East African Business Notifier

  BY PAUL TENTENA Uganda’s Principal Judge Flavian Zeija has advised bankers through their umbrella body Uganda Bankers Association to flag and publish widely all suspected fraudsters in their sector, which he believes will help curb financial fraud. Zeija, who was discussing the topic ‘Strengthening Legal and Enforcement measures to fight fraud’ during the Second Financial Fraud Forum in Kampala said to fight financial fraud, all banks and financial institutions must unify their efforts. “Since you have the Know Your Customer Strategy, you should have the Know Your Staff Mechanism and flag all fraudsters in your industry,” said Zeija at the Forum that ran under the theme of ‘Collaboration against fraud targeted at the Banking and Payment Services Ecosystem.’ According to a survey that was conducted by the Uganda Bankers Association and VISA, loan related fraud was the biggest type of fraud they recorded in June at 46.5% while in March this year, card related fraud, digital...

The 3rd Canada-Africa Business Conference is set to take place this October from 15-16 in Harare, Zimbabwe. The two-day program will once again convene leading decision makers to accelerate Canada-Africa trade and investment, through this world-class networking and information-sharing forum. Members and guests of The Canada-Africa Chamber of Business are invited to the Canada-Africa Business Conference in Harare. The two-day program will once again convene leading decision makers to accelerate Canada-Africa trade and investment, through this world-class networking and information-sharing forum. The most recent Canada-Africa Business Conference  in Nairobi, this past February, was described as a 'great success'   in Canada's Parliament, and was followed by the inaugural Canada-US Forum for African Partnerships   in Washington, DC in May. Sectors on the upcoming program in Zimbabwe include energy, mining, ICT and education. In addition to these sectors, the Zimbab...

Uganda Development Bank Ltd (UDB), has  announced its 2023 annual performance, highlighting its continued pivotal role in fostering economic resilience and sustainable growth across key sectors of the economy. UDB's net loans expanded to  UGX1.47 Trillion   in 2023, reflecting robust support to the private sector. The Bank strengthened its commitment to providing affordable and patient capital, achieving significant milestones amidst economic challenges. The results, released during the Annual General Meeting held at the Ministry of Finance, Planning, and Economic Development, reflect a sustained effort to facilitate economic recovery. The meeting was attended by the Bank's shareholders, the Finance Minister, Hon. Matia Kasaija, and the Minister of State Planning, Hon. Amos Lugoloobi, who was appointed proxy to represent the Minister of State for Privatization and Investment, Hon. Evelyn Anite. Also in attendance were officials from the Office of the Auditor-General and t...

  BY PAUL TENTENA Hamidu Musafari, is a truck driver working with one of Uganda’s leading milk processors. He says that he has been rendered idle because he can’t cross to Kenya to take milk as Kenya, that used to give each milk processor permits for 5 trucks a day through the Kenyan border , right now, very few milk trucks are cleared. “Initially, each milk processor would get permits for 5 trucks a day through the Kenyan border although right now, only a few trucks can be cleared for an entire week . “ As a truck driver, I have been rendered idle because most times, am seated for close to a week waiting for the permits clearance before milk products can be loaded onto my truck from the factories , ” he says. According to Francis Kisirinya, the Deputy Executive Director of Private Sector Foundation Uganda, countries within the East African Community and the region at large are using the not yet harmonized standards for some of the goods as a technical barrier to tr...

As the famous saying goes, “A journey of 1,000 miles begins with one step”, well, the banking sector has had an interesting one, it has had to traverse miles to finally reach the digital banking era we are all enjoying with ease today. Imagine having to move with a passbook where your banking records are kept with the aid of a banking officer, well this would not be a scenario that a Gen Z would want to be part of as they prefer real-time activity thanks to the 21 st  Century technological advancements because one can open an online account and the onboarding process can be independently conducted without stepping into a banking hall. Not having to walk to the bank would be an ideal plot for our young population who are tech savvy, hence, filling the digital banking puzzle couldn't be more interesting at such a time where one can remotely open a bank account within a few minutes. Today, people crave convenience in everything they do. Whether it is shopping, paying bills, ordering l...

On July 18th, 2024, during the hottest month of the year   globally, 350Africa.org   and partners launched REPower Afrika—an ambitious campaign uniting regional community renewable   energy   projects   to   urge   financiers   and   governments   across   the   world   to   prioritize   and increase investments in affordable, reliable and clean energy. Africa is disproportionately bearing the brunt of climate change, with 17 out of the 20 countries most threatened by climate impacts located on the continent.  Recent severe weather events, including severe droughts   in Southern Africa and heavy rains   in Tanzania, Kenya, and Burundi have caused food shortages, fatalities, and displacement. Despite these alarming trends, plans to expand fossil fuel infrastructure, like the East African Crude Oil Pipeline (EACOP), continue to threaten both people and the planet. The   REPower   Afrika ...