A business based magazine that brings you the latest authoritative and usable business news, appealing stories & impactful blogs from Uganda, the EAC region and beyond.
MTN Uganda in partnership with the World Wide Fund for Nature (WWF), has launched the Pachi Panda Innovation Challenge, a programme aimed at supporting young people to develop business ideas that address food, energy and water security challenges in the country.
The initiative, first introduced in Zambia in 2022 and later expanded to Cameroon, Nigeria and South Africa, encourages youth-led start-ups and small enterprises to pitch sustainable solutions to climate and environmental challenges. Uganda’s entry marks the 5th African market to adopt the scheme.
Speaking at the signing event of the memorandum of understanding in Kampala, MTN Uganda CEO Sylvia Mulinge urged young people with innovative solutions to take advantage of the initiative.
“The connected life we aspire to offer is only possible on a planet that is healthy, sustainable, and protected for future generations,” MTN Uganda CEO Sylvia Mulinge said.
“With the Pachi Panda Challenge, we are calling on young Ugandans to step forward with innovative solutions that will help us Plant, Protect and Provide for generations to come.”
Uganda, like much of Africa, faces rising climate pressures, resource scarcity and food insecurity, challenges that are increasingly shaped by the food-energy-water nexus. Agriculture remains the country’s largest employer but is vulnerable to erratic rainfall and prolonged droughts.
MTN Uganda said its support for the initiative aligns with the government’s Vision 2040 development framework, which prioritises sustainable industrialisation, environmental protection and inclusive economic growth.
It also contributes to the United Nations Sustainable Development Goals, particularly SDG 2 (Zero Hunger), SDG 7 (Affordable and Clean Energy), SDG 13 (Climate Action), and SDG 17 (Partnerships for the Goals).
The 2025 competition is open to youth aged 18 to 35, university students, and youth-led SMEs. Winners will receive cash prizes of $5,000, $3,000 and $2,000, along with incubation and mentorship support. Top performers will advance to the continental finals due in early 2026.
“The climate crisis is a present danger affecting everyone. We however believe that the most effective solutions come from those who will inherit the planet.” said Ivan Tumuhimbise the country director of WWF Uganda.
Applications can be submitted online before November 30 through the official Pachi Panda Challenge portal at: https://www.mtn.com/pachipanda-challenge/.
MTN MoMo Uganda has today announced the launch of its latest promotion, ‘Power to Win,’ a customer reward initiative designed to celebrate and reward MoMo users across the country.
The promotion was unveiled yesterday at the Akamwesi Mall in Kyebando, as part of the broader ‘Power to Be More’ campaign, with the first winner, whose name has been withheld at their request, receiving UGX 10 million during the launch event.
Through ‘Power to Win,’ customers stand a chance to take home UGX 10 million every week by simply using MoMo to Pay, Borrow, and Invest. The more customers transact using MoMo, the greater their chances of being selected as winners.
Every week, one lucky customer will be rewarded, with official handover ceremonies taking place in different regions across Uganda to ensure nationwide participation.
Speaking at the launch, Richard Yego, CEO of MTN MoMo Uganda, said: “The Power to Be More campaign is about giving every Ugandan access to the tools that help them do more, achieve more, and become more. With ‘Power to Win,’ we are extending that promise by rewarding our customers in a life changing way.
This promotion is not just about prizes, but about showing how using MoMo every day can unlock opportunities, transform lives, and empower progress across the country.”
Echoing this, Jemima Kariuki, Chief Products Officer of MTN MoMo Uganda, added:
“We are excited to bring our customers the Power to Win as a fun and aspirational way to encourage customers to fully experience the full suite of MoMo services.
Whether you are paying bills, borrowing to seize an opportunity, or investing for the future, every transaction gives you more chances to win UGX 10 million. This campaign is about putting the power directly in the hands of our customers and celebrating their everyday use of MoMo.”
The Power to Win promotion will run nationwide until the end of the year, with weekly winners announced and celebrated in their communities.
By rewarding customers for their engagement, MTN MoMo continues to drive financial inclusion and demonstrate its commitment to empowering Ugandans with the power to do more and become more.
Currently the leading fintech in Uganda, MTN Mobile Money (U) Limited (MTN MoMo) is a 100% subsidiary of MTN Uganda Limited, providing services to over 13.6 million customers using safe, secure and trusted virtual mobile money wallet services, person-to-person money transfer, utility payments, MoMo Pay, school fees payment, savings and loans and many other financial services using a mobile phone.
The Government has taken a major step toward modernising its transport infrastructure by setting aside cash to ensure that the long-awaited Standard Gauge Railway (SGR) project moves from the planning stage to implementation.
Euro 75 million (approximately UGX 382 billion) has now been released to kick-start preliminary works, signalling renewed momentum for the transformative project. The other financing is expected to come as credit from both local and international lenders.
Perez Wamburu, the SGR Project Coordinator, confirmed that the funds would support early works under the “limited notice to proceed,” enabling the government to begin the groundwork along the 273-kilometre corridor connecting Malaba to Kampala.
“A total of 75 million Euros has been set aside for the works to begin. Because construction is commencing, we have also procured a competent consulting company to supervise this complex project,” Wamburu told journalists at a press briefing in Kampala.
The consulting firm, SSF Joint Venture, is partnering with a Ugandan company, PE Consultants, to oversee the operations of the Turkish contractor, Yapi Merkezi. Preliminary surveys, including both ground and aerial inspections, are already underway, while extensive soil investigations are guiding the engineering design.
These initial activities are critical to ensuring the railway meets international standards and remains resilient under heavy freight and passenger loads, according to Wamburu.
Construction activities are ramping up as the contractor establishes a major workers’ camp in Iyanga and procures equipment, including a dedicated factory for producing concrete sleepers, which are essential components for railway tracks.
The project worth Euro 2.7 billion (UGX13.8 trillion), is expected to be completed within four years, after which it will be handed over to Uganda Railways Corporation for operation and maintenance.
Given that the SGR project is a regional initiative, for Uganda, it’s a case of 'better late than never,' as our regional counterparts Kenya and Tanzania are already operating their SGR.
Approximately 1,120 kilometers of SGR are operational in both countries, with an additional 1,100 kilometers under construction in Tanzania, which is currently operating East Africa's first fully electrified SGR system - connecting Dar es Salaam to Dodoma.
Currently, a truck takes 4-5 days to travel from Mombasa to Kampala, but the SGR would slash the travel time to less than 12 hours. The government has scheduled a National Content Symposium due on August 29, to ensure Ugandan companies and professionals are meaningfully involved in the project.
Wamburu emphasized, “This is a Ugandan project, and we want Ugandans to benefit not only from improved transport but also from business and employment opportunities during construction.”
The SGR is expected to create thousands of direct and indirect jobs throughout the construction phase, spanning engineering, logistics, manufacturing, and professional services. Local contractors, suppliers, and labourers are anticipated to benefit from contracts, materials procurement, and training opportunities, boosting income generation and skill development within the country.
When operational, the railway will revolutionize the movement of goods and passengers. By providing a faster and more cost-effective alternative to road transport, the SGR is projected to reduce transit times between Uganda and the coastal port of Mombasa by more than 50 percent.
This efficiency will lower transport costs for exporters and importers, enhancing Uganda’s trade competitiveness in the East African region.
In addition, the railway is expected to ease pressure on the land-locked country’s road network, reducing congestion, vehicle wear, and maintenance costs, while improving road safety, in addition to supporting environmental sustainability by shifting freight transport from road to rail, thus lowering carbon emissions and road accidents.
Uganda’s economy is projected to grow by at least 7.0% in the Financial Year 2025/26, with expectations of reaching double-digit growth in the medium term as the country commences commercial oil and gas production, according to the Finance Ministry.
The Government is banking on the Ten-fold Growth Strategy, anchored on four priority sectors: agro-industrialization, tourism development, mineral-based industrialization, and science, technology and innovation including ICT and the creative industry, to drive this transformation.
Speaking at a press briefing in Kampala yesterday, Matia Kasaija,the Minister of Finance, Planning and Economic Development, said the government is already laying a strong foundation for this shift.
“Uganda’s economy remains robust, supported by stable inflation, a stronger shilling, growing economic activity, and increased private sector credit growth. Going forward, our Ten-fold Growth Strategy will propel this economy from the current US Dollar 61 billion to US Dollar 500 billion over the next fifteen years,” he said.
Fiscal performance has remained strong, with revenues surpassing targets. In FY2024/25, domestic revenues amounted to UGX32.08 trillion, above the planned target of UGX 31.98 trillion – thus posting a surplus of UGX 96.69 billion.
At the start of FY2025/26, revenues and grants collected in July 2025 totalled UGX2.54 trillion, higher than the projected UGX2.46 trillion. The surplus was largely driven by an unplanned receipt of grants worth UGX168.21 billion, signalling improved fiscal space for government programs.
Kasaija noted that Uganda’s export profile continues to diversify as the economy reduces its dependence on coffee. By June 2025, coffee’s share in total merchandise exports had fallen from a high of 75.6% in 1995 to about 21%. Gold has now become Uganda’s leading export, contributing almost 40% of total merchandise exports in 2024.
Other major exports include cocoa beans (5.8%), base metals and products (2%), and sugar at 1.9%. In the twelve months to June 2025, merchandise exports surged by 64.3% to USD1.15 billion, up from USD702.5 million a year earlier. Imports also rose significantly, growing by 50.7% from USD947.4 million to USD1.43 billion - reflecting increased industrial demand and investment inflows.
The services sector has continued to post impressive growth, with tourism inflows growing to USD1.52 billion in the 12 months March 2025, compared to USD1.36 billion in the previous period. This growth has been supported by sustained peace, investments in tourism infrastructure, and improved competitiveness of Uganda’s tourism industry, particularly through Uganda Airlines’ expanding international routes.
Investment flows also point to a strengthening economy. Foreign Direct Investment rose to USD3.3 billion in 2024, up from about USD3 billion in 2023, largely driven by oil and gas sector developments and broader economic competitiveness. Remittances remained a reliable source of foreign exchange, totalling USD1.4 billion in 2024.
The Ugandan shilling has also maintained remarkable stability, appreciating by 0.5% , with the International Monetary Fund’s International Financial Statistics Division ranking the Uganda Shilling the most stable currency in Africa, further strengthening investor confidence.
Private sector credit has expanded by 7.5%, reflecting renewed business optimism and growth in economic activity.
“We have laid a clear foundation. With oil and gas production starting soon, coupled with our Ten-fold Growth Strategy, Uganda is firmly on course to becoming a US Dollar 500 billion economy by 2040,” Kasaija said.
The State Minister for ICT and National Guidance, Hon. Godfrey Baluku Kabyanga, has paid glowing tribute to MTN Uganda over the remarkable milestones it has achieved towards ensuring sustainable development in the country.
Speaking at the launch of the company’s inaugural Sustainability Report 2024, Kabyanga commended the company for producing a report that goes beyond mere numbers to “setting a standard of accountability and transparency that government would like to see across all sectors.”
“It provides a mirror, showing where progress has been made and where more effort is still needed,” he added.
The launch of the report marks a significant milestone in the company’s evolution from a telecommunications provider to a catalyst for sustainable national development.
The report details achievements in environmental stewardship, digital and financial inclusion, building sustainable societies, and economic value creation, while also outlining MTN Uganda’s long-term ambition for 2030.
Board Chairman Charles Mbire stressed that sustainability lies at the heart of MTN Uganda’s long-term vision.
“This report is more than a set of numbers. It is a reflection of the lives we touch, the communities we uplift, and the future we are helping to build,” Mbire said. “As we grow, we remain committed to doing so responsibly - creating shared value for our stakeholders and for Uganda.”
The report highlights several milestones achieved in 2024. On environmental stewardship, renewable energy solutions were deployed across 538 base station sites, resulting in a 58.4% reduction in Scope 1 and 2 emissions, far exceeding the year’s targets. This transition contributes to cleaner air, healthier communities, and alignment with Uganda’s climate goals.
In digital and financial inclusion, MTN expanded its 4G coverage to 87.9% and grew 5G coverage from 0.3% to 15.3%. The fibre network increased from 12,072 kilometres in 2023 to 17,774 kilometres in 2024, while data subscribers rose from 8.2 million to 10 million.
CEO Sylvia Mulinge described the report as a reflection of MTN Uganda’s purpose-driven business model. “True success is measured not only in financial performance, but also in the lives we touch, the environment we protect, and the opportunities we create for the next generation,” she said. “Our growth matters only if it creates meaningful benefits for the communities we serve. That is why sustainability is at the heart of everything we do.”
The commitment to building sustainable societies was reflected in the company’s UGX4.6 billion investment in community projects. The MTN Foundation supported over 16,000 learners through 35 ICT Resource Centres, trained nearly 4,800 young people in digital literacy, and expanded outreach through the Internet Bus initiative. Workforce diversity also improved, with women representing 51% of the company’s employees and 38% of its senior management positions.
Economic value creation was another key achievement. Local supplier spending increased to UGX980.2 billion, with 72% retained within Uganda, while spending with women-owned businesses nearly doubled to UGX73.6 billion. The company contributed UGX1.27 trillion in taxes and supported over 300,000 indirect jobs nationwide, translating its business growth into tangible societal benefits.
General Manager Corporate Services, Enid Edroma, said whereas they are proud of the milestones so far achieved, more still has to be done.
“Sustainability is a continuous journey. This report helps us measure progress and hold ourselves accountable as we strive to deepen inclusion, reduce emissions further, and expand opportunities for all Ugandans,” he said.
Looking ahead, MTN Uganda reaffirmed its commitment to strengthening environmental, social, and governance (ESG) standards, with the aim of achieving integrated sustainability excellence by 2030, while driving progress in line with Uganda’s Vision 2040 and the United Nations Sustainable Development Goals (SDGs).
Africa is poised for substantial growth in its refining capacity, set to add 1.2 million barrels per day (bpd) by 2030, which OPEC identifies as one of the fastest downstream expansions globally.
According to the 2025 OPEC World Oil Outlook, this growth is being spearheaded by large-scale projects, with Nigeria's 650,000 bpd Dangote Refinery at the forefront. Other key projects are in Angola (Lobito and Soyo Refineries) and Uganda (Hoima facility), as well as modular refineries in other countries like Ghana, Guinea-Conakry, and the DR Congo. potentially reshaping the continent’s energy independence and investment appeal.
Since starting operations in 2024, the Dangote Refinery has begun to shift regional fuel trade dynamics. Nigeria is also home to the 200,000-bpd Akwa Ibom Refinery.
Set to become a petroleum products producer in her own right, Uganda is advancing with a 60,000-bpd facility in Hoima, as part of the Lake Albert basin development.
OPEC projects that Africa's domestic crude consumption will nearly triple, rising from 1.8 million bpd in 2024 to 4.5 million bpd by 2050. This is the primary driver for the increased refining capacity and reflects a push to meet internal energy demand.
