an assessment of the creditworthiness of a borrower in general terms or with respect to a particular debt or financial obligation. A credit rating can be assigned to any entity that seeks to borrow money — an individual, corporation, state or provincial authority, or sovereign government.
UDB is a state-owned development bank and its Issuer Default Ratings are driven by its Support Rating and Support Rating Floor of ‘4’ and ‘B+’, respectively, which reflects Fitch’s view of a high propensity of Ugandan authorities to support the bank in case of need. This is due to:
(1) UDB’s important, longstanding and clearly defined policy role in financing the country’s priority sectors as part of the bank’s mandate of contributing to economic growth and social development
(2) UDB’s 100% state-ownership
(3) Significant funding guarantees and ordinary capital contributions from the state.
UDB is Uganda’s primary development bank and its unique business model would be difficult to replicate by other domestic financial institutions. It is owned by government and overseen by the Ministry of Finance. Fitch Rating believes the sovereign funding guarantees that UDB receives will remain in place over the medium term. The bank’s policy role and strategic importance to the state is also evidenced by the government’s annual capital contributions, which have been committed until 2022. Fitch Rating’s assessment makes consideration for the government’s ‘B+’/ Stable IDR.
“The Stable Outlook on UDB’s Long-Term Issuer Default Rating mirrors that on the sovereign,” the credit rating agency highlights.
The Managing Director UDB, Patricia Ojangole expressed pleasure upon this achievement. “This rating casts confidence in the institution in terms of our credit processes, governance and unwavering support from government, this process has provided our partners with an impartial opinion about the soundness of our business,” she remarked.
The Association of African Development Finance Institutions rating Uganda Development Bank Limited is a member of the The Association of African Development Finance Institutions (AADFI) and therefore adopted the Prudential Standards, Guidelines and Rating System (PSGRS) by which members assess themselves to the standards and guidelines for Development Finance Institutions across Africa. In adopting these standards and guidelines, UDB achieves two objectives in particular:
• Examine the institution’s operations in terms of how well they comply with good corporate governance principles and in identifying weak areas which need to be addressed.
• Assist Ministry of Finance, Planning and Economic Development and/or other supervisory authorities to custom-design supervisory procedures that better address some aspects of the Development Finance Institution’s operations that differ fundamentally from commercial bank operations.
In 2018, UDB was rated the Best Performing Development Finance Institution in Africa by the Association of African Development Finance Institutions (AADFI) with an A+ rating on its 8th peer review of AADFI member Institutions.
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By Reporter
The grand finale of the 6th annual Digital Impact Awards Africa 2019 (DIAA) was on 20th September 2019 at Mestil Hotel in Kampala, Uganda. Under the theme “Include Everyone”, The Digital Impact Awards Africa is a platform that promotes Digital inclusion, financial inclusion and cyber security.
DIAA is Africa’s most important gathering of C-Level Executives, and Senior Digital and IT executives. The event was a climax of the Include Everyone- Digital and Financial Inclusion Summit which explores the strategic trends and technologies that are shaping the future of Digital, IT and business. The DIAA seek to recognize, celebrate and appreciate different individuals and organizations that are spearheading the use of digital mediums to better serve their communities. The awards had 16 Uganda categories and 6 Continental categories. There was a jury/research panel assessment and public survey/vote to determine eventual winners. StarTimes was nominated in two categories; Africa Best Content App (Africa), and Disruptive Innovation (Uganda).In the ‘Africa Best Content App’ category, the StarTimes ON App was up against Kwese iflix, DSTV Now and Netflix. StarTimes won the accolade!While in the ‘Disruptive Innovation’ category, the StarTimes ON App was running against MTN MoMoCard, SafeBoda Pairing, Citimasta App, Standard Chartered Bank, and YO TV who won this award. The StarTimes team was very happy to receive the news that they were the winner of the Africa Best Content App-StarTimes ON at the DIAA 2019.
StarTimes CEO, Mr Franklin Wang said: “It was a tough competition! We were nominated alongside other equally successful companies so it is a great honor winning this award. We thank our customers for their support and DIAA for the recognition.” StarTimes had a lot more reason to celebrate because as they were winning at the DIAA 2019, they were also winning at the 10th annual People’s Choice Quality Awards 2019 that were being held at Hotel Africana. These awards recognize excellence in service, and quality in product. The Awards were given based on a survey done by Muyz Plus Advertising International between January and April 2019 in 5 regions in Uganda: Western, Northern, Central, Eastern, and Kampala. The survey was done in accordance with the Uganda Bureau of Statistics population census geographical data. The People’s Choice Quality Awards recognized more than 20 brands for being exceptionally good at what they do. StarTimes was announced as the Best Pay TV in Uganda, and was awarded by the State Minister for Trade, Hon. Michael Werikhe Kafabusa who was the guest of honor.Mr Franklin Wang, the CEO of StarTimes said, “We are so honored to receive this award. Our team puts in the work to make sure the public gets great service.
