It would not be a stretch to say that the coffee sector is the backbone of Uganda’s economy. It contributes significantly to foreign exchange earnings and supports millions of livelihoods. Last year, the country earned Shs 6 trillion from coffee exports. With more strategic investments, experts believe the country can even earn much more from…
Parliament has approved Shs 60 billion as part of a supplementary request to fund Inspire Africa, a coffee firm run by businessman, Nelson Tugume. Henry Musasizi, the minister of state for Finance (General Duties) told MPs the additional billions are for the completion of standards and certifications, working capital to purchase coffee from farmers, branding…
At least 850 market vendors have graduated from the digital skilling inititiative under the ausoices of Huawei Technologies Uganda. They include 493 males and 358 females. The intitiative was spearheaded by the Ministry of ICT in collaboration with the National ICT Innovation Hub, MTN Uganda Foundation, Centenary Technology Services (Cente-Tech), and the Uganda Institute of…
MTN Mobile Money Uganda has unveiled its new Virtual Card through a partnership with Mastercard, Diamond Trust Bank, and Network International. Following the successful rollout of a similar solution in Rwanda last year, where MTN Rwanda, in partnership with Mastercard, introduced the Virtual Card by MoMo in November, 2024, MTN Uganda is now leveraging that…
Mumba Kenneth Kalifungwa has officially assumed the role of Chief Executive at Stanbic Bank Uganda, the largest commercial bank in terms of assets, revenue, and deposits. His appointment was first announced in December of last year. “I am delighted to join Stanbic Bank Uganda. With the support of my colleagues and stakeholders, this new role…
Uganda earned Shs 16 billion every single day from coffee exports in 2024, the highest in the country’s recorded history. According to a report from the Coffee Production and Development Department in the ministry of Agriculture, the country exported 6.44 million bags worth $ 1.62 billion (roughly Shs 6 trillion) between February 2024 and January…
The passing of Bulaimu Muwanga Kibirige, affectionately known as BMK, in September 2021 marked the end of an era for one of Uganda’s most illustrious entrepreneurs. BMK’s journey from humble beginnings in Masaka District to establishing a vast business empire, including the renowned Hotel Africana in Kampala, has been well documented in his memoirs: My…
The Uganda Development Bank (UDB) has reported significant year-on-year growth for 2024, showcasing robust performance across key metrics. According to its financial report for 2024, the bank’s loan portfolio grew to Shs 1.67 trillion, a testament to UDB’s continued commitment to fostering Uganda’s socio-economic development. The Bank’s total assets grew by 3%, from Shs 1.67…
Uganda’s total public debt for the 2023/2024 financial year stood at Shs 54 trillion, implying that, on average, each living Ugandan is indebted to the donors to the tune of Shs 1.1 million. The figure also reveals a strong appetite for borrowing by the government. Broken down, at Shs 54 trillion, it means the government…
Airtel Uganda and Trace Africa have joined hands to celebrate African Music excellence and digital empowerment. The partnership comes ahead of the Africa Trace Awards to be held in Zanzibar between February 24 and 26. The awards will also culminate the Airtel #SmartaWithData campaign, an initiative to enable customers to make informed decisions about their…
