Standard chartered bank gives UGX450M to improve financial literacy

By Moses Kidandi
The Government has invested over three hundred and fifty billion shillings to towards youth empowerment across the country.The money channeled through the Banks will benefit  nine thousand youth this year.
The ministry of Gender Labour and Social Development Janet Mukwaya said that the government is investing more in house holds to enable the both the youth and families get out of poverty.
At a function organized by Standard Chartered Bank,Chief Executive officer of the bank handed over a cheque 420million to help with financial literacy and girl empowerment project.
The girl child empowerment fund is meant to help young girls become economically independent through the provision of Business start up kits and entrepreneurship skills.

The empowerment programme that started in 2017 has so far benefited over 250 girls across the country.

Goal is a spot for development programme that provides financial literacy and life skills training to adolescent girls.

Uber improves safety and security for its users

By Patricia Osman
Uber Uganda has announced its latest safety and security improvement, an Incident Response Team call-back line.
Aaron Tindiseega Uber Country Manager says they are always looking for ways to improve communication with their community adding that this updated support feature provides riders across the region with 24/7 access to discuss safety-related matters with Uber’s Global Incident Response Team.

MTN Uganda continues sensitization drive about easy load

By Wasswa Deo

MTN Uganda has reached upto 80% of its customers in the last two months while sensitizing as well as educating them how they are going to deal with the new systems of loading airtime without using scratch cards.

According to the Uganda communications commission, the airtime scratch cards will be out of market effective 31st July .

Addressing journalists at  the grand finale of Momo Nyabo promotion which has seen many of MTN clients winning lots of prizes including brand new cars, the MTN CEO, Wim Vanelleputte has noted that, the company is doing its best to ensure that it also covers the remaining 20% in this remaining period.

Veolia recycling garbage into electricity – By Gloria Nakiyimba

Garbage collection which is a massive menace in different cities in the country could be history if government and the private sector embrace recycling as opposed to dumping the refuse to keep the cities clean but also making money out of what seems to be a dirty job.
A visit to VEOLIA waste management and recycling company  site outside France’s   capital Paris was an eye opener that, when collected and recycled garbage can turn out to be a very lucrative . The privately owned company Veolia’s Plessis Gassot center is one of the biggest waste recycling and treatment center in Europe turning garbage into a money minting venture. According to Mr. Yann Fourreau   the site director, the Plessis Gassot center a former quarry site receives 3500 tons of waste materials every day.
The rubbish is recycled in systematic manner to produce electric energy from biogas which is distributed on the national grid. The Plessis Gassot center in the greater Paris region produces 130,000 MWh of electricity every year that is consumed by 41,200 households excluding heating. 400 trucks collect garbage from the entire municipality of Paris and delivered at the recycling plant on a daily basis
The non dangerous waste including news papers, plastics, tin cans metals, wood and glass are sorted and dumped in a huge pit  and covered with sand to avoid papers and plastics from flying away, The pit is lined with a black thick polythene. Tractors are then driven over the site to reduce the volume of the rubbish. The garbage is then buried 4 meters deep in the ground where it is left to decompose.
After decomposition pipes are fixed at the site to collect   the biogas which is transferred to another site where it is   distributed to the national greed. ” With that waste we produce biogas which is used to produce electricity which is injected in the French network” said Remi Bougarel, Development director Veolia Africa.
It is hard to smell any stench from the plant which Mr. Bougarel says it’s possible through treating waste.
 “ There are only three very small villages around the plant, we are far away from the Paris dense areas, even when some smell arise  in summer, we  use dedicated products to treat the waste and spray the area with perfume” he said
In Uganda Veolia is designing the Nakivubo Waste water treatment plant in Bugoloobi under the Lake Victoria Protection II Project.
Patrick Couznet VEOLIA CEO for Africa explains told  Capital radio reporter during a to visit to the company’s head office in Paris –France that this plant will treat waste water to ensure that there is no additional pollution of Lake Victoria from the Nakivubo channel and Kinawataka which are major sour of waste in Kampala.
In addition upon completion, the plant will also be treating sewage from Kampala “Currently sewage from many properties in Kampala finds its way to the Nakivubo channel and Victoria Lake without being treated” Mr. Couznet revealed. He named city sews and Nakivubo channel as the major sources of sewage Veolia a global leader in optimized resource managements employs more than 200,000 employees worldwide.  It designs and provides water, water, and energy management solutions for sustainable development of communities and industries.
BY Gloria Nakiyimba

Standard Chartered Bank named best performing commercial bank

By Moses  Kidandi
Governor Bank of Uganda Emmanuel Tumusiime Mutebile has recognized Standard Chartered (StanChart) Bank Uganda as the Best Performing Commercial Bank in Government Securities for the month of May 2018.
The award was handed out after the Governor’s monthly meeting with the Uganda Bankers’ Association (UBA) – an umbrella body for commercial banks operating in Uganda. Governor Mutebile congratulated the StanChart CEO, Albert Saltson, upon this performance.

