East African Business Notifier

Africa’s burgeoning digital economy is on the brink of transformation, as Africa Datacenters & Cloud Days   (ADCD) , an active community dedicated to the growth of Africa’s digital infrastructure, prepares to convene industry leaders, policymakers, and technology innovators to drive the continent’s data center and cloud computing evolution. H ailed  by industry analysts as  a pivotal platform for collaboration, the upcoming event underscores the critical role of sustainable and reliable IT infrastructure in Africa’s economic future.   With Africa's data center market projected to grow to US$7 billion by 2028 , at an annual rate of 7  percent , the demand for secure and scalable infrastructure is skyrocketing.   Key drivers include booming digitization, the emergence of hybrid cloud adoption, and heightened awareness around data sovereignty. However, the industry also faces challenges, from high startup costs and regulatory hurdles to persistent power re...

Standard Chartered PLC has announced that it is exploring the potential sale s  of its Wealth & Retail Banking (WRB) businesses in Uganda, Botswana, and Zambia. The Group will concentrate its resources in these markets on serving the cross-border needs of global corporate and financial institution clients.   According to Sanjay Rughani the Standard Chartered Bank Uganda Chief Executive Officer, subject to regulatory approvals, they will exit the Wealth and Retail Banking business in Uganda. “Yesterday we announced that we are exploring WRB business sales in Uganda, Botswana and Zambia. As a result, we intend to exit from our WRB business in Uganda, subject to regulatory approvals.  “ Standard Chartered will remain in Uganda, with a sole focus on our Corporate and Institutional Banking (CIB) business.   We see substantial opportunities in infrastructure, sustainable finance, and trade, reinforcing our commitment to these areas within Uganda and, indeed ...

By Francis Lutalo Access to financial services, has increased in recent years thanks to the eruption of mobile money. Between its introduction in 2011 to date, more than 10 million accounts have been created far outstripping the banking sector’s numbers. As a result, according to a survey by the Financial Sector Deepening (FSD) financial inclusion in Uganda has risen to 88 percent in 2023 compared to 77 percent in five years ago. While that is encouraging, it is also true that mobile money currently mostly serves as a conduit for transfer of money, people receive money and cash it out. So while they are now in the formal financial system, they are underbanked or unbanked, not taking advantage of the financial sector services beyond transferring and receiving money. The reasons for these are many, not least of all that they have no history of trusting a third party with their money. We should not be surprised. For starters not all districts in Uganda have a bank branch, so access to the...

The Prime Minister Rt. Hon. Robinah Nabbanja has this morning flagged off the Ugandan participants to attend the 2024 Huawei Leadership, Employability, Advancement Possibility (LEAP) digital talent training in Shenzhen China.  Speaking at the flag off ce remony, the Prime Minister encouraged the participants to take advantage of the opportunity represent Uganda with the highest levels of patriotism, emerge victorious and contribute positively to the labor force. “Thank you, Huawei Technologies Uganda, for this initiative and your commitment to the technological advancement of Uganda over the years.” said the Prime Minister. As Huawei's flagship corporate social responsibility program, Leadership Employability Advancement Possibility (LEAP) program has been held consecutively since its first launch in 2016 in Uganda. Up to date, a total of 50 Ugandans have benefited from this program through physical trainings held in China, and another 162 beneficiaries have joined the program virt...

  The Uganda Development Bank (UDB) has convened a high-level meeting with key stakeholders on the sidelines of the 29th Conference of the Parties (COP 29) to foster partnerships aimed at mitigating climate change in Africa and integrating climate considerations into development finance. Led by the Bank’s Managing Director  Patricia Ojangole , the Climate Finance Breakfast Roundtable brought together a diverse group of participants from the sustainability and finance sectors, including government officials, financial institutions, and international organizations operating in Africa and other developing regions. During the high-level meeting, the panel underscored the urgent necessity of directing more financial resources towards climate-friendly projects. Speakers shared practical examples and strategies for financing green projects and highlighted opportunities for cooperation and co-investment. Ojangole emphasized that while developing nations like Uganda are on the frontlin...

  BY PAUL TENTENA As countries push for ambitious climate goals at the ongoing UN Climate Change Conference (UNFCCC COP 29) in the Azerbaijan capital, Baku, Uganda has revealed strategic plans of gradual decarbonising through an ambitious mix that is congruent to national, regional, and continental realities of energy poverty. This year’s UN climate powwow, which opened on Monday, November 11, is themed ‘'In Solidarity for a Green World’. Speaking at a fireside event on investing in Energy, Resilience and Nature in Africa, Energy Minister Ruth Nankabirwa highlighted Uganda’s strategic goal of becoming a regional energy supplier, supported by Uganda’s leadership in the establishment of the East African Power Pool. "As we work to increase energy access domestically, we will also leverage the power pool to export our excess electricity to neighbouring countries," Ms Nankabirwa said. The announcement builds on recent advances in Uganda's energy taxonomy, includi...