Author: Caroline Muriuki

The International Finance Corporation (IFC) and the Uganda Bankers Association (UBA) partnered to train financial institutions and small and medium-sized enterprises (SMEs) in Uganda.

The International Finance Corporation (IFC) noted that the training for 32 financial institutions will equip them with knowledge, tools, and techniques to help them meet the current economic challenges.

About 500 SMEs will receive the six weeks online training which will help them navigate the challenges of lockdowns and reduced trade.

Also Read: Kenyan headquartered DPO Group to be acquired by Dubai based Network International for $288 Million

To help banks assess the impact of COVID-19 on their portfolio and support their risk mitigation, the webinar training for financial institutions include stress testing topics.

The SME webinars will cover topics such as accessing finance during crises, communicating with stakeholders, adjusting business plans, digital sales, marketing and promotion.

Early this year in March, IFC launched an $8 …

The Green Cluster of SMEs in Côte d’Ivoire awarded the African Development Bank (AfDB) a prize for the best technical and financial partner committed to promoting the green economy and supporting small and medium-sized enterprises (SMEs) toward a low-carbon transition.

AFDB was awarded at the Green Awards, which was launched in 2019 under the sponsorship of the Ivorian Minister of the Environment and Sustainable Development Prof. Joseph Seka Seka, with support from Félix Miézan Anoblé, Côte d’Ivoire’s minister of trade, industry and promotion of small and medium-sized enterprises.

The Green Cluster organised a follow-up event, despite the pandemic to recognize the continuing importance of sustainable development, the green economy and other measures to fight climate change.

The award acknowledges the actors that have made a significant contribution to the development of green SMEs and the emergence of a sustainable low-carbon green economy resilient to climate change.

“As an innovative approach …

The Ghananian government officially handed over the headquarters of the African Continental Free Trade Area (AfCFTA) Secretariat to the African Union.

The ceremony which was held in Accra, Ghana was attended by Ghanaian President Nana Akufo-Addo, Moussa Faki Mahamat, African Union Commission Chairman and AfCFTA Secretary-General Wamkele Mene.

Ghana was selected as the venue for the headquarters by African leaders during a Summit of AU heads of states in July 2019, to launch the implementation phase of the African Continental Free Trade Area.

“The economic integration of Africa will lay strong foundations for an Africa beyond aid. Africa’s new sense of urgency and aspiration of true self-reliance will be amply demonstrated by today’s ceremony,” Akufo-Addo said.

He also appealed to 28 member states that have not ratified to do so before the next AU summit in December so as to pave the way for the smooth commencement of trading from …

MTN Group appoints Chief Financial Officer of MTN Group Ralph Mupita as the new CEO to take over from Rob Shuter as president and CEO who will take over on September 1.

“After a rigorous and extensive search process, we are pleased to have appointed someone of Ralph’s calibre, experience and ability to fill the group president and CEO position. Ralph’s experience as the group CFO, strong knowledge of our businesses and markets, as well as successful background in financial services, M&A and emerging markets, place him in an excellent position to lead the growth and sustainability of the business going forward,” said MTN Group chairman Jonas Mcebisi.

Since April 2017, Mupita has served as the MTN Group CFO and has played a critical role in the development and execution of the group’s strategy, financial performance, capital allocation processes as well as in the resolution of a number of complex …

RwandAir announced that it will resume flights to Africa with flights to Cotonou, Dar es Salaam, Nairobi, Lusaka, Libreville and Kilimanjaro as it gradually picks pace to shake off the challenges endured during the coronavirus pandemic.

Currently, Dubai is RwandAir’s only destination outside Africa but the airline has plans to resume flights to Tel Aviv, London and Guangzhou.

Kigali International Airport also receives flights departing for Brussels, Johannesburg, Dakar and to Addis Ababa, with connections to the United States via Ethiopian Airlines.

Since rebranding in 2009, the airline has not turned profitable despite consuming over $2 billion in public funds and loans.