Meanwhile, modular refineries in Ghana, Guinea-Conakry, the Republic of Congo, and additional sites in Nigeria are addressing infrastructure and financing challenges with scalable solutions. In North Africa, Algeria, Libya, and Egypt are advancing projects to improve margins, enhance domestic supply security, and reduce reliance on refined imports.
To meet its objectives, the report says Africa will need over $40 billion in refining investments by 2030, with an additional $60+ billion required for new construction, modernization, and upgrades beyond that date. This totals a projected investment need of $100 billion through 2050.
With most global refinery additions happening in Asia-Pacific, Africa, and the Middle East, Africa is emerging as a high-growth area, the report adds.
According to the Outlook, this refining expansion represents a turning point for Africa, allowing the continent to move beyond being a raw crude exporter and become a more competitive, resilient, and integrated energy producer.
The 2025 African Energy Week (AEW) in Cape Town will be a crucial event for aligning refinery projects, policy incentives, and investment opportunities.
As domestic crude consumption is expected to rise to 4.5 million bpd by 2050 from 1.8 million bpd in 2024, Africa’s crude exports will likely decrease by over one million bpd by 2050, underscoring a shift towards internal value chains.
Africa’s refining expansion represents both a technical and strategic turning point. By capitalising on this momentum, the continent can transition from a raw crude exporter to a competitive, integrated energy producer.
With $100 billion in projected investment needs through 2050, now is the time to focus on Africa’s downstream sector.
MTN Uganda, through its exclusive loyalty program MTN Prestige, has partnered with Turkish Airlines to launch an exciting new campaign, “Fly Prestige with Turkish Airlines,” offering loyal customers the chance to win free round-trip air tickets to destinations across the globe.
The campaign, which will run for a year, is designed to celebrate and reward MTN Prestige’s high-value customers by giving them access to exceptional travel experiences.
MTN Prestige has long been committed to elevating the customer journey by offering benefits that go beyond traditional loyalty points. This partnership with Turkish Airlines reinforces MTN’s promise to deliver superior service excellence while rewarding its valued customers in a way that is both memorable and meaningful.
Speaking at the launch, Sylvia Elsheikh, MTN Uganda’s Chief Marketing Officer, said, “MTN Prestige is about creating extraordinary moments for our customers. This campaign is a testament to our commitment to offering benefits that truly matter, from exclusive discounts and lifestyle experiences to now opening doors to the world through travel.
Together, our partnership with Turkish Airlines is unstoppable, enabling us to give our high-value customers an opportunity to unlock their next adventure and enjoy unparalleled travel privileges.”
The “Fly Prestige with Turkish Airlines” campaign is open to all MTN Uganda prepaid customers aged 18 years and above who are on the MTN Prestige profile. Customers can join MTN Prestige by dialing *180#, then purchase any Prestige Combo bundle, including data, voice, or a custom bundle, via the My MTN App or USSD *180*21#. Every purchase made during the campaign period automatically enters the customer into a draw to win one of the coveted prizes.
Only customers who have been active MTN subscribers for at least three months are eligible, and each customer is limited to one entry per month regardless of the number of combos purchased.
Every month, one winner will be randomly selected to receive a round-trip economy ticket to any Turkish Airlines destination of their choice. The ticket covers airfare and associated taxes for the selected route and remains valid for travel for one year from the date of issue.
However, the prize does not include expenses such as visas, travel insurance, accommodation, airport transfers, or meals, which will be the responsibility of the winner. Once a booking is confirmed with Turkish Airlines, travel dates and destinations will remain fixed. The tickets are non-transferable and cannot be exchanged for cash or alternative prizes.
Winners will be contacted directly by MTN Uganda through its official call center number, 0312120000. If a winner does not respond within three business days, the prize will be forfeited and another winner will be selected.
Turkish Airlines’ Country Manager for Uganda, Ali Ozdemir, expressed enthusiasm for the collaboration, stating, “Turkish Airlines is proud to partner with MTN Uganda in this exciting initiative.
With our extensive network covering over 131 countries and 353 destinations in Africa, Europe, North and South America, and Asia via Istanbul, we are delighted to offer MTN Prestige customers the chance to experience world-class travel and discover new destinations.”
The launch of "Fly Prestige with Turkish Airlines" is in line with MTN Uganda's Ambition 2025 strategy to deliver leading digital and lifestyle services, reflecting our ongoing mission to deepen customer relationships, enrich lives, and create memorable experiences.
By combining Turkish Airlines' global reach with MTN Prestige's loyalty benefits, this campaign offers customers a chance to explore the world while experiencing unmatched value and service.
M-KOPA, a leading fintech company, has officially launched an innovative smartphone offering that combines premium digital access with built-in financial services such as health insurance for low-income earners.
The initiative, dubbed ‘More than a Phone,’ represent a fundamental shift in how devices drive financial inclusion across Africa.
Unlike traditional smartphones that simply connect users to the internet, M-KOPA's devices are embedded with health insurance, affordable credit, and device protection.
Company officials told journalists at a briefing in Kampala on Thursday that with an M-KOPA smartphone, customers can transform their financial circumstances by expanding their income generation opportunities and accessing essential insurance services.
"Our goal has always been to deliver more than just access to technology. We want to unlock real, tangible progress in the lives of our customers," said Brendah Nambalirwa Tzadok, the General Manager.
"By bundling health insurance and device protection into every smartphone loan, we're helping Every Day Earners in Uganda stay connected, safe, and productive."
For Ugandans earning a daily income, owning a quality smartphone often comes with challenges such as high upfront costs and costly repairs.
M-KOPA is changing this with flexible daily payment plans that mirror natural income flows, ensuring that more people can participate in an increasingly digital economy.
In a smartphone market where affordability alone is no longer enough, "More Than a Phone" sets M-KOPA apart by delivering real added value through bundled benefits.
Each phone includes free hospital insurance and screen repair support, transforming an ordinary purchase into a long-term investment in progress.
The M-KOPA hospital cover, provided in partnership with insurance technology company Turaco, includes free hospitalisation cover of up to UGX 750,000 per year, among other benefits.
"This is about recognising the realities our customers face. A cracked screen or unexpected medical bill shouldn't derail someone's progress," added Nambalirwa Tzadok.
"More Than a Phone is how we walk alongside our customers, every day."
Since entering the Ugandan market, M-KOPA has financed smartphones for hundreds of thousands of customers.
This supports the national goal of digital inclusion and inclusive economic growth.
By making essential technology more affordable and meaningful, M-KOPA continues to strengthen its role as a partner in Uganda's development journey.
The Bank of Uganda (BoU) has confirmed that the Ugandan Shilling has been on a consistent path of appreciation for the last 14 months, a development attributed to strong economic fundamentals rather than direct intervention by the Central bank.
Speaking in a televised address, BoU Governor Michael Atingi-Ego clarified that the Central bank has not intervened in the foreign exchange market since June 2022, when it last made a sale-side operation.
“The local currency has indeed appreciated for about 14 months. But let me clarify—the Bank of Uganda did not intervene during that period. Our last sale-side intervention was in June 2022,” Atingi-Ego said.
According to BoU data, the Shilling has gained more than 7% against the US Dollar in the past year, appreciating from an average of UGX 3,750 to the dollar in July 2023 to around UGX3,480 in August 2025.
This appreciation trend has made the Shilling one of the most stable currencies in Africa over the past year.
For example, over the past 12 months, the Nigerian Naira has depreciated to 1,535.68 Naira to the US dollar currently, down from 699 Naira exactly a year ago.
Atingi-Ego outlined several factors behind the Shilling’s strength. These include strong performance of key exports such as coffee and cocoa, with coffee export earnings rising to UGX 3.8 trillion ($1 billion) in the financial year 2023/24, up from UGX 2.9 trillion ($770 million) the previous year. Higher global coffee prices also contributed, coupled with growing demand in Europe and Asia.
Cocoa exports also rose by 22% year-on-year, contributing UGX450 billion ($120 million) in export earnings.
In addition, prudent monetary policy, reforms in the foreign exchange market, increased offshore investor participation in government securities, and a weaker US dollar globally have all played a role in supporting the shilling’s appreciation.
While a stronger currency has advantages such as lowering the cost of imports and helping to curb inflation, it also comes with challenges. Uganda’s headline inflation dropped to 3.2% in July 2025, down from 9.8% in mid-2022, partly due to cheaper imports of fuel, machinery, and consumer goods.
However, exporters are facing pressure as the stronger shilling means that small scale Ugandan exporters would get fewer shillings for their products sold in international markets.
Governor Atingi-Ego, however, cautioned against artificially weakening the currency to support exporters, warning that such measures would risk stoking inflation and raising interest rates.
“It is important to remember that the exchange rate is market-determined. Supporting exporters artificially would risk inflation and higher interest rates. Our focus is preserving stability without distorting the fundamentals,” he said.
Despite the challenges, the Central bank maintains that Uganda’s macroeconomic position remains strong.
Foreign exchange reserves stood at $4.3 billion (UGX 16.3 trillion) as of July 2025 - enough to cover more than 4.5 months of imports - while private sector credit growth has rebounded to 12% year-on-year, signalling rising business confidence.
The Governor is positive that indeed the appreciation of the shilling reflects confidence in Uganda’s economic outlook and provides a solid foundation for long-term growth. “The benefits of stability and strong fundamentals outweigh the risks of a weaker currency, laying the groundwork for sustainable economic growth,” he said.
President Yoweri Museveni has renewed his call for Uganda to break free from what he termed the “colonial curse” of exporting raw minerals, urging the establishment of a Mineral Wealth Fund that would convert the country’s gold and oil revenues into lasting infrastructure.
Museveni made the case on Monday while commissioning the Wagagai Gold Mining Project in Busia District, a $150 million (UGX 570 billion) refinery developed by China’s Liaoning Hongda Enterprise Group.
The state-of-the-art facility, which has already begun producing 99.99% pure gold, is expected to yield up to 1.2 tonnes annually and employ more than 5,000 Ugandans within ten years.
The President argued that Uganda must treat its mineral deposits as a springboard for industrialization, not a quick cash grab. “Gold is finite,” he told a crowd of government officials, investors, and local leaders. “But if we use its revenues to build railways, power stations, hospitals, and sports stadiums, those would remain long after the mines run dry.”
The proposed Mineral Wealth Fund, he explained, would ringfence income from gold, oil, and other extractives to finance long-term projects under Vision 2040. “As long as I am the President, no unprocessed minerals will leave Uganda. We must stop the mental bankruptcy of enriching others while our people remain poor,” he stressed.
Uganda has for decades exported semi-processed or raw minerals, losing out on higher returns that come with refining. Museveni illustrated the gap with figures: while unprocessed exports once fetched about UGX140 million per kilogram abroad, the Wagagai refinery now delivers up to UGX360 million locally through full purification.
This “value addition shift,” the President said, would mark Uganda’s escape from dependency on foreign refiners. His remarks echoed a long-standing government policy to restrict the export of unrefined gold and instead position Uganda as a regional hub for mineral processing.
Launched in 2019, Wagagai has transformed what was once a remote border area into a bustling industrial zone. General Manager Tan Jiuchang said the company has employed over 2,000 Ugandans to date, trained 700 in specialized mining skills, and invested nearly $1 million (UGX 3.8 billion) in community welfare projects.
“Over the next decade, we will invest an additional $100 million (UGX380 billion) to deepen extraction and expand refining capacity,” Tan said, noting that they plan to reach a depth of 600 meters by 2027 and 1,000 meters by 2035.
The refinery, he added, was built to meet strict environmental standards, producing gold bars that meet global benchmarks while minimizing ecological impact.
Energy and Mineral Development Minister Ruth Nankabirwa hailed Wagagai as “a cornerstone” of Uganda’s industrial transformation.
“With gold fetching $107,773 (UGX409 million) per kilogram, our exports last year generated $3.8 billion (UGX 14.4 trillion), more than coffee and fish combined. This refinery ensures that wealth remains here, creates thousands of jobs, and equips our youth with new skills,” she said.
Uganda’s deposits, estimated at 30 million tonnes of ore in Busia alone, plus vast reserves of iron ore, graphite, and rare earth elements position the country as a prospective mining powerhouse. Gold, Nankabirwa added, is no longer just for jewellery; it underpins electronics, medicine, aerospace technology, and Central bank reserves. The Bank of Uganda has already piloted gold purchases for reserve diversification, as part of a wider plan to leverage mineral wealth for financial stability.
Chinese Ambassador Zhang Lizhong, who attended the commissioning, framed the refinery as proof of China–Uganda cooperation under the Belt and Road Initiative. He noted that Wagagai contributes about $10 million (UGX38 billion) annually in taxes, while also stimulating agriculture, logistics, real estate, and tourism around Busia.
He cited China’s 2024 pledge of zero-tariff treatment for African exports, which has helped Uganda’s sales to China jump by 103% this year, with coffee and sesame leading the surge. Uganda–China trade overall grew to $953 million (UGX 3.6 trillion) in the first half of 2025, up nearly 33% from last year.
For Busia residents, the project represents both an economic lifeline and a chance for dignity in global trade. District Chairperson and artisanal miner Stephen Wasike Mugeni compared their past 86% purity production, worth about UGX220 million per kilogram, to Wagagai’s refined output. “The difference is massive. For the first time, our community can see the true value of the gold beneath our feet,” he said.
Every day, our service centres and call lines receive countless reports from customers who’ve fallen victim to fraud. People are tricked into sharing their PINs.
Others lured into clicking fake links. Money stolen on mobile money platforms. Identities compromised. These aren’t isolated cases; they’re happening across the country, and they’re growing in scale and sophistication.
But the effect is deeper than just lost funds, it is trust lost.
I’ve met people who refuse to use online banking or shop on the internet. Not because they don’t see the convenience, but because they’re afraid. They’ve witnessed too many stories of scams or been victims of fraud themselves.
This fear is quietly undermining Uganda’s digital agenda. Because no matter how advanced our platforms become, they can only thrive if people trust them enough to use them.
Cybercrime isn’t a future threat. It’s a present crisis. And if we don’t address it head-on, we risk stalling the very progress we’ve worked so hard to achieve.
I was recently part of the 5th Annual CEO Cybersecurity Breakfast hosted by the Uganda Communications Commission (UCC), the regulator of the telecommunications industry in Uganda. The theme, “The CEO’s strategic edge: Bridging past wins with future cyber visions,” was a reminder that cybersecurity is no longer a backroom technical issue. It’s a boardroom issue; a national priority; a personal responsibility.
Uganda’s digital economy is expanding rapidly. Fintech is booming. Mobile connectivity is everywhere. People can now pay bills, access credit, learn online, or consult doctors through their mobile phones. But as we digitize more of our services, we also increase our exposure to digital threats.
These threats are no longer simple website hacks or stolen passwords. We’re seeing AI-powered scams, deepfake impersonations, and sophisticated social engineering. It only takes one overlooked software update or one compromised vendor for an entire service to be brought down.