Uber introduces new safety policy

By Patricia Osman
Uber has introduced a new hour’s policy for driver-partners across Sub-Saharan Africa, including Uganda to help enhance driver and passenger safety.
Aaron Tindiseega, Country Manager for Uber in Uganda says the new feature on the app prompts drivers to go offline for six straight hours after a total of 12 hours of driving time.
He adds that drivers who do not take long enough breaks will not be able to log into the app and take trips before that period expires.

Orient bank launches new mobile banking app

By Patricia Osman
Orient Bank Uganda Limited has a revolutionary mobile banking application, FastPay which allows convenient  account opening from wherever one is with just a mobile phone and a national ID.
 Speaking at the celebrations to mark the banks 25 years of banking, Bank of Uganda Governor Emmanuel Mutebile notes that to succeed in today’s competitive  environment Banks must harness the power of innovation in providing financial services needed by businesses.

Inflation subsides to 1.8% in April

By Edwin Muhumuza

Uganda’s inflation has dropped to 1.8% in the month of April  compared to  2% registered in the previous month of March.

The drop is attributed to reduction in prices of food crops especially fruits such as oranges. Others  include  maize flour, sugar, milk, and simsim.

According to the Uganda Bureau of Statistics,principal statistician,Vincent Musoke,a drop in  inflation does not mean prices have come down but rather the speed at which prices are rising is still slow. Musoke, clarifies that unless the drop is down into negatives then that is when you expect prices to come down.

‘’However it should be noted that this is a general measure .You find that some products, their prices come up while the others come down. When you put them together you get the correct figure of the annual inflation.’’

Uganda continues to grapple with increasing prices of some essential products amid proposed tax increases. Among them include, all types of fuel, cement, construction materials, spirits, social services and foods like Rice, Matooke, Onions, and Apples.

According to the Uganda Bureau of statistics,this trend will sharply determine the public’s consumption behaviour.

During the release of the consumer price index for the year ended April 2018,it was also noted that Arua registered the highest annual inflation of 3.9% though lower than 4.8% recorded for the year ended March 2018.The rise was mainly driven by annual inflation for housing, water, electricity, gas and other fuels .The second highest was Fort Portal,followed by Kampala High Income and then Mbale.

Economic Outlook

The growth outlook for 2018 is positive. Rebounding investment activity and healthy domestic demand fueled by accommodative monetary policy, are set to underpin GDP growth this year. In the medium term, economic activity should be buttressed by the sustained expansion of the agriculture sector and planned government investments in oil and gas production. Focus Economics panelists project growth of 5.7% in 2018, which is up 0.3 percentage points from last month’s forecast, and 5.9% in 2019.


Price fluctuation deters sugar sales at Kinyara

Kinyara Sugar Company Limited in Masindi district is stuck with more than 18000 tons of sugar because of distortions in the sugar prices in the country.

Kirunda Magoola, the Corporate Communications Manager Kinyara Sugar Limited, says the sugar stock has been piling since November last year.

He however, didn’t explain the source of the sugar being dumped on the matter. URN was unable to independently verify the claims.

Last month, Masindi District Sugar Cane Growers Association Limited-MASGAL resolved not to supply sugar cane to Kinyara sugar limited accusing it of reducing cane prices from Shillings 141,000 to Shillings 100, 000.

Magoola explains that the price Kinyara is giving to farmers is not the final one but advance payment pending the completion of their negotiations with the sugar cane farmers

Sugar cane farmers in Masindi district have for long been pushing Kinyara Sugar Company to increase the cane price.

Last year, Kinyara Sugar Company increased the price of sugar cane from Shillings 78,000 to Shillings 141,000 a ton.

However, the price has been lowered to Shillings 100,000 due to the fluctuation of the price of sugar.

You can now save for your children’s education with ease

By Deo Wasswa

A parent spends between 10 to 14 million Uganda shilling on average to facilitate the education of three children on annual basis.
This is according to a simple research conducted by liberty Assurance in Kampala to provide the solution to the burden that parents are facing in meeting all costs of sustaining their children in schools.
Agatha Namara, the business Development manager at Liberty Assurance says following the survey, the company has developed the new product which was launched today dubbed ‘’SOMA PLAN’’ an education savings product that allows parents to save for their children’s education from as low as 50.000 Uganda shillings monthly.