Although it has expressed confidence that an increase in economic activity and tourism will spur it to profitability.

As other regional airlines begin to resume flights and many on the same route, RwandAir will have to brace itself for competition

Measures have been put in place for those …

MTN Uganda recorded a 9.1 per cent increase in net profit to about $120.47 million for the first six months of 2020, according to the company’s latest interim results.

According to the report, the strong performance of mobile money, data and digital income attributed to the performance.

MTN Uganda overall revenues grew by 7.6 per cent to about $244.97 million in the six months while data incomes saw a 30 per cent growth from about $34.84 million to about $45.45million.

The company’s mobile money which has been another cash source grew by 6.5 per cent to about $58.25 million as its active mobile money subscribers hit 7.4 million an increase from 7.3 million.

Meanwhile, its Voice revenues grew from about $124.67 million to about $128. 2 million as the company reported a 10 per cent growth in subscriber base to 13.2 million, up from 13 million last year.

The number …

The Mozambique business sector reported a loss of $453 million in the first half of 2020 due to the pandemic of COVID-19, the Confederation of Economic Associations of Mozambique (CTA) said.

The Confederation of Economic Associations of Mozambique (CTA) warned that depending on the evolution of the pandemic and of the economic dynamics in the second half of the year, the situation could worsen. The business lost revenue could rise to 951 million dollars, equivalent to about seven per cent of Mozambique’s Gross Domestic Product.

Presenting a report on the impact of the pandemic in Maputo, the CTA’s acting chairperson, Alvaro Massinga, said that the level of economic activity fell by about 65 per cent in the first half of this year. The hotel and tourism industry were most affected by their level of activity shrinking by more than 75 per cent.

The report also showed that companies were forced …

Uganda’s export earnings increased for a second consecutive month to $ 337.19 million in June 2020 from $290.93 million in May 2020, as the country tries to overcome the effects of the recent lock-down as a measure to curb the spread of COVID-19.

Imports value also increased to $ 543.6 million in June from $ 435.6 million in May 2020 this is according to the July 2020 performance of the Economy report.

According to the report, as the country continued to ease measures put in place to prevent the proliferation of COVID19, there was an improvement in economic activity and international trade.

The report also indicated that the Uganda shilling continued to strengthen against the US Dollar in July 2020, registering an appreciation of 0.9 per cent on account of increased inflows amidst subdued demand.

Also Read: Kenya’s exports surpass pandemic expectations for regional trade

Due to an increase in …

Uganda’s Umeme saw its profit fall by 64 per cent in the first six months of 2020 due to low demand for electricity and payments during the coronavirus lockdown.

Umeme said in its half-year financials that the company’s profits had dropped to about $6 million in the six months to June 2020 from $16.7 million earned in the same period in 2019.

As business and economic activities in Uganda shutdown on government restrictions between March and June 2020, power demand also dropped. The power distributor said that in April when the government instituted a full lockdown, the demand fell to as low as 29 per cent, while energy losses increased to 17.4 per cent compared to 16.9 per cent for the same period in 2019.

“Our field loss reduction activities had to be drastically scaled back during the lockdown period where we recorded a spike in commercial losses,” said Umeme …

Equity Group Holdings Plc has completed the acquisition of a majority stake in the Congolese lender Banque Commerciale Du Congo (BCDC) at a discounted price of $95 million after getting a 10 per cent discount.

Last year September, Equity bank announced it had agreed with the George Arthur Forrest and family a major shareholder to acquire all its 625,354 shares which is 66.53 per cent owned by the Belgian entrepreneur at a cost of $105 million with the dividend price per share of $167.9.

In a bank’s statement, it said the takeover is now complete making it the second-largest commercial bank in the Democratic Republic of Congo (DRC).

George Arthur Forrest and family was the majority shareholder owning 66.53 per cent, the government of the Democratic Republic of Congo (25.53 per cent), while the remaining 7.94 per cent shares are owned by other minority shareholders.

Equity Bank has more than …