For sectors like telecom and fintech, which are the backbone of Uganda’s digital growth, this is a major risk. One breach on a mobile money system could affect millions of people. And once trust in digital systems is lost, it’s incredibly difficult to regain.
That’s why cybersecurity must be embedded into everything we do, not just IT operations, but product development, customer support, and corporate governance. Leaders must treat cybersecurity with the same urgency they give to finance, compliance, and risk.
More importantly, we can’t do it alone. Cyber threats don’t respect company boundaries. Hackers exploit weaknesses wherever they find them - whether it’s in a supplier, a partner platform, or a public network. This demands stronger cross-sector collaboration.
Government, telecoms, banks, fintechs, and startups must align under a shared, national cybersecurity strategy. We’ve seen good progress through public-private dialogues and some regulatory reforms, but we need a more coordinated, well-funded, and action-driven approach.
One of our most pressing challenges is talent. Uganda simply doesn’t have enough trained cybersecurity professionals. We need to invest heavily in local skills development, university programmes, professional certifications, mentorships, and industry-academia partnerships, to build a strong, future-ready cybersecurity workforce.
This is because the pace of technology won’t slow down. With 5G, AI, and digitised public services rolling out across the country, the threat landscape will only grow more complex. If we’re not proactive, we’ll be playing catch-up, and that’s a dangerous place to be. At the heart of it all is trust. People will only continue using digital platforms if they trust them. And trust is built on one foundation: security. Cybersecurity isn’t optional. It’s the infrastructure beneath our digital future. We need to invest in it, prioritize it, and protect it, because everything else depends on it.
The writer is the Chief Executive Officer at MTN Uganda
President Yoweri Kaguta Museveni has called on Egyptian investors to channel capital and entrepreneurship opportunities into Uganda, saying the two countries can transform their centuries-old River Nile connection into a powerful engine for economic growth.
Gen. Museveni was in Cairo, Egypt on a three-day working state visit at the invitation of his host and counterpart, H.E. Abdel Fattah El-Sisi, according to a press release from State House.
First to meet the President were Mr. Tamer Shafik and Mr. Gamal Farid of Orascom Construction, one of the largest construction companies in Africa and the Middle East. They presented proposals to ease traffic congestion in Kampala through modern transport systems, including light rail, elevated mono-rail, and underground metro lines.
“You are most welcome. Come to Uganda and we will discuss,” he told the delegation. “We are losing a lot of money in fuel in traffic without moving and poisoning the environment. The impact is not good, damaging the roads,” the President added.
Museveni also met Mr. Mohamed Mohamed Khalil El-Tahan, Chairman of El-Tahan International Food Industries, who praised Uganda as the safest country in East Africa.
His company, which produces cheese in Mbarara for export to the Middle East, Europe, and the USA, is interested in returning to expand operations and introduce new hot cheese products. He also proposed developing an agricultural and industrial city.
Speaking at the Egypt–Uganda Business Forum in Cairo alongside his host, H.E Abdel Fattah El-Sisi, President Museveni declared that his visit was driven by one overriding mission: attracting wealth.
The Egypt–Uganda Business Forum attracted about 200 participants under the theme: Strengthening Trade and Investment Cooperation between Uganda and Egypt. The high-level forum focused on Business-to-Business (B2B) engagements, Business-to-Government (B2G) dialogues, and the promotion of joint ventures and strategic partnerships.
“I could not come to Egypt without seeking wealth. Egypt and Uganda are linked by the Nile since time immemorial, but our trade is still too small, only $133 million. That does not match our relationship. What we lack, and what Egypt can help us get, is capital and entrepreneurship,” President Museveni said.
He explained that capital could come directly from Egyptian sources or through Egypt’s global networks, with the goal of injecting investment and business acumen into Uganda’s rapidly expanding economy.
The President highlighted Uganda’s economic progress, noting its recent move into the low middle-income bracket. “We are no longer among the least developed countries,” he said. “Our economic growth is the result of careful packaging of philosophy, ideology and the economy, but we need reinforcement. Just as investors from India and China have helped us, Egypt too can join in and benefit.”
He reminded business leaders of the basics of production — land, labour, capital, and entrepreneurship — noting that Uganda has abundant natural resources, fertile soils, fresh water, minerals, fisheries, and a growing labour force of 46 million people, projected to more than double in the next 25 years.
President Museveni stressed that production without a ready market leads to failure, recalling how Japan initially ignored Uganda’s offer to assemble vehicles locally, only for Uganda to now manufacture its own vehicles with imported lithium batteries. He underscored the importance of market access, linking it to Africa’s need for unity and integration.
President Museveni also thanked President El-Sisi for agreeing to establish a foot-and-mouth disease vaccine factory in Uganda.
President El-Sisi reaffirmed Egypt’s commitment to deepening trade and investment ties with Uganda, describing Uganda as a main partner in the Nile Basin.
Egypt’s Minister of Investment and Foreign Trade, Hassan El Khatib, echoed this, citing shared visions for prosperity and cooperation in agriculture, transformational industries, and infrastructure.
Uganda’s private sector continued its growth trajectory in July, with new orders and business activity maintaining strong momentum, according to the latest Stanbic Bank Purchasing Managers’ Index (PMI) report.
The headline PMI reading stood at 53.6 in July, down from 55.6 in June but comfortably above the 50.0 threshold that signals an improvement in business conditions. This marks the sixth consecutive month of private sector expansion, reflecting sustained economic resilience in the face of rising costs.
Christopher Legilisho, Economist at Stanbic Bank, said the latest data shows that businesses remain confident and active despite economic headwinds. “The Stanbic Bank PMI signalled further expansion in July amid healthy economic conditions in the private sector. The increase in new orders led to a rise in purchasing activity and a renewed increase in backlogs of work, the first since December,” he said.
The report highlighted that business activity and new sales continued to grow across all sectors, supported by strong client demand and successful acquisition of new customers. This growth was particularly notable in services, wholesale and retail, and agriculture, which all recorded robust performance.
Employment trends were also positive, with firms increasing their workforce to manage higher workloads. Both permanent and temporary hires rose, indicating short-term operational needs and longer-term growth expectations.
The manufacturing sector, however, was the only segment to register a decline in employment, suggesting sector-specific challenges such as competition from imports or higher production costs.
Input costs rose across the board in July, driven by higher wages, fuel prices, and utility bills. These increases prompted most businesses to raise their selling prices to protect profit margins.
The construction sector was an exception, where selling prices fell despite higher costs, possibly as a strategy to maintain competitiveness in a tight market.
While higher prices can put pressure on consumers, moderate inflation stemming from increased production costs often reflects a growing economy where demand supports upward price adjustments.
The survey also revealed that firms remain optimistic about future business conditions. Many anticipate that continued government investment in infrastructure, coupled with private sector initiatives, will drive strong growth in the coming months.
This optimism is underpinned by Uganda’s stable macroeconomic environment, ongoing improvements in electricity access, and a steady recovery in regional trade.
The PMI, compiled by S&P Global for Stanbic Bank, is based on responses from around 400 purchasing managers across agriculture, manufacturing, construction, wholesale and retail, and services.
It is a weighted average of five indices: new orders, output, employment, suppliers’ delivery times, and stock of purchases. A reading above 50.0 indicates an improvement in private sector conditions, while below 50.0 signals a deterioration.
The sustained PMI reading above 50.0 is a clear signal that Uganda’s private sector is not only recovering from past economic disruptions but also expanding at a healthy pace. This momentum has wide-reaching effects for the economy. More jobs are being created, increasing household incomes and supporting domestic consumption, which in turn boosts GDP growth. Continued improvement in business conditions sends a positive message to both local and international investors, encouraging new capital inflows into key sectors such as manufacturing, services, and agribusiness.
The Bank of Uganda (BoU) has maintained the Central Bank Rate (CBR) at 9.75%, a move that signals caution and confidence as the country navigates global economic uncertainty, geopolitical tensions and excess liquidity pressures during the electoral period.
The decision, announced following the Monetary Policy Committee’s (MPC) August meeting, reflects the Central bank’s effort to balance price stability with economic growth, while fostering socio-economic transformation.
Despite external challenges, including volatile commodity prices and geopolitical conflicts, Uganda’s macroeconomic performance in the fiscal year 2024/25 has shown resilience.
Inflation has remained within safe bounds, with annual headline inflation averaging 3.4% and core inflation at 3.9%, both comfortably below the BoU’s medium-term target of 5%. In July 2025, headline inflation declined further to 3.8%, largely due to easing prices in food crops and services.
The economy has grown by an estimated 6.3% in FY2024/25, slightly higher than the 6.1% recorded in the previous year. Growth has been driven by stable inflation, exchange rate steadiness, and government investment in infrastructure and the extractive sectors.
Strong coordination between fiscal and monetary policies has anchored investor confidence and supported economic stability even as the external environment remains challenging.
Looking ahead, the BoU projects that real GDP would grow between 6.0% and 6.5% in FY2025/26. This outlook is supported by increased agricultural production, higher capital inflows into the oil and mining sectors, and continued monetary prudence. Core inflation is expected to remain under control, forecast between 4.5% and 4.8%, aided by stable exchange rates, improved food availability, and favorable global oil prices.
Maintaining the CBR at 9.75% brings several important benefits. It provides predictability for investors and financial institutions, allowing for better medium-term planning.
Economist Darius Mugabi of Makerere University Business School noted that “the balance between growth and stability remains a central focus for Uganda’s economic future,” underscoring the importance of a consistent monetary stance, especially when domestic fundamentals are strong but external risks persist.
The decision also promotes stability in the financial sector by preventing abrupt changes in lending and deposit rates. This steadiness helps banks plan effectively and maintain liquidity, while shielding borrowers from volatility. It ensures that credit remains accessible without spurring inflation through excessive consumption.
Additionally, holding the rate steady allows for flexibility in responding to future developments. Should inflationary pressures rise or global economic conditions deteriorate, the central bank retains room to either tighten or ease its policy stance. The decision to hold, rather than adjust the rate prematurely, reflects prudent risk management in an unpredictable environment.
However, economist Dr. Fred Muhumuza of Makerere University, is concerned about the impact of elevated interest rates on credit availability. “The cost of credit remains a challenge for the private sector, especially small and medium enterprises,” he remarked earlier this year.
He warned that high borrowing costs and growing public debt could strain banks and limit access to financing, particularly for vulnerable sectors of the economy. His perspective adds a cautionary note, reminding policymakers to remain attentive to the transmission effects of monetary decisions.
This latest CBR announcement follows a period of deliberate policy adjustments. Earlier in the year, the BoU raised the rate from 9.0% to 10.25% in response to inflationary concerns, before bringing it down to 9.75% as price pressures eased.
According to Bank of Uganda Governor Michael Atingi-Ego, the current stance is appropriate for maintaining inflation expectations while supporting economic activity. He acknowledged ongoing risks such as adverse weather, global supply chain disruptions, and exchange rate volatility but affirmed the bank’s readiness to act as needed.
However, there is concern ahead of the campaign period for the February 2026 general elections, given that the highly commercialized electoral season always tends to flood the economy with excess liquidity, leading to inflationary pressures.
MTN Uganda has posted strong financial results for the six months ended June 30, with total revenue climbing soaring to UGX 1.7 trillion.
Speaking at a press briefing at their head office in Kampala yesterday, CEO Sylvia Mulinge said the Board had declared an interim dividend of UGX10.0 per share, amounting to UGX 223.8 billion, and payable on September 19.
“We are encouraged by the trust our customers continue to place in MTN,” she said, adding that the positive performance was driven by solid growth in data and fintech services, underpinned by sustained investment in digital infrastructure and a sharper focus on customer experience.
Data revenue surged 31.3% to UGX 490.2 billion, supported by increased internet adoption and expanded high-speed coverage. Fintech revenue also recorded impressive growth, rising 18.6% to UGX 524.6 billion, reflecting the growing popularity of mobile financial services.
Voice revenue remained largely stable, edging up 0.4% year-on-year to UGX 629 billion, a sign of resilience despite shifts in consumer communication habits.
The company’s customer base rose by 10.2% to 22.8 million, with active data subscribers increasing 23.4% to 10.8 million. Mobile money users rose by 6% to 13.3 million, highlighting the increasing access to financial solutions provided by the network.
“Our focus on enhancing the network, broadening access, and improving service quality continues to support both performance and impact,” Mulinge added.
During the review period, MTN Uganda invested UGX 219.7 billion in network expansion, commissioning 355 new sites primarily to extend 4G and 5G coverage.
As a result, 4G population coverage rose from 87.8% to 88.2%, while 5G coverage grew from 15.3% in December 2024 to 19% by mid-2025. The company also extended its fibre footprint to boost capacity and support its home broadband rollout.
Earnings before interest, tax, depreciation, and amortization (EBITDA) rose 17.8% to UGX 924.2 billion, driven by operational efficiencies and scale benefits, according to Mulinge.
MTN Uganda’s tax contributions for the period topped UGX 681 billion. The company also concluded a one-off tax settlement with the Uganda Revenue Authority amounting to UGX 110.9 billion. This however, led to a 9.7% drop in profit after tax, which declined to UGX 267 billion.
However, excluding the settlement, underlying profit after tax grew by 27.8% to UGX 377.9 billion—demonstrating the business’s strong underlying performance.
Last month, MTN Uganda received overwhelming shareholder approval in the Extraordinary General Meeting held on 22 July 2025 to proceed with the implementation of the proposed structural separation of MTN Mobile Money (U) Limited from MTN Uganda, signalling support for the strategic evolution and delivery of the platform strategy. This will position the platforms to accelerate their growth and unlock further value for shareholders.
Richard Yego, CEO of MTN MoMo Uganda, highlighted the success of “Y’Invest,” a mobile-based unit trust investment product allowing customers to earn daily interest of up to 12% directly from their phones.
“Transactions have grown 20.3% to 2.4 billion,” Yego noted. “If this momentum continues in the second half, we should exceed four billion transactions, up from 3.4 billion last year, in terms of value processed.”
As the second half of 2025 unfolds, MTN Uganda is well-positioned to sustain momentum, with plans to deepen 5G rollout, expand fibre reach, and introduce more customer-focused digital products. These initiatives, alongside strong market demand for data and mobile financial services, are expected to further enhance the company’s financial performance and societal impact.
The East African Community (EAC) has posted a remarkable economic milestone, registering a trade surplus of USD800 million in the first quarter of 2025.
This represents a dramatic turnaround from the USD 4.0 billion (UGX 15.2 trillion) deficit recorded during the same period in 2024, signalling growing resilience, competitiveness, and economic integration across the bloc.
The EAC Quarterly Statistics Bulletin attributes the surplus to a significant increase in exports, stronger intra-African trade, and improved domestic production capacity.
Between January and March 2025, the region’s total exports surged by 47.3% to USD 17.7 billion (UGX 67.26 trillion), far outpacing the modest 4.6% rise in imports, which reached USD 16.8 billion (UGX 63.84 trillion).
Domestic exports rose sharply by 48.1%, while re-exports increased by 32.4%, highlighting both higher local production and greater value addition. This performance, the bulletin notes, reflects the success of policy reforms, regional trade agreements, and targeted investments in key sectors.
Intra-African trade emerged as a key growth engine, expanding by 53.9% to USD 9.5 billion (UGX 36.1 trillion) and now accounting for 27.5% of the EAC’s total trade.
Within the bloc, intra-EAC trade rose by 53.6% to USD 5.2 billion (UGX 19.76 trillion), underscoring progress in dismantling internal trade barriers, harmonising policies, and improving transport infrastructure.
China maintained its position as the EAC’s top trading partner, followed by the United Arab Emirates, India, South Africa, and Japan. Notably, for the first time in recent years, the region recorded a USD 1.8 billion (UGX 6.84 trillion) trade surplus with China, driven by a surge in exports and a slight decline in imports. Other leading export destinations included South Africa, Hong Kong, and Singapore.
Imports continued to be dominated by petroleum products, vehicles, machinery, and plastics. On the export side, trade activity remained concentrated in base metals, minerals, agricultural goods, precious stones, and machinery, which together accounted for more than half of the region’s total trade value.
The report notes that this sectoral concentration underscores the importance of diversifying exports and investing in value addition to enhance global competitiveness.
Despite the strong trade performance, inflationary pressures remain a significant challenge for the EAC’s economies. Regional headline inflation stood at 27.0% in March 2025, down from 30.6% in February but still well above the 6.7% recorded in March 2024.
Credit to the private sector increased by 5.5%, signalling a gradual recovery in business activity and investor confidence. Sectoral lending patterns showed notable increases in agriculture (6.6%), construction (17.5%), and wholesale and retail trade (9.6%).
Real estate lending grew by 4.8%, while the manufacturing sector saw only marginal credit growth at 0.5%, highlighting persistent financing challenges for industrial development.
The EAC Secretariat emphasised that the strong Q1 trade results demonstrate the benefits of coordinated trade policies, regional integration, and infrastructure investments. However, it also cautioned that persistent inflation, sectoral dependence on a limited range of exports, and manufacturing sector financing gaps remain areas of concern.
Experts say that to sustain this trade momentum, the bloc will need to focus on diversifying exports, scaling up value addition, and expanding manufacturing capacity. Continued improvements in customs procedures, border efficiency, and transport infrastructure will also be critical to strengthening intra-African trade links.
Compiled in collaboration with national statistics offices and Central banks of the Partner States, the EAC Quarterly Statistics Bulletin remains a key tool for policymakers, investors, and development partners. By providing harmonised macroeconomic data and timely analysis, it supports informed decision-making as the region seeks to deepen integration, boost competitiveness, and navigate an increasingly complex global trade environment.
Nakawa Market in Kampala on Thursday came alive with jubilation as MTN MoMo handed over the first of 24 brand-new motorcycles, as part of its ongoing "Power to Be More" promotion.
The winner, Aidah Nyamurwa, a restaurant owner in Nakawa market and a resident of Bugolobi, earned her prize by effectively using MoMo in her business operations, including accepting customer payments through her merchant code, as well as paying her own suppliers and bills through MTN Mobile Money.
Nyamurwa has been a MoMo merchant for over a year and says the service has transformed the way she works.
She enjoys the convenience of paying her utilities, buying airtime, and making supplier payments straight from her phone.
Most importantly, she values the peace of mind that comes with MoMo’s security controls, which protect her from payment reversals, a problem she faced before joining the platform.
The “Power to Be More” campaign is rewarding MoMo merchants and agents who are actively growing their transactions.
Merchants can boost their chances of winning by increasing the number of MoMo payments they accept, and using MoMo for their own business expenses.
Agents can qualify by growing the deposits they handle.
According to MTN MoMo, one MoMo agent or merchant from any part of the country shall win a brand-new motorcycle every week until the end of the year.
With 24 motorcycles up for grabs, the campaign is energizing small businesses and rewarding those who are powering their growth through MoMo.
Nyamurwa’s win in Nakawa is only the beginning, and the next motorcycle could go to any qualifying merchant or agent.
If you are a MoMo merchant or agent, your path to entering the draw is simple: keep transacting, keep growing, and keep using MoMo.
Company officials said the more one transacts with MoMo, the more one's chances of winning and riding away with a brand-new motorcycle courtesy of the MTN MoMo Power to Be More Promotion.
The East African Community (EAC) is accelerating plans to liberalise its airspace and reduce the high cost of air travel, a move that could transform the region’s connectivity, boost trade, and open up new opportunities for the tourism industry.
Air travel within Africa remains prohibitively expensive, largely due to excessive taxation and restrictive aviation policies. According to the African Airlines Association (AFRAA), taxes and fees on air tickets in Africa are twice as high as in Europe or the Middle East. Passengers on average pay 25–30% of their fare in taxes, with charges on routes such as Entebbe–Nairobi accounting for $100 (UGX375,000) on a return ticket priced between $300–$350 (UGX 1.12 million–1.31 million).
In East Africa, departure taxes vary widely: Kinshasa $77.5 (UGX 290,625), Entebbe $57.2 (UGX 214,500), Dar es Salaam $54 (UGX 202,500), Nairobi $50 (UGX 187,500), Mogadishu $42 (UGX 157,500), Bujumbura $40 (UGX 150,000), and Addis Ababa $31 (UGX 116,250). AFRAA reports that Central and West Africa offer the most favorable regional tax policies, saving passengers $12.68 (UGX 47,550) and $10.12 (UGX 37,950) respectively on average.
A study by Predictive Mobility shows that a 10% reduction in ticket prices could spur an increase in passenger demand across the continent from 22.3 million to 30.1 million annually.
Adrian Njau, Acting Executive Director of the East African Business Council (EABC), confirmed during a press conference in Kampala that efforts are ongoing to address these issues. He also used the occasion to announce that the EABC, in collaboration with the East African Development Bank (EADB), will host the East African Business & Investment Summit & Expo 2025 on October 16–17 in Nairobi, Kenya.
“The Summit will be held under the theme: Promoting Private Sector-Driven Regional Integration for Increased Intra- and Extra-EAC Trade and Investment, with the rallying call ‘EAC Rising: From Reform to Results in a Thriving Pan-African Market’,” Njau said.
He emphasized that liberalising regional airspace would be a critical step toward achieving that vision.
“The high taxes are limiting passenger numbers and making African airlines less competitive,” he added. “A more liberalised and cost-effective airspace could unlock enormous economic potential across the EAC.”
Efforts to liberalise the regional airspace have been ongoing since 2006 and the EAC has now drafted regulations that grant regional airlines rights to operate under the first through fifth freedoms of the air international aviation rules that determine an airline’s ability to enter and operate within foreign airspace.
“EAC members have been reluctant to liberalise air services because they want to protect their national carriers,” Njau noted. “Some routes are seen as strategic for national airlines, so they are restricting full liberalisation. The Fourth Freedom is currently in effect, but it’s not enough we need the Fifth Freedom.”
Beatrice Askul, EAC Council of Ministers Chairperson, confirmed that the matter is being handled by the relevant sectorial ministries. “The issue is part of our agenda. Specific ministries Transport, Communication, and Infrastructure are working on domestication of the EAC airspace. Once consultations are done, recommendations will be made to the Council,” Askul said.
Multilateral Air Services Agreements are also being developed to replace the restrictive bilateral agreements currently governing air services between EAC member states. These have often led to lengthy and complex negotiations, hampering regional connectivity.
“We need to treat air travel as a domestic service within the EAC,” said Njau. “That would eliminate restrictive bilateral agreements and simplify cross-border operations for regional airlines.”
Another obstacle is the slow ratification of the Single African Air Transport Market (SAATM) a continental initiative by the African Union aimed at unifying African airspace. So far, only Kenya, Rwanda, and the Democratic Republic of Congo have fully joined SAATM among the EAC states. Uganda has indicated its intention to join during this financial year.
“We’re just waiting on Cabinet approval,” said Fred Bamwesigye, Director General of the Uganda Civil Aviation Authority.
Despite these regulatory advancements, transport costs in the region remain among the highest in Africa. For example, flying a delegate from Kinshasa to Arusha can cost up to $3,000 (UGX 11.25 million), compared to under $1,000 (UGX 3.75 million) to fly to Europe. “This discrepancy must be addressed,” said Kennedy Mukulia, Chairperson of the Legal Committee at the East African Legislative Assembly.
Uganda’s economy showed continued resilience and growth momentum in May and June 2025, with key high-frequency indicators pointing to sustained improvements in trade, private sector performance, and overall business sentiment. This progress aligns with preliminary estimates by the Uganda Bureau of Statistics (UBOS), which project a 6.3% GDP growth for the financial year 2024/25.
According to the “Performance of the Economy – Monthly Report, June 2025” by the Ministry of Finance, Planning and Economic Development, the Composite Index of Economic Activity (CIEA) – a broad measure of economic performance – rose by 0.3% to 178.58 in May 2025, up from 178.13 in April.
This improvement was primarily driven by an increase in both exports and imports, coupled with higher government spending during the period.
The index maintained an upward trajectory throughout the financial year, underscoring consistent economic activity despite global uncertainties. Analysts note that the CIEA’s steady rise reflects Uganda’s growing resilience.
“The upward movement in the index suggests that the domestic economy has gained significant momentum, benefiting from strong trade flows and fiscal spending,” said an economist at a Kampala-based consultancy.
The private sector also recorded robust growth, as indicated by the Purchasing Managers’ Index (PMI), which registered 55.6 points in June 2025. This figure, well above the 50-mark that separates expansion from contraction, signals a continued improvement in business conditions. The expansion was largely driven by increased output and new orders, reflecting sustained consumer and business demand.
However, the June figure represented a slight dip from 56.4 recorded in May, partly due to rising input costs. Firms reported higher staffing expenses and increased purchase costs for raw materials, which tempered overall performance.
“Despite cost pressures, the private sector remains on a growth path, supported by resilient demand,” said a senior analyst at the Uganda Manufacturers Association, adding that a PMI above 55 indicates strong business confidence and continued economic recovery.
Optimism within Uganda’s business community also remained high, as reflected by the Business Tendency Index (BTI). The index stood at 59.17 in June 2025, slightly lower than May’s 59.60 but still comfortably above the neutral 50-point threshold. The positive outlook was driven by expectations of improved financial conditions, favourable consumer demand, and business opportunities in the coming months.
Sentiments were particularly strong in the manufacturing, construction, and wholesale trade sectors, with investors expressing optimism about the next quarter. “The high BTI readings underscore the private sector’s confidence in Uganda’s economic direction, particularly in sectors benefiting from government infrastructure projects and increasing consumer activity,” noted the report.
In the foreign exchange market, the Ugandan Shilling appreciated by 1.3% against the US Dollar - trading at an average midrate of UGX 3,605.84 to the Dollar in June 2025, compared to UGX 3,653.4 in May.
On an annual basis, the currency appreciated by 2.7% in FY2024/25, with the average midrate improving from UGX 3,778.61 per USD in FY2023/24 to UGX 3,676.21 per USD in FY2024/25.
The relative strengthening of the Shilling, according to the Finance Ministry report, was driven by financial market reforms that reduced dollar demand, coupled with increased remittances, higher export earnings, foreign direct investments, and offshore portfolio inflows.
With high-frequency indicators signalling solid economic activity, analysts are optimistic about Uganda’s growth prospects.
The combination of resilient trade flows, expanding private sector output, and a strong local currency suggests that the country is well-positioned to sustain growth in the coming months, according to an analyst.
However, experts caution that rising production costs and global economic uncertainties remain key risks. Addressing these challenges while ensuring reforms and encouraging investment would be crucial for sustaining Uganda’s positive growth trajectory.
It is now evident that Uganda’s path to socio-economic transformation will not be driven by connectivity alone but by how that connectivity is translated into real value through platforms, digital tools, and strong public-private collaboration.
At the Second Annual ICT National Summit held at the National ICT Innovation Hub in Nakawa, Kampala, under the theme “Harnessing Digital Innovation for Sustainable Economic Growth” (July 17–18, 2025), one message stood out clearly: the digital future is no longer a distant prospect; it is here. How we respond collectively would determine whether we merely adopt technology or fully harness it to address Uganda’s most pressing development challenges.
We are witnessing a regional and indeed a global shift from traditional telecommunications to platform-based technology ecosystems. The modern digital economy now demands more than access to voice and data.
It requires scalable solutions in cloud computing, Internet of Things (IoT), artificial intelligence, cybersecurity, digital finance, and business intelligence. These capabilities are no longer optional; they are essential enablers for governments, businesses, and individuals seeking to thrive in an increasingly digital world.
What we must now prioritise is not only expanding access, but ensuring that our systems, policies, and human resources are aligned with the opportunities that digital transformation presents.
Take the agriculture sector, for example. The real innovation is not just putting a smartphone in a farmer’s hand, but integrating that device with platforms that connect her to buyers, provide market price information, enable secure payments, and offer climate-smart advisories. With the right support, even smallholder farmers can participate in structured, digitally enabled value chains.
In transport and logistics, we have already seen the impact of route optimisation, mobile ticketing, fleet monitoring, and urban mobility apps. When powered by real-time data, the movement of goods and people becomes safer, more efficient, and more accountable.
In manufacturing, digital technologies are helping factories monitor production lines, manage energy usage, reduce downtime, and optimise distribution networks. These are not futuristic ideas; they are solutions that already exist and are being implemented with measurable impact.
The services sector - healthcare, education, fintech, and the creative economy - is also entering a new era. From telemedicine platforms and e-learning tools to mobile lending and digital content creation, service delivery models are being redefined. The key now is to ensure that innovation is inclusive and that SMEs and startups have the tools and infrastructure to scale up.
However, this shift to a digitally empowered economy requires more than technological ambition. It requires deliberate investment in digital skills, reliable and affordable internet, interoperable systems, and a regulatory environment that fosters innovation while protecting consumers.
Equally important is the move toward long-term infrastructure sharing and “infrastructure-as-a-service” models that can drive down costs and expand reach, especially in rural areas. This will enable more public institutions, entrepreneurs, and local governments to access the tools needed for digital service delivery without having to make prohibitive capital investments.
But digital transformation cannot and should not be left to the private sector alone. Governments, Development Partners, academia, and civil society organisations all have critical roles to play. Together, we must co-create solutions that reflect the realities of our communities while leveraging the best of global innovation.
Ultimately, the digital transformation of Uganda is not about devices or bandwidth alone. It is about enabling a new kind of economy - one that is more inclusive, data-driven, and adaptive to change. The priority now is to turn ambition into execution, and connectivity into capacity.
If we invest wisely, build strategically, and collaborate boldly, Uganda will not only catch up with the Fourth Industrial Revolution, but also shape it.
Ibrahim Senyonga is the General Manager, Enterprise Business Unit at MTN Uganda.
Global gold prices have surged to about $3,348 (UGX12.6 million) per ounce, driven by economic uncertainty and strong investor demand, according to Reuters.
