Business

Kampala, Uganda | THE INDEPENDENT | Bank of Uganda has closed EFC Uganda Limited, a microfinance company due to poor financial standing. The action is based on Sections 72 (1) and 12 (1) (d) & (g) of the Microfinance Deposit-taking Institutions (MDI) Act, 2003 as amended. BOU’s decision which also places …

Jinja, Uganda | THE INDEPENDENT | Rwenzori Rare Metals Limited has finally been awarded a 21-year mining license to develop the Makuutu rare earth elements mining Project. Energy and Minerals Development Minister, Ruth Nankabirwa and the CEO of Rwenzori Rare Metals Limited, Warren Tregurtha exchanged signatures for the projects whose mining …

Kampala, Uganda | THE INDEPENDENT | Airtel Africa plc has announced the retirement of the Chief Executive Officer, Olusegun “Segun” Ogunsanya, with effect from July 1, 2024. Mr. Ogunsanya, who joined Airtel in 2012, ran the Nigeria Operations of the Telecommunications and Mobile Money Company for nine years before he was …

Emerging technologies are playing a crucial role in shaping the future of countries worldwide ANALYSIS | AGENCIES | Global Infrastructure and Services Company, NTT Limited, has announced its key technology predictions for 2024. NTT, Dimension Data’s parent company says as IT teams start planning, and organizstions adapt to 2023’s biggest disruptor …

Kampala, Uganda | JULIUS BUSINGE | The Institute of Certified Public Accountants of Uganda has released the November 2023 examination results that had three diets in the year 2023 – in May, August, and November, running at seven examination centres across the country. The courses examined were Accounting Technicians Diploma (ATD), …

Bank of Uganda projects the economy to grow at 6% in FY2023/24 up from 5.2% a year before Kampala, Uganda | ISAAC KHISA | Uganda’s consumers recorded a 7.8% increase in borrowings for the three months to October, while lenders’ approval rate for loans in value terms decreased since July 2023, …

Kampala, Uganda | THE INDEPENDENT |  Renowned Nigerian artist, Ric Hassani, took the stage by storm at the Shonale show held at the Lugogo Hockey Grounds on Saturday night, with I&M Bank as the event sponsor. The anticipation leading up to the festival was met with excitement, and Ric Hassani …

Kampala, Uganda | THE INDEPENDENT | Greater customer numbers during December fed through to higher new orders and business activity as the headline monthly Stanbic Purchasing Managers Index (PMI) rose to 54.8 from 53.4 in November, the lender said on Jan.10. This was the highest reading since June 2023 and above …

Kampala, Uganda | THE INDEPENDENT | Microsoft has announced the biggest change to its keyboards in three decades with the introduction of an artificial intelligence (AI) key, the BBC reported on Jan.04. The key will allow users to access Copilot, Microsoft’s AI tool, on new Windows 11 PCs. Microsoft is a …

The company’s financial performance for the fiscal year 2022/2023 demonstrated robust growth, with a remarkable 63% increase in revenue, reaching Shs343.7 billion Kampala, Uganda | JULIUS BUSINGE | State-owned Uganda Electricity Generation Company Limited (UEGCL) is poised for transformative growth and sustainability as it implements its strategic plan for the period …