We thank our customers for their support because without them, we would not be here. Thank you People’s Choice Awards for acknowledging and appreciating our services.”The StarTimes ON Mobile AppStarTimes ON is StarTimes’ official App providing video streaming service of 70+ LIVE TV channels, exclusive LIVE football matches (StarTimes Uganda Premier League (SUPL), UEFA Europa League, Bundesliga, French Ligue1, and online videos, catch up, short videos, plus TV guide of all 400+ channels on StarTimes’ digital TV platform. The StarTimes Mobile Application which can be downloaded for free on the Google Play Store and Apple App store offers viewers over 70 channels.StarTimesStarTimes is the leading digital TV operator in Africa, serving nearly 20 million users with a signal covering the whole continent and a massive distribution network of 200 brand halls, 3,000 convenience stores and 5,000 distributors. StarTimes owns a featured content platform, with 480 authorized channels consisting of news, movies, series, sports, entertainment, children’s programs, etc. The company’s vision is “To ensure that every African family can access, afford, watch and share the beauty of digital TV”. StarTimes achieves this by combining satellite and terrestrial DTV systems as well as OTT services to provide an open and secure digital wireless platform. The company provides a robust signal transmission service for public and private broadcasters, offers consumers outstanding Pay-TV programs, mobile multimedia, wireless Internet connectivity and convenient online services.
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By Our Reporter
Airtel Uganda has been awarded Uganda’s Largest Tax Payer and recognised for their compliance in remitting taxes to Uganda Revenue Authority (URA).
The announcement was made during the Uganda Revenue Authority 14th Taxpayers Appreciation Awards – 2019 held in Kampala on Friday.
Airtel Uganda paid Shs136 billion in the financial year 2018/19 winning the Excel Award for the year.
“Airtel has contributed over Shs136 billion in the financial year 2018-19 making it the biggest contributor of income tax in the last financial year,” a statement from Uganda Revenue Authority read in part.
Handing over the award, the Minister of Finance Hon. Matia Kasaijja congratulated Airtel upon the achievement and lauded the company for their contribution towards the development of Uganda through tax.
Mr. V.G. Somasekhar, the Managing Director of Airtel Uganda, thanked Uganda Revenue Authority for recognizing their contribution to the company’s GDP and the work they are doing to remain complaint. He also thanked Uganda Communication Commission, Ministry of Information Communication and Technology and the Government of Uganda for the support rendered to Airtel.
“It is an honor for Airtel to be recognized as the largest tax payer in Uganda. We are thankful to our customers and partners who have made Airtel their network of choice,” he noted.
“We believe leadership is a responsibility – one that we have happily taken on and this recognition is yet another milestone and an affirmation that Uganda has noticed. We remain committed to the leadership of the telecommunications sector and compliance is an integral aspect of that commitment,” he added.
The award comes on the heels of the company’s massive investment in innovation, network and infrastructural expansion.
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Edwin Musiime leads Hon. Chris Baryomunsi and his entourage during the inspection ceremony during last year’s Homes and Property expo.
By Our Reporter
The Homes and property Expo returns this November in a huge way.
For all the interior design enthusiasts and modern construction trend fans , the Sheraton Kampala gardens will be the place to be come November 15th, 2019.
The Homes and property Expo which is returning for the 12th edition will be a 3-day event running from the 15th to 17th of November.
The expo, that is organized by Crest Group Limited, is a one stop shopping point and information hub for all things construction and real estate, a number of property developers, realtors, construction companies, building material distributors, interior designers, landscapers, and so many others participating.
There are lots of prizes to be won, and a variety of discounts on selected items, that will be available for sale during the expo.
“I believe real estate in the long run is an industry worthwhile our investment at National and individual level. So we call on all Ugandans, new home owners and prospect real estate owners to come to this year’s Home and property expo. There are plenty of minds to tap into and it’s a great networking place,” Edwin Musiime, CEO Crest Group Limited explains.
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