In its latest market forecast, HSBC raised its 2025 average gold price projection to $3,215 an ounce from $3,015 and its 2026 forecast to $3,125 from $2,915, citing elevated risks and growing government debt.
This price rally has heightened the urgency for Uganda to secure revenues from its gold sector, which has been plagued by illegal exports and organized scams.
Against this backdrop, Euro Gold Refinery, a state-recognized facility designed to formalize gold trade, fight fraud, and recover billions in lost revenue, has officially opened in Uganda.
The refinery, located along Katego Road in Kamwokya, Kampala, is owned by Ugandan entrepreneur Feni Benard and supported by foreign investors from the United Kingdom, United Arab Emirates, and India. It will source gold directly from artisanal and small-scale miners in gold-rich regions such as Busia, Karamoja, Buhweju, Kassanda, and West Nile, offering them a structured and credible marketplace.
Speaking at the commissioning, Ruth Nankabirwa Ssentamu, Minister of Energy and Mineral Development, described Euro Gold Refinery as “the first facility officially recognized by the government,” underscoring its role in improving mineral governance. She urged the refinery to collaborate with the Bank of Uganda, which in 2024 launched a Domestic Gold Purchase Programme aimed at increasing foreign reserves through refined gold acquisitions.
“This facility provides an opportunity to formalize the gold sector, curb fraud, and ensure Uganda earns what it deserves from its mineral wealth,” Nankabirwa said.
A 2024 Auditor General’s report revealed that gold worth $3.014 billion (UGX 11 trillion) was exported illegally without permits from the Ministry of Energy and Mineral Development, in violation of Section 149 of the Mining and Minerals Act, Cap 159.
The Uganda Revenue Authority (URA) estimates that these illegal exports cost the government over UGX 1.2 trillion in lost revenue.
Illegal gold trading has become deeply entrenched in Uganda. In February 2025, Beata Chelimo, Deputy Director of the Criminal Investigations Directorate, described gold scams as “one of the most sophisticated forms of organized crime in Uganda.”
Nankabirwa said 24 security personnel had been arrested for involvement in syndicates that lured unsuspecting investors with promises of quick returns.
Despite these challenges, gold remains Uganda’s most promising export. By June 2024, gold exports had reached $3.09 billion (UGX 11.7 trillion), contributing nearly 50% of the country’s non-coffee export earnings. In the 12 months leading up to February 2025, gold accounted for 37% of total export revenue, underscoring its dominant role in Uganda’s trade profile.
For Feni Benard, the director of Euro Gold Refinery, the facility represents more than just a business venture. “Our refinery is approved by the London Bullion Market Association (LBMA), meaning we meet international standards for refining and trading gold and silver bars. We want to empower small-scale miners by giving them fair value for their gold while promoting sustainable and environmentally friendly practices,” he said.
The refinery offers a range of services, including smelting, assaying, refining, and facilitating international mineral trade. It also provides consultancy services in mineral trading and has forged partnerships with small-scale miners in Uganda and neighboring countries such as the Democratic Republic of Congo (DRC).
In addition, Euro Gold Refinery holds a 79.8-square-kilometer mining concession in Yumbe District and exploration rights in Karamoja, signaling its ambition to be a leading player in Uganda’s gold value chain.
Nankabirwa noted that Uganda cannot afford to continue losing billions to illicit traders. “Gold has the potential to change Uganda’s economic fortunes if managed well. This refinery ensures that the days of unscrupulous dealers and illegal exports are behind us,” she said.
Uganda’s annual headline inflation has eased to 3.8% in July 2025, down slightly from 3.9% recorded in June, according to the latest figures from the Uganda Bureau of Statistics (UBOS). This decline reflects a combination of declining food prices and stable energy costs, offering some relief to consumers battling high living expenses in recent months.
The UBOS report for July, released last week, indicates that the annual headline inflation, as measured by the Consumer Price Index (CPI) for the 12 months to July 2025, stood at 3.8%. This moderation comes as the cost of several key food items declined, driving down overall inflationary pressures.
"Among other things, annual price reductions were noted for Irish potatoes, fresh leafy vegetables, tomatoes, beans, and matooke," the report notes.
Samuel Echoku, the Head of Macro Statistics at UBOS, said the decline reflects improved supply conditions for key food items and stability in the broader economy.
“The easing of headline inflation is largely driven by the fall in food prices, particularly for matooke, tomatoes, and Irish potatoes. This indicates that supply-side factors are improving, which is good for household consumption,” Echoku said.
The latest data reveals significant price declines in some major food categories. Tomato prices plunged by 8.1% in July, a stark contrast to the 0.9% increase recorded in June.
Fresh milk also saw a 3.6% price reduction, while matooke prices dropped by an impressive 35.3%. Irish potato prices fell by 4.6%, reflecting increased supply in key producing regions.
Despite these decreases, some staples recorded price hikes. Groundnuts, maize grain, and Nile perch prices rose slightly, indicating continued price pressures in some segments of the food basket.
On a month-to-month comparison, July recorded 0.1% headline inflation, while monthly core inflation, which excludes food crops, fuel, electricity, and metered water, stood at 0.2%. The Energy, Fuel, and Utilities (EFU) index revealed a mixed trend. Electricity prices decreased by 5.7% in June but rose by 4.3% in July, largely reflecting adjustments in tariffs and fuel costs. Liquid energy fuels also declined, helping offset some of the increases in other categories.
However, the cost of charcoal increased from 4.6% to 5.5%, and water charges rose from 1.9% to 2.3% between June and July, pointing to continued upward pressure on household utility expenses.
Inflation trends varied across the country. Masaka registered the highest inflation at 5.1%, though this marked a slight drop from 5.4% in June.
Kampala High-Income areas recorded 4.9%, up from 4.8%, while Mbale saw the lowest inflation at just 0.2%, down from 0.7%. These regional variations reflect differences in local food production, transport costs, and utility pricing.
While the decline from 3.9% to 3.8% may seem modest, experts say it signals a period of price stability, which could help consumers better manage their budgets. “This is a positive sign for the economy. It means household purchasing power is improving slightly, and if this trend continues, we are likely to see increased consumer confidence,” Echoku added.
For policymakers, easing inflation provides a cushion to maintain accommodative monetary policies while monitoring external shocks. The Bank of Uganda may interpret the slowing inflation as a sign to maintain or slightly adjust interest rates to balance growth with price stability.
Economists note that if this trend continues, it could boost consumer confidence, increase household purchasing power, and support economic activity, particularly in retail and agriculture-dependent sectors.
Despite the decline, UBOS warns that volatile global fuel prices and climatic disruptions could reverse gains in the coming months. Sustained food supply and stable energy costs will be critical in keeping inflation within manageable levels.
MTN Uganda, MTN Mobile Money (U) Limited, and the Uganda Hotel Owners’ Association (UHOA) have signed a landmark Memorandum of Understanding (MoU) at Hotel Africana, marking the beginning of a strategic partnership aimed at accelerating digital transformation in Uganda’s hospitality sector.
The agreement combines MTN Uganda’s digital and ICT expertise, MTN MoMo’s financial technology solutions, and UHOA’s wide-reaching network of over 780 hotels across the country.
This partnership is designed to strengthen hotel operations through mobile money solutions, e-commerce platforms, enterprise connectivity, guest Wi-Fi, and other technology-driven tools.
Speaking at the signing ceremony at Hotel Africana in Kampala on Friday, Ibrahim Senyonga, General Manager, MTN Enterprise Business, said forming partnerships is the way to go if certain priority sectors are to grow.
“This collaboration is a strong testament to the power of partnerships in realizing Uganda’s broader digital agenda,” he said.
“As part of our Ambition 2025 strategy, MTN is shifting from a telco to a full-scale techco, and partnerships like this are critical to driving growth in priority sectors like hospitality. Through this MoU, we reaffirm our commitment to supporting innovation, customer experience, and economic development through digital inclusion.”
The hospitality sector accounts for nearly 70% of employment in Uganda’s tourism industry. Recognizing this, the tripartite partnership aims to empower UHOA members with tools that enhance efficiency, service delivery, and customer convenience—ranging from digital payments to ICT business solutions tailored for hotels.
Susan Muhwezi, the chairperson of UHOA, noted that the partnership is a pivotal step towards modernizing hotel operations in Uganda.
“With MTN Uganda and MTN MoMo, we are opening doors to cutting-edge technology, seamless payment systems, and digital infrastructure that our members can leverage to stay competitive in a fast-evolving market. It’s a win for our members, the industry, and ultimately for Uganda’s tourism potential,” she said.
Under the partnership, MTN MoMo, which serves more than 19 million active subscribers across Uganda, will collaborate with UHOA to roll out mobile money solutions for digital transactions, including bookings, bill payments, and integrations with hotel management systems.
“Through this partnership, we are creating new value for hotel owners by enabling secure, seamless, and scalable digital financial services that elevate the guest experience,” said Denis Kakonge, General Manager Corporate Services at MTN MoMo.
“This collaboration will give hotels the ability to cater to both local and international guests using modern payment options backed by MTN MoMo’s reliability and reach.”
This initiative is expected to improve operational efficiency, enhance guest experiences, and strengthen Uganda’s competitiveness as a tourism destination. Following the signing, MTN and UHOA will launch sector-wide consultations to understand hotel owners’ communication and technology needs, ensuring solutions are customized to drive digitization across the industry.
The partnership is also featuring prominently at the ongoing UHOA Expo 2025, which ends on August 3 at Hotel Africana, Kampala, to mark UHOA’s 25th anniversary.
Going forward, the collaboration will extend to engagements with key tourism stakeholders, including the Uganda Tourism Board (UTB) and the Uganda Tour Operators Association, to strengthen public-private sector cooperation in digital transformation.
MTN officials said the partnership reflects the company’s commitment to its vision of “leading the delivery of a bold new digital world to our customers.”
President Yoweri Kaguta Museveni of Uganda and President William Ruto of Kenya have signed seven new landmark agreements aimed at easing trade frictions and accelerating economic growth between the two countries.
The new Memoranda of Understanding (MoUs) cover tourism, property rights, fisheries, agriculture, transport, standards harmonisation, and investment promotion, reflecting a deliberate effort to move past years of recurring trade disputes and forge a stronger, more integrated partnership.
A press release from State House said that at the signing in Nairobi, President Yoweri Museveni emphasised Africa’s need for deeper economic cooperation.
“The more goods and services you produce, the wealthier you become. But a central question remains: who buys what you produce? Discussions must focus on market access and consumer engagement,” he said, warning that African economies had “left undone what they ought to have done” in pursuing industrial transformation.
President Ruto hailed the agreements as a milestone in bilateral cooperation. “My deliberations with President Museveni spanned an extensive range of bilateral, regional, and continental priorities. We reaffirmed our united stance on closer collaboration in key sectors such as infrastructure, trade, energy, security, and regional integration,” he said.
The seven agreements signed include; tourism cooperation: Joint strategies to market Uganda and Kenya as a single tourism circuit, using coordinated campaigns to attract more international visitors and boost foreign exchange earnings.
Property Rights: Formalising informal trade and strengthening local government systems, with special focus on women and youth traders in the greater Busia Metropolitan area between 2025 and 2028.
Fisheries & Aquaculture: Sustainable management of Lake Victoria’s fisheries and joint investments in aquaculture to enhance food security and curb overfishing.
Agriculture & Animal Industry: Collaborative research on crop improvement, joint disease control efforts, and improved livestock management to strengthen the agricultural sector.
Transport Cooperation: Development of cross-border road and rail networks to reduce logistics costs and speed up trade between the two countries.
Standards Bureau Cooperation: Alignment between the Kenya Bureau of Standards and the Uganda National Bureau of Standards to reduce non-tariff barriers and end costly product bans.
Investment Promotion: Frameworks to attract foreign direct investment and technology transfer, fostering industrial growth in manufacturing, energy, and ICT.
In May last year, Museveni was in Kenya for a three-day official visit to President during which the two leaders signed several MoUs. The visit followed the second session of the Joint Ministerial Commission (JMC) between Uganda and Kenya, where seven memoranda of understanding were also signed.
So, will the new agreements increase bilateral trade volumes by 15–20% over the next three years, driven by reduced trade barriers and harmonised standards? In 2024, Uganda exported goods worth $838 million (about UGX 3.2 trillion) to Kenya, while imports from Kenya stood at $670 million (about UGX 2.5 trillion).
However, this trade relationship has faced much publicised tensions, with Kenya imposing temporary bans on Ugandan milk, sugar, maize, and eggs - disputes that often required the EAC’s intervention. The standards harmonisation agreement is expected to tackle one of the key sources of these disputes by creating a unified framework for product quality and safety.
If fully implemented, analysts say, the MoUs could serve as a model for wider East African integration, showing how bilateral partnerships can transform regional trade and investment. For traders, investors, and citizens along the border, this could mark the beginning of a new chapter - one where opportunities flow more freely, and integration moves from aspiration to reality.
In a notable decision with potential regional implications, Uganda’s Personal Data Protection Office (PDPO) on July 18 ruled that Google had violated Uganda’s Data Protection and Privacy Act.
In November last year, four Ugandan citizens filed a formal complaint with the PDPO against Google LLC, alleging non-compliance with Uganda’s Data Protection and Privacy Act.
PDPO is an independent body under the National Information Technology Authority, established to regulate the collection and processing of personal data. Its primary mandate is to ensure compliance with the Data Protection and Privacy Act of 2019.
The petitioners were ‘descendants’ of Max Schrems, an Austrian national who successfully sued Facebook several years ago. In a landmark ruling, the European Union Court of Justice agreed with him, saying European data protection authorities must stop transfers of personal data made under the standard contractual clauses by companies, like Facebook, subject to overbroad surveillance.
The complainants told the PDPO that Google had failed to register as a data collector, processor, or controller, as required under the Act, and that it had engaged in the cross-border transfer of personal data without prior authorisation from the PDPO. They further claimed that these actions violated their data protection rights and caused emotional distress, warranting compensation.
Echoing the extraterritorial reach from the European Union's GDPR, at the heart of the decision is the concept of "commercial nexus" - the idea that a company which derives value from users in a particular jurisdiction, regardless of where it is physically located, must comply with that jurisdiction’s data protection laws. The PDPO determined that Google collects, processes, and monetizes data from Ugandan users, thereby establishing a substantial and ongoing economic presence in the country.
In effect, economic not physical footprint, defines regulatory responsibility in the digital age. This is an example of how global data governance is evolving. In the past, global platforms have argued that they are not subject to local laws because they have no local servers or registered legal entities. The decision rejects this logic, essentially asserting local presence is defined by more than just office space.
By holding Google accountable for non-compliance with user consent requirements and insufficient transparency under Ugandan law, the PDPO is asserting Uganda’s digital sovereignty. Crucially, while this is a single-country decision, it reflects a broader regulatory assertiveness taking root across the continent.
Specific Orders against Google include, registering as a controller, collector with the PDPO within 30 days, provide the PDPO with the contact details of its designated data protection officer; and submit documentary evidence of its compliance framework for cross-border data transfers, including the legal basis for such transfers and the accountability measures in place to ensure the security of personal data transferred outside Uganda.
Crucially, the PDPO’s interpretation of ‘commercial nexus’ could be adopted by peer authorities, resulting in a significant increase in risk exposure and compliance expectations for global platforms.
If replicated across other jurisdictions, the decision could reshape how global platforms approach compliance, risk, policy, and regulatory engagement in the Global South.
Importantly, Uganda’s position reflects a maturing approach to digital governance, based on regulatory parity, and respect for user rights, extending the compliance and accountability expectations of smaller local entities to large multinational platforms to restore balance and trust in the global digital ecosystem.
DFCU Bank has secured a procedural victory in an ongoing case before the English High Court, as part of the legal proceedings initiated by Crane Bank Limited (CBL) and others over its alleged fraudulent sale by the Bank of Uganda.
Critically, the Court dismissed an attempt by Crane Bank Limited to exclude reports prepared by PricewaterhouseCoopers Ltd (PwC) from the proceedings.
Crane Bank’s lawyers failed in their argument that (i) PwC, which was instructed by Bank of Uganda to undertake a forensic audit of Crane Bank, was not part of the global and well-known firm PwC and (ii) that the PwC reports would be inadmissible as a matter of law to prove any primary fact.
Justice Paul Stanley noted that the PwC reports spanning over 150 pages and covering a broad period, (including events in the early 2000s), point to findings which, if accurate, can fairly be described as serious, indicating mismanagement of Crane Bank in several respects including: creation of a deliberately false impression on its balance sheet, disguising the identity of shareholders, improper diversion of bank funds; and sweetheart deals with insiders.
The judge noted that, if accurate, these findings point to management practices inconsistent with what “any sensible regulator would wish to see operating a strategically important bank.”
In a further development, the Court ordered Sudhir Ruparelia to surrender his mobile phone for expert forensic analysis to determine whether it contains potentially relevant documents.
His wife, Sheena Ruparelia, was also directed to disclose materials from her personal email account.
DFCU has consistently maintained that the claims against it are without merit and continues to assert that it acted lawfully throughout the process of the acquisition of Crane Bank Limited.
Crane Bank's suit against DFCU Bank and the Bank of Uganda is a complex and long-running legal dispute stemming from the controversial sale of Crane Bank's assets in 2017.
In October 2016, the Bank of Uganda took control of Crane Bank over claims of being undercapitalized and having poor corporate governance.
It was subsequently placed under statutory management, and in January 2017, its assets and certain liabilities were sold to DFCU Bank for approximately UGX200 billion.
However, Crane Bank and tycoon Sudhir Ruparelia, its majority shareholder, allege that senior Ugandan government officials, including those from the BoU, orchestrated a corrupt scheme to take control of the bank for personal benefit.
In February 2022, the Supreme Court of Uganda ruled that Crane Bank, while under receivership, could not sue its former owner, Sudhir Ruparelia.
This effectively meant the BoU's attempts to recover funds from Ruparelia through Crane Bank in receivership were dismissed on a technicality.
Then in October 2023, the Uganda High Court ordered the cancellation of the transfer of 48 properties to DFCU Bank and for DFCU to grant Meera Investment vacant possession.
More recently, the focus has shifted to legal proceedings in England.
Banking industry stakeholders are calling for tax incentives and a comprehensive national policy on remittances to boost the inflows and enhance their potential impact on the economy.
Uganda officially receives about $1.4 billion (approximately UGX 5.3 trillion) annually from Ugandans working abroad, according to 2023 figures by the Bank of Uganda.
However, stakeholders say the actual amount is much higher as a significant portion of remittances flows through informal and often unregulated channels, making it unrecorded.
Globally, the World Bank estimates that Sub-Saharan Africa loses nearly 10–15% of remittance inflows to informal systems due to high transfer costs and lack of transparency.
Wilbrod Owor, the Executive Director of the Uganda Bankers Association (UBA), argues that a comprehensive policy that safeguards remittances and the interests of senders would increase inflows and ensure that these funds are used for more impactful investments.
Speaking at the Annual Bankers Conference in Kampala, Owor said; “If there is a policy in place that protects the money and the interest of the senders, the figures will grow, but also the outcome of the investments from the money will be more meaningful.”
The conference ran under the theme: ‘Harnessing the Potential and Maximising the Impact of Remittances on Development.’
Gender, Labour and Social Development Minister Betty Amongi urged financial institutions to invest in research-driven, human-centred innovations to design financial products that meet the real needs of migrants.
“We must first understand why people go abroad. Migration is driven by both necessity and opportunity. If we design products that truly serve their needs, remittances will not only grow but create lasting impact,” she said.
Amongi added that the actual remittance figures are much higher than reported, citing her personal experience during a fact-finding mission to Dubai in the United Arab Emirates, where she discovered that many Ugandans there rely on informal and often costly money transfer systems to send money home.
Bank of Uganda Governor Michael Atingi-Ego described remittances as more than just financial transactions, saying they represent vital lifelines for families and communities.
“Globally, remittances often surpass foreign direct investment and official development assistance, underscoring their profound importance in addressing employment challenges, poverty alleviation, enhancing social welfare, and building skills,” he said. He revealed that the Central Bank is reviewing National Payment Systems Regulations and also encouraging banks to invest in interoperable digital platforms to make cross-border transfers faster and cheaper. Currently, the cost of sending money to Sub-Saharan Africa is among the highest globally, averaging 8.4% per transaction compared to a global average of 6.2%.
One of the main challenges for Ugandans in the diaspora is the mismanagement of remitted funds, particularly in real estate investments. Julius Kakeeto, the Chairperson of UBA, acknowledged complaints about property developers mishandling investments financed by UBA institutions.
“We are taking measures to protect diaspora investments by ensuring stricter oversight on real estate projects financed through our mortgage products,” Kakeeto said. From the private sector perspective, Shehryar Ali, a Senior Vice President at Mastercard, stressed the importance of transparency across the remittance value chain.
“Senders must know exactly how much the recipient will receive. We need collaboration among all actors - banks, regulators, and money transfer companies - to improve trust and reduce costs,” he said. According to the World Bank, remittances account for about 3% of Uganda’s GDP and support millions of households by covering expenses such as education, healthcare, and small business investment.
Stakeholders at the conference noted that a comprehensive national remittance policy, tax incentives, and expanded digital infrastructure could help Uganda unlock an additional $500 million to $700 million in remittances annually, which would significantly buttress the country’s development agenda.
Uganda’s domestic debt market remained active and resilient in June 2025, with the government raising UGX 1.86 trillion through three auctions of Treasury Bills and Bonds, according to the June 2025 Performance of the Economy Report released by the Ministry of Finance, Planning, and Economic Development.
Of the total amount mobilized, UGX 393.09 billion was used to refinance maturing debt, while a larger portion UGX1.47 trillion was channelled toward funding the national budget. This underscores the government’s continued reliance on domestic borrowing to plug fiscal gaps in the face of subdued external financing and rising expenditure pressures.
Despite fluctuations in interest rates, demand for government securities remained strong. All Treasury Bill auctions were oversubscribed, with an average bid-to-cover ratio of 1.55, an important indicator of robust investor appetite and confidence in government paper.
The June auctions saw mixed movements in yields. Interest rates for the 364-day and 182-day Treasury Bills rose to 15.6% and 12.8% respectively, from 15.4% and 12.7% in May.
Analysts attribute this increase to rising investor risk perceptions, tighter liquidity conditions in the domestic market, or adjustments in investor preferences for longer-dated instruments.
On the other hand, the 91-day Bill yield slightly declined to 12.0%, down from 12.1% in May, likely reflecting short-term market optimism or heightened demand for shorter-tenor securities.
Longer-term Treasury Bond auctions also recorded upward yield adjustments. The 5-year bond increased to 16.8% from 16.7%, while the 15-year bond climbed to 17.8% from 17.7%. The 2-year bond yield remained unchanged at 15.75%, maintaining its level for the third consecutive month.
Finance Minister Matia Kasaija, while commenting on the domestic debt market performance, emphasized that government borrowing remains an essential tool for financing national priorities.
“Government recognizes the critical role of the domestic debt market in bridging fiscal gaps, especially in an environment of subdued external inflows. However, we remain committed to managing this debt prudently and ensuring that our borrowing supports long-term economic stability,” Kasaija noted.
Economic analysts, however, caution that rising domestic yields may increase Uganda’s debt servicing burden while potentially crowding out private sector borrowing.
“While oversubscription in debt auctions reflects market confidence, excessive reliance on domestic borrowing could limit credit availability for the productive sectors that are vital for economic growth,” said an analyst.
Uganda’s borrowing strategy has been largely shaped by the need to meet immediate fiscal needs, such as infrastructure development, debt repayments, and funding social programs. Yet, experts stress the importance of striking a balance between mobilizing domestic resources and supporting private sector-led growth.
As Uganda transitions into the 2025/26 fiscal year, fiscal consolidation and coordination with monetary policy will be critical in managing inflationary pressures and maintaining macroeconomic stability. Additionally, stimulating private sector credit expansion is seen as a key driver for sustained economic recovery.
The Performance of the Economy Report also highlighted the need for continuous reforms to make the domestic debt market more efficient and inclusive. Measures such as broadening the investor base, deepening secondary market activities, and enhancing transparency in debt issuance are expected to improve market performance.
“While the domestic market continues to provide reliable financing, the cost of borrowing is rising. Therefore, prudent management of these resources and ensuring their effective use in growth-enhancing projects is more critical than ever,” the report noted s.
“Therefore, prudent management of these resources and ensuring their effective use in growth-enhancing projects is more critical than ever.”
MTN Uganda, through the MTN Foundation’s Digital Access Project, has today handed over a fully equipped ICT facility to St. John’s Secondary School Nyabwina in Sheema District, marking a major milestone in the telco’s efforts to bridge the digital divide in rural Uganda.
The ICT lab consists of ten modern computers, a one-year of free internet connectivity, and backup power solutions. The investment is part of MTN’s nationwide push to expand digital education infrastructure under a UGX 1 billion program supporting 11 secondary schools, five of which are inclusive institutions for learners with disabilities.
To date, MTN Uganda has established 63 ICT labs across the country, including nine in technical and vocational institutions.
“This is more than the provision of computers; it is a gateway to opportunity,” said Fazil Damulira, the Regional Business Manager for South West at MTN Uganda, during the launch. “At MTN, we believe that digital access is not a privilege it is a right. Every student, no matter their background, should have the tools to thrive in a modern, connected world.”
The intervention at St. John’s Secondary School is expected to benefit more than 1,000 students, giving them access to vital digital resources to support coding, online research, academic enrichment, and innovation.
Uganda’s 2024 National Census data shows that only 4% of households own a computer, highlighting the need for expanded digital access in schools to bridge the gap in digital literacy.
The initiative also speaks to a larger economic concern: youth unemployment in Uganda currently stands at 16.3%, with over 70% of the population under the age of 30. Equipping students with digital skills is seen as a critical step in addressing this challenge and preparing young people for the jobs of tomorrow.
Constantine Byabakama, the school’s head teacher, hailed the initiative as transformative for the school and the wider community.
“This ICT lab donated by MTN isn’t just for students it’s open to the whole community,” said Byamaka Constantine, Headmaster of St. John’s SS Nyabwina. “Thank you MTN Uganda for the free internet and shared access. Research and lifelong learning are thriving.”
Evelyn Kenyangi, the District Education Officer of Sheema District, who officiated as chief guest, commended MTN Uganda for supporting government efforts to strengthen ICT access in education.
“This is a timely and strategic investment. The future belongs to those who are digitally literate, and by equipping our schools with ICT infrastructure, we are setting the stage for inclusive national development,” she said. “I encourage our students to use this lab responsibly and with ambition.”
St. John’s Secondary School is the latest beneficiary in a growing list of educational institutions supported under MTN Uganda’s Digital Access Project. Other recipients include Iganga SS, Ngetta Girls Primary School, St. Francis School for the Blind, and additional schools in Kabale, Iganga, and Gulu, among others.
The program aligns with MTN Group’s Ambition 2025 strategy, which seeks to lead digital solutions for Africa’s progress, as well as Uganda’s Vision 2040 and the National Digital Transformation Roadmap, which prioritize technology as a lever for inclusive economic growth.
“This lab is a symbol of our long-term commitment to building a Uganda where no student is left behind,” Damulira added. “It is not just about equipment; it’s about empowerment, and giving young people the tools to lead, innovate, and shape the future.”
French media conglomerate Canal+ has officially acquired full ownership of MultiChoice Group, the parent company of DStv and GOtv, in a landmark $3 billion (approx. 55 billion rand) deal.
The acquisition, which gives Canal+ the remaining 55% stake it did not previously own, was approved by South Africa’s Competition Tribunal on July 23.
The approval comes after months of intense negotiations and regulatory reviews, and paves the way for the deal to be finalized by October 8, 2025. While the Tribunal gave the green light, it imposed several public interest conditions to protect local content and maintain South Africa’s media sovereignty.
For Canal+, the deal represents a major strategic expansion into Africa’s booming media and entertainment market.
Already operating in 25 African countries with over eight million subscribers, Canal+ is now positioned to significantly scale up its presence, targeting 50 to 100 million subscribers across the continent in the coming years.
MultiChoice, Africa’s largest pay-TV broadcaster, brings more than 14.5 million subscribers in 50 sub-Saharan African countries, as well as flagship platforms like DStv and GOtv. The company is also home to premium content brands such as SuperSport, making it an attractive acquisition for the French media powerhouse.
Describing the deal as transformative, Canal+ CEO Maxime Saada said: “The combined group will benefit from enhanced scale, greater exposure to high-growth markets and the ability to deliver meaningful synergies.”
One of the key benefits of the merger is the integration of Canal+’s French-language content with MultiChoice’s dominant English and Portuguese offerings—creating a multilingual media powerhouse capable of serving diverse African audiences.
Beyond strategic value, the acquisition is also a timely boost for MultiChoice. The deal is expected to inject fresh capital into the South African broadcaster, enabling deeper investment in local content production, technology upgrades, and digital innovation.
As part of the Competition Tribunal’s conditional approval, Canal+ has committed to spend approximately 26 billion rand over the next three years on initiatives aligned with South Africa’s public interest objectives.
These include retaining MultiChoice’s headquarters in South Africa, maintaining investment in local content and sports broadcasting, and supporting local content creators.
In a joint statement, both companies reaffirmed their commitment to the South African media ecosystem: “We will maintain funding for South African general entertainment and sports content, providing local content creators with a strong foundation for future success.”
Canal+ began its takeover bid in 2023 with a mandatory buyout offer of 125 rand per share, valuing MultiChoice at around $3 billion.
With full ownership now secured, the French media giant is poised to redefine Africa’s pay-TV industry, tapping into its vast potential and shifting the competitive
Canal+ is a major player in the global media landscape, providing pay-TV services, television production, and film production plus distribution. It is owned by Vivendi, a French media and telecommunications conglomerate, chaired by Bollore Group owner Vincent Ballore, who also has significant interests in maritime freight, African trade, and paper manufacturing.
(Source: Vanguard News)
At least 42,000 unclaimed Ugandan passports worth UGX 10.5 billion are set to be destroyed by the Directorate of Citizenship and Immigration Control (DCIC), an official has said.
The revelation comes less than a year after the Ministry of Internal Affairs destroyed more than 62,000 passports valued at UGX15.5 billion, which had also gone unclaimed despite repeated reminders to their owners.
Simon Peter Mundeyi, the Ministry of Internal Affairs spokesperson, confirmed the impending destruction, saying the situation has become untenable.
“We call on applicants to pick these passports. We now have more than 42,000 unclaimed passports. These have continued to pile even after we destroyed 62,000 last year. We appeal to Ugandans to come and collect them,” Mundeyi said.
The bulk of these abandoned documents (over 97%) are ordinary passports, with each costing UGX 250,000.
They are stacked across DCIC branches in Kyambogo, Mbale, Mbarara, Jinja, Fort Portal, Hoima, Masindi, Arua, Masaka, and Lira, taking up valuable storage space, according to Mundeyi.
But why are so many Ugandans abandoning passports they worked hard to acquire?
The Ministry attributes it to a combination of false promises of overseas jobs, fraud, and disrupted recruitment processes.
Thousands applied for passports after being assured of lucrative opportunities in countries like Israel, the UK, Canada, and the US, only to discover they had fallen prey to fraudulent recruiters or that their dream jobs had evaporated.
The COVID-19 lockdowns worsened the situation by freezing travel and crippling external recruitment agencies.
Additionally, the temporary suspension of labour recruitment by Saudi Arabia one of the biggest destinations for Ugandan migrant workers left many hopeful travellers stranded.
For some, the passports they once desperately needed became worthless reminders of broken promises.
The situation has been made worse by fraudsters and scams promising non-existent jobs to unsuspecting job seekers.
These scams have left thousands disillusioned, broke, and unwilling to collect passports that no longer serve a purpose.
“These passports cost the government and applicants a lot of money to process. It is painful to burn them, but we cannot store them forever,” Mundeyi added.
MTN Uganda Limited shareholders have overwhelmingly approved the proposed structural separation of its mobile money and fintech business, MTN Mobile Money (U) Limited (“MTN MoMo”), marking a significant milestone in the company’s strategic evolution into a fintech giant with global partners.
The resolution was passed during a hybrid Extraordinary General Meeting (EGM) held yesterday, where shareholders voted with 99.9% in support of the transaction, a move that will see the amalgamation of MTN MoMo into a new entity, which, pending regulatory approvals, will operate under a new company majority-owned by MTN Group Fintech Holdings B.V.
The company said in a press release that the remaining shares would be held through a trust structure, ensuring continued benefit for MTN Uganda’s institutional and retail minority shareholders.
Charles Mbire, the Chairman of the Board of MTN Uganda, commended shareholders for their unwavering support. “We are grateful to our shareholders for their confidence and backing of this strategic step. This transaction aligns with global market trends and is designed to unlock value for our shareholders while future-proofing the fintech business. The Board is confident that this decision is in the long-term interest of all stakeholders.”
Sylvia Mulinge, Chief Executive Officer of MTN Uganda, reiterated the company’s commitment to delivering meaningful impact through digital and financial inclusion.
“Today’s shareholder approval marks a significant milestone in our journey to accelerate financial and digital inclusion in Uganda. The structural separation of our fintech operations enables us to drive sharper operational focus, enhance agility, and unlock greater efficiency to deliver superior shareholder value and transform lives through digital innovation.”
Richard Yego, the Chief Executive Officer of MTN MoMo Uganda Ltd expressed his optimism for MoMo’s growth following the separation, saying the structural separation is part of the journey of building the largest Fintech platform in Africa.
MTN Uganda Ltd, which was listed on the Uganda Securities Exchange (USE) in December 2021, is partly owned by minority shareholders who own 23.985% shares. MTN Mobile Money, which has become a cash-cow for the shareholders, has seen total revenue grow by 22.8% to UGX947.5 billion.
The separation involves the transfer of the mobile money business to a new company to be jointly owned by MTN Group Fintech Holdings B.V. and a ‘trust’ representing the minority institutional and retail shareholders.
Crucially, the structural separation was necessary as a move to attract strategic fintech partners and financiers who are expected to bring onboard capital, technologies and critical sector capabilities.
For example, the MTN Group and the global payments giant Mastercard in 2023 signed an MoU for a minority investment into MTN Group Fintech across the 13 African countries where MTN operates. The multi-market partnership would involve Mastercard investing $200 million for a 3.8% stake in the company.
The partnership has so far introduced virtual and physical Mastercard companion cards to every MoMo wallet, granting users access to over 100 million acceptance locations globally. Founded in 1966, Mastercard is an American multinational payment services corporation that operates a global payment processing network connecting billions of consumers, financial institutions, and merchants worldwide.
In 2024, Mastercard’s total revenue amounted to $28.17 billion, registering 12.23% growth compared to 2023. The company recorded more than 4 billion transactions per month in 2024, demonstrating the significant role it’s playing in promoting digital payment adoption, supporting financial inclusion for marginalized groups, simplifying intricate cross-border transactions, and consistently developing new technologies to improve user experience and security.
Mastercard has built a vast global network, connecting consumers, merchants, and banks across over 210 countries and territories. This widespread acceptance has been instrumental in shifting transactions from cash to electronic payments, amplified by events like the COVID-19 pandemic.
With global partners such as Mastercard, the MTN Group hopes to make a significant contribution to the enablement of financial inclusion, aiming to accelerate cross-border payments and to connect underserved populations to the digital economy, including individuals, small enterprises, SMEs and SACCOs across Uganda.
Sources told this publication that MTN plans to also list MTN Mobile Money (U) Limited on the Uganda Securities Exchange within three years.
The Government of Uganda has received UGX 170 billion as the first tranche of a UGX 800 billion financing package from the World Bank under the Investment for Industrial Transformation and Employment (INVITE) Trust. This funding aims to boost manufacturing and export-oriented enterprises by easing access to affordable financing.
The funds are part of a broader initiative to enhance Uganda’s industrial transformation through the provision of low-cost capital and business development services.
The INVITE Trust is managed by the Private Sector Foundation Uganda (PSFU) and is designed to support private sector players involved in value addition, manufacturing, and export development.
The announcement followed a meeting of the INVITE Investment Committee held on July 15, 2025, which confirmed that all conditions precedent to disbursement had been met.
The meeting brought together key stakeholders, including the Ministry of Finance, Planning and Economic Development (MoFPED), represented by Permanent Secretary and Secretary to the Treasury, Ramathan Ggoobi, and the Bank of Uganda, represented by Governor Dr. Michael Atingi-Ego.
Speaking during the meeting, Ggoobi emphasized the significance of the initiative, noting that it is aligned with the government’s long-standing efforts to expand access to affordable finance.
“The Government is determined to increase access to affordable finance. I commend the Investment Committee for the recent onboarding of KPMG as Trust Manager and look forward to the full operationalization of all the financing facilities,” he said.
Dr. Atingi-Ego echoed the sentiment, highlighting the broader economic implications of the program.
“This is a long-term game-changer for Uganda’s financing landscape. The success of the INVITE Trust will have far-reaching implications for economic transformation,” he noted.
He also underscored the critical custodial role the Bank of Uganda will continue to play in the financial operations and oversight of the Trust.
The INVITE Trust is a Government of Uganda initiative financed not only by the World Bank but also supported by other development partners, including the Netherlands, United States, and the European Union.
The full funding commitment from the World Bank alone stands at UGX 800 billion, aimed at catalyzing private sector-led industrialization over the next five years.
Through this initiative, the government seeks to bridge the financing gap facing small and medium-sized enterprises (SMEs) and large-scale manufacturers, especially in value chain development for exports.
According to PSFU, eligible enterprises will access financial support in the form of loans, guarantees, and grants, with tailored Business Development Services (BDS) to increase their productivity and competitiveness.
As of July 2025, the government has confirmed that over 60 enterprises have been pre-selected for initial support under the UGX 170 billion disbursed, with projected job creation of over 18,000 direct and indirect jobs in the first year.
The successful roll-out of the INVITE Trust facilities is expected to reduce Uganda’s import dependency, increase foreign exchange earnings, and contribute to the government’s target of growing the manufacturing sector’s contribution to GDP from the current 15% to 25% by 2030.
Uganda has officially rolled out a national biofuel blending programme that will see petrol mixed with ethanol extracted from crops such as maize, cassava, and sugarcane, a development expected to enhance energy security, reduce environmental degradation, and significantly raise farmer incomes.
Announced by the Ministry of Energy and Mineral Development (MEMD), the programme is to start with a 5% ethanol blend (E5) and gradually scale up to 20% (E20), in accordance with the Biofuels Act (2020) and Biofuels (Licensing) Regulations (2022).
The resulting blended fuel can be used for as a fuel for domestic cooking and for vehicles. The government estimates that when fully implemented, the programme could replace up to 200 million litres of imported fossil fuel annually with locally produced ethanol, saving the country over UGX 400 billion in foreign exchange.
Speaking at the signing of a Public-Private Partnership Agreement between Bukona Agro Processors Ltd in Malaba Town Council Tororo district, Bukona’s Managing Director Praviin Kekal said the ethanol programme has strong environmental and social benefits.
“In Uganda, charcoal is the main cooking fuel used by the masses, depleting thousands of acres of forests annually. This project alone will conserve over 8,000 acres of forest every year, significantly reducing environmental degradation,” he said.
Kekal added that the ethanol programme is already generating impact at the grassroots level: “We are promoting extensive cassava cultivation through partnerships, including one with the Archdiocese of Gulu that involves over 10,000 farmers under cooperative societies and chapels. This initiative is transforming dormant land into productive assets.”
Four licensed fuel-handling facilities located in Busia, Malaba, Mutukula, and Kawuku (Entebbe) have a combined capacity to manage over 110 million litres of petrol per year, all of which will be blended with ethanol before distribution.
Farmers are expected to be among the primary beneficiaries. In regions like Teso and Busoga, cassava and sugarcane farmers have long grappled with price volatility and low market demand. For instance, in mid-2025, cassava prices fell to UGX 150 per kilogram for fresh produce and UGX 400 for dried cassava, causing widespread losses. Busoga’s sugarcane farmers have similarly expressed frustration over unsustainable returns.
“With the new innovations, cassava and sugarcane will now have high market value,” said Omela Isaac, Town Clerk of Malaba Town Council. “Farmers will be encouraged to expand cultivation and put idle land to use.”
The blending programme is part of Uganda’s broader strategy under Vision 2040 and the National Energy Policy (2023), which aims to diversify energy sources and promote green growth.
“By introducing E5 and moving toward E20, we are actively decarbonizing our transport sector,” said Hatimu Muyanja, an Energy Officer at MEMD who represented the Permanent Secretary during the signing ceremony. “This effort minimizes our carbon footprint and aligns Uganda with global climate goals.”
He added that the Ministry would ensure all biofuels operations meet high environmental standards to protect natural resources.
Energy Minister Ruth Nankabirwa has also emphasized the importance of supporting agriculture to meet ethanol production needs. Speaking at a recent briefing at the Uganda Media Centre, she said, “We are thinking about irrigation because during the dry season, production goes down. But we’ve had our ears on the ground for ten years.”
Through village-based cooperatives and Village Savings and Loan Associations (VSLAs), smallholder farmers in districts like Nwoya would gain stable access to bioethanol markets. “This provides predictable income, reduces market risks, and fosters long-term economic stability,” Muyanja noted.
He concluded, “We are moving beyond simply producing raw materials. This programme encourages significant value addition transforming agricultural produce into a high-value energy commodity, right here in Uganda.”
MTN Uganda, in partnership with Smart Girls Foundation, has graduated 298 youths under the Girls in Tech and Girls with Tools initiatives, expanding efforts to reduce youth unemployment and close the digital skills gap in one of Africa’s youngest nations.
The cohort included 248 female youth trained in ICT skills and 50 learners equipped with vocational competencies in male-dominated trades such as electrical installation and plumbing.
The programme is part of MTN’s broader investment in youth empowerment under its Ambition 2025 strategy, which seeks to accelerate Africa’s digital transformation.
“Today, these graduates prove that change is not only possible; it is happening,” said Juliet Kakayi Nsubuga, Managing Director of Bayobab Uganda, MTN Group’s fibre and digital infrastructure unit.
“They are equipped to lead Uganda’s digital future, and we are proud to stand with them on this journey.”
Founded in 2012 in Gayaza, Smart Girls Foundation a non-profit, girl-centered, development organization that empowers girls and mentors’ them in health, education.
Uganda, with over 70% of its population under 30, faces persistent youth unemployment, which currently stands at 16.3%, according to the Uganda Bureau of Statistics.
For young women, the challenges are exacerbated by limited access to technology, skills, and financing.
Since 2019, MTN Uganda and Smart Girls Foundation have trained over 1,100 youths mainly females in digital and ICT skills, and 116 others in vocational trades.
The programme aligns with Uganda’s Vision 2040, the fourth National Development Plan and the UN Sustainable Development Goals, which emphasize education, innovation, and gender equality.
“This partnership has scaled significantly over the past few years,” said Jamila Mayanja, founder of Smart Girls Foundation. “We started with 30 girls in mechanics. Today, we’re talking about hundreds of young women stepping into high-potential sectors like tech and energy.”
Nicolas Otim, who completed the ICT training, said the programme was a springboard to entrepreneurship. “I now have the confidence and technical knowledge to launch my own digital skills training centre for youths in my community,” she said.
Maria Nakibule a graduate in plumbing, said the training has given her a “clearer path to earn income and gain independence.”
The Girls with Tools project hosts hands – on courses for young women looking to be trained in vocational areas considered to be nontraditional for women. These areas include, but are not limited to: machinery, welding, automotive mechanics, electrical engineering, ICT and tailoring.
Government officials at the event welcomed the initiative’s alignment with national education priorities.
Entebbe International Airport recorded its second-highest monthly traffic on record in June 2025, handling 213,217 international passengers, according to data released by the Uganda Civil Aviation Authority (UCAA).
This figure included 106,583 arrivals and 106,634 departures an average of 7,107 passengers per day, just shy of the all-time daily record of 7,171 passengers set in December 2024.
The UCAA attributed the surge to several contributing factors, including the return of Muslim pilgrims from Mecca, an increase in international flight connectivity, growing tourism activity, and a line-up of high-profile regional conferences.
“Continued global promotion of Uganda as a prime tourism destination, particularly for its wildlife, adventure, and cultural heritage, translated into a steady flow of inbound visitors,” UCAA noted.
A rise in airport traffic figures may signal broader growth in several economic sectors, including tourism, aviation, agriculture, and logistics. Entebbe’s performance is particularly significant as Uganda positions itself as a regional transport and trade hub.
Tourism, one of the country’s top foreign exchange earners, is getting a much-needed boost. According to the Ministry of Tourism, the sector contributed over UGX 5.9 trillion to GDP in 2023 and employed more than 600,000 Ugandans directly and indirectly.
With Uganda’s wildlife, national parks, and cultural tourism gaining international attention, rising arrivals translate into higher occupancy rates at hotels, increased local spending, and more jobs across the hospitality value chain.
Outbound travel also rose sharply, driven by business and leisure travel among Ugandans. Uganda Airlines played a major role, expanding its international footprint with direct flights to destinations such as India, Nigeria, and London in the United Kingdom.
“Business travel has rebounded, with Entebbe now serving as a key gateway for East and Central African trade,” said UCAA, highlighting that streamlined immigration services and improved airport facilities have made the airport more attractive to investors, traders, and diplomatic delegations.
June also saw traffic increases tied to major events such as the African Nations Championship (CHAN), AFCON qualifiers, and the African Judges Forum. These events brought in athletes, delegates, support staff, and media teams—injecting foreign exchange directly into the local economy through accommodation, transport, and services.
Projections from the Uganda Tourism Board indicate that hosting such events could generate between UGX50–UGX80 billion per major conference in direct and indirect spending.
Entebbe Airport also reported robust cargo activity, handling 6,293 metric tons of cargo in June. Of this, exports accounted for 4,332 tons, while imports stood at 1,961 tons. Key export items included fresh fruits, vegetables, fish, fish maws, and gold, which command strong demand in Europe, the Middle East, and Asia.
According to Bank of Uganda statistics, agricultural exports alone brought in over UGX 7.8 trillion in 2024. Enhanced cold-chain logistics and streamlined customs procedures at Entebbe have reduced post-harvest losses and ensured that perishable goods meet international quality standards.
On the import side, increased direct cargo capacity by Uganda Airlines has improved delivery timelines and reduced freight costs for essential goods like electronics, machinery, and industrial inputs benefiting local manufacturers and retailers.
The month-on-month rise from May’s 198,052 passengers to 213,217 in June—an increase of over 15,00 - signals a positive trend heading into the second half of the year. Upcoming events such as regional investment forums, international sports tournaments, and global expos are expected to sustain the growth momentum.
“With the second half of the year ahead and more international summits and sports events on the horizon, the outlook for continued growth remains strong,” said UCAA spokesperson Vianney Luggya.
MTN Uganda and MTN Mobile Money (U) Limited have proudly announced their sponsorship of the “Halima Namakula: Living Legends Gala”, reaffirming their commitment to celebrating and empowering local talent.
Being held under the campaign theme, “Together, our music is Unstoppable,” the event is scheduled for Saturday, 26 July 2025 at Serena Hotel, aimed at marking veteran artiste Halima Namakula’s 50 years in in the industry.
Speaking at a press briefing in Kampala on Thursday, John Paul Okwi, Manager for Sponsorships & Events at MTN Uganda, expressed his excitement at the event, saying it’s a significant milestone for both the industry and MTN.
“MTN has stood with Uganda’s music pioneers for decades. We are delighted to spotlight Halima’s remarkable 50‑year journey—her artistry and humanitarian work reflect the special impact of our local talent.”
Halima Namakula has been a guiding light in Uganda’s entertainment industry since the 1970s. Starting as a stage actress with The Black Pearls, she later earned national recognition through her role as Michelle in the hit TV series That’s Life Mwattu.
As a musician, she launched her own label, No‑End Entertainment, and released acclaimed Afrobeat and world music albums featuring chart‑toppers like Ekimbeewo, Tonkutula, and Cheza (Sambagala).
Beyond entertainment, she founded Women At Work International to empower marginalized women, solidifying her legacy as both artist and humanitarian.
Also in attendance at the briefing were, legendary presenter JK Kazoora; artistes; Kenneth Mugabi, Sam Bagenda aka Dr. Bossa, Rema Namakula, Annet Nandujja, Naava Grey and Irene Ntale.
As part of MTN’s partnership with MoMo Ticketing, fans are encouraged to purchase Ordinary and VIP tickets using MoMoPay exclusively as o cash ticketing is to be permitted.
MTN MoMo customers will enjoy exclusive pricing and hospitality discounts at the event with all points of sale at Serena Hotel accepting MoMoPay for event extras, and tickets are accessible only via the MoMo Ticketing platform. Fans are therefore encouraged to plan ahead and enjoy seamless entry and hospitality.
John Paul Okwi added, “By using MoMo Ticketing, we provide convenience and value directly to our customers. These MoMo exclusive prices for tickets and hospitality embody our theme. Together, our music is unstoppable because when Fans, Artists, and MTN unite, we create moments that resonate.”
Halima Namakula was elated. “I am deeply grateful to MTN Uganda and MTN MoMo for standing with me. I have given my best in the past 50 years of memories of love, laughter and learning through my music,” she said.
“My songs have turned into national music anthems. I am excited to have lived and now celebrating 50 years in creative Arts. My legacy and sound will always live in the land I call my motherland.”
The Gala promises an unforgettable evening of live performances, storytelling, and a heartfelt tribute to one of Uganda’s most enduring artists.
MoMo users can also participate in the ongoing Digida and Win promo: by downloading any Halima Namakula CallerTunez via *170*42#, they stand to win Ushs 250,000 which further connects fans to the artist in meaningful ways.
The recent reading of Uganda’s 2025/26 national budget offers timely insight into the government’s development agenda, and one area that stands out is the renewed emphasis on digital transformation.
From the UGX72.1 trillion resource envelope presented by Finance Minister Matia Kasaija, UGX381.75 billion has been allocated toward the ICT and digitisation agenda. This represents a more than 55% increase from the previous year - a significant uplift that signals a growing recognition of the digital economy as a strategic driver of national development.
When combined with the nearly UGX836 billion committed to the broader digital ecosystem including infrastructure, e-government platforms, and innovation hubs, the direction of policy is clear: Uganda is betting big on digital.
This shift marks a welcome departure from the days when ICT was viewed as a peripheral cost centre. Today, it is rightly being positioned as a core enabler of socio-economic transformation. And the timing couldn’t be more critical. Uganda’s current internet penetration stands at just over 60%, trailing digital leaders on the continent such as South Africa, Morocco, and Ghana, all of which boast connectivity rates north of 70%. This digital gap, if left unaddressed, risks deepening inequality and excluding millions from the benefits of the Fourth Industrial Revolution.
The potential of expanded digital access is transformative. In healthcare, telemedicine platforms could connect rural clinics with urban specialists, improving diagnosis and mitigating staff shortages. In education, reliable internet can bring the national curriculum to life for learners in remote districts, enhancing engagement and performance. And in agriculture, digital tools such as weather apps, mobile-based advisory services, and real-time market platforms can empower farmers to make informed decisions and maximise productivity.
MTN Uganda recognises the government’s renewed commitment to digitalisation and welcomes it. As a long-standing partner in this space, MTN has already laid over 17,000 kilometres of fibre optic cable across the country and upgraded its 4G and 5G networks to expand access in underserved areas. In parallel, we’ve introduced flexible smartphone financing solutions, working with local partners to ensure that more Ugandans especially in low-income brackets can come online and participate in the digital economy.
But to translate the budget’s ambitions into real-world impact, several structural bottlenecks must be addressed.
Firstly, digital literacy. Access without empowerment is ineffective. Network coverage, no matter how widespread, will fall short if people lack the skills to navigate the internet or use digital tools productively. Many rural communities remain unfamiliar with even the most basic digital applications. Government-led training programmes are a good start, but they need to scale significantly. This is where partnerships become crucial between government, private sector players like MTN, NGOs such as the Maendeleo Foundation, and local community-based organisations to deliver practical, localised training that bridges the knowledge gap.
Secondly, device access. Even in areas with reliable internet connectivity, many Ugandans still lack the smartphones or computers needed to participate meaningfully in the digital space. Taxes and import duties on digital hardware, while necessary for revenue generation, can unintentionally deepen what’s often referred to as the “secondary access gap.” To accelerate device adoption, policymakers could explore targeted tax exemptions or incentives on essential digital devices especially those geared toward education and agriculture while encouraging financing schemes that make ownership more affordable.
Thirdly, financial inclusion. Mobile money has been a game-changer for Uganda’s financial landscape. However, taxes particularly on small withdrawals risk slowing adoption and pushing users back toward informal, cash-based systems. As such, a balanced review of the mobile money tax regime could help maintain momentum in the shift to digital finance while supporting the broader formal economy.
Infrastructure development, too, remains uneven. Urban centres have benefited from extensive fibre rollout—Uganda’s total fibre footprint now exceeds 48,000 kilometres—but rural communities, protected areas, and refugee settlements continue to face limited access due to high deployment costs and modest commercial returns.
The Universal Service Fund, established to fill this gap, must move faster. Targeted subsidies and support for shared infrastructure can help ensure that no region is left behind in Uganda’s digital march forward.
However, the government’s investment in science and technology hubs is an encouraging signal. These centres can incubate homegrown digital solutions tailored to local needs from agri-tech innovations and health informatics to fintech tools for informal traders. But innovation ecosystems are more than just buildings. They require sustained investment, policy support, mentorship networks, and reliable high-speed connectivity to thrive.
At MTN Uganda, we understand that building a digital economy requires more than laying fibre and launching mobile apps. It requires trust, collaboration, and sustained effort. We stand ready to support the government not only as a service provider but as a development partner committed to inclusive growth, shared prosperity, and national transformation.
So, the 2025/26 budget lays a solid foundation. What happens in the months ahead would determine whether that foundation becomes a springboard for inclusive digital transformation or yet another missed opportunity. The stakes are high, but so is the potential. Now is the time to act decisively and ensure that every Ugandan is empowered to thrive in the digital age.
The author is the CEO of MTN Uganda.
A surge in export earnings and foreign direct investment has propelled Uganda’s economy to new heights, with nominal GDP reaching UGX226.34 trillion ($61.3 billion) in the financial year 2024/25.
The growth, up from UGX 203.71 trillion (USD 53.9 billion) in the previous year, reflects a resilient and expanding economy, the global trade disruptions and geopolitical tensions notwithstanding.
During the release of Quarter One expenditure for FY 2025/26, the Permanent Secretary and Secretary to the Treasury (PSST), Ramathan Ggoobi, attributed the strong performance to growing investor confidence, improved household spending, and increased government investment.
“The economy is continuing to exhibit resilience and sustained growth in spite of the global uncertainties like trade wars and international conflicts. Growth averaged 6.9% in the first three quarters of the just concluded financial year,” Ggoobi said.
He noted that GDP growth was supported by fixed capital formation, government expenditure particularly under the Parish Development Model and a steady recovery in household consumption.
Real GDP is projected to grow by 7% in FY 2025/26, with expectations of reaching double-digit growth in the medium term.
Improving business conditions also supported the recovery. The Purchasing Managers’ Index stood at 55.6 in the fourth quarter of FY 2024/25, while the Composite Index of Economic Activity hit 178.58. The Business Tendency Index, a gauge of private sector confidence, was recorded at 59.17 in June 2025.
Annual headline inflation remained stable at 3.9% in June, slightly up from 3.8% in May but within the Central bank’s annual target of 5%.
Meanwhile, the Uganda Shilling appreciated by 1.3% against the US Dollar in June, driven by improved export performance, offshore investments, and higher remittances. The Ministry of Finance insists that the local currency is among the best-performing African currencies.
Exports were a major growth driver. Uganda earned USD 2.6 billion in the third quarter of FY 2024/25, up from USD 1.9 billion in the same period the previous year a 39.1% increase. The export boost was fuelled by rising volumes and international prices of coffee, cocoa, and other key commodities.
Over a 12-month period ending March 2025, Uganda’s exports reached USD 11.8 billion, up from USD 9.56 billion.
While imports also rose by 16.5% to USD 3.05 billion, the faster pace of export growth helped narrow Uganda’s trade deficit. The gap dropped from USD 757.48 million in Q3 of FY 2023/24 to USD 461.15 million in the same quarter of FY 2024/25.
Remittances rose to USD 304.48 million in the third quarter, compared to USD 231.68 million the previous year an increase of 31.4%. Total remittances for the 12 months to March 2025 amounted to USD 1.4 billion.
Uganda also recorded strong inflows of foreign direct investment. FDI in Q3 stood at USD 785.79 million, up from USD 622.06 million in the same quarter of the previous year. The total for the 12-month period rose to USD 3.48 billion from USD 2.99 billion.
These foreign inflows contributed to an improved balance of payments. International reserves increased to USD 4.3 billion by June 2025, equivalent to 3.8 months of import cover, up from USD 3.2 billion the previous year. The current account deficit also narrowed, showing greater external stability.
This year's national budget for FY 2025/26 is UGX 72.376 trillion, with resources directed toward infrastructure, service delivery, industrialisation, and economic transformation.
Uganda received a record $1.4 billion (about UGX 5 trillion) in diaspora remittances in 2024, surpassing traditional foreign exchange earners like tourism and coffee.
The surge highlights the growing influence of Ugandans abroad in shaping the country’s economic trajectory and underscores the untapped potential of diaspora capital.
According to the Uganda Bankers’ Association (UBA), remittance inflows now account for approximately 3% of Uganda’s Gross Domestic Product (GDP).
While this marks a significant milestone, the association believes the country is still scratching the surface. With the right policies and frameworks in place, remittances could grow tenfold to $14 billion (UGX50 trillion) annually over the next 15 years.
Uganda currently has over two million citizens working abroad—primarily in the Middle East, Europe, North America, and more recently, in Asia and Scandinavia. These workers regularly send money home, supporting households and contributing to broader economic activity.
To explore this potential, UBA will host the 8th Annual Bankers Conference come July 29, 2025, under the theme “Harnessing the Potential and Maximizing the Impact of Remittances on Development.”
The conference will convene stakeholders from financial institutions, government, civil society, academia, and labour export firms to examine how remittances can be better leveraged to support Uganda’s development agenda.
“Remittances are not just transfers of money; they are powerful drivers of development. They support poverty alleviation, healthcare, education, real estate and other sectors,” said Julius Kakeeto, Chairperson of UBA.
The conference, organised in partnership with the Bank of Uganda, the International Fund for Agricultural Development (IFAD), and Mastercard as the title sponsor, aims to create a roadmap for maximizing the economic and social benefits of remittances.
In the African context, Uganda is steadily climbing the ranks in remittance inflows. Egypt leads the continent with $24.2 billion annually, followed by Nigeria ($20.5 billion) and Morocco ($12.1 billion). Within the East African region, Kenya tops the chart with $4.4 billion in annual inflows.
UBA Executive Director Wilbrod Owor pointed out the complexity of the remittance ecosystem, noting that different regions contribute in varied ways. He noted that while remittances from the Middle East are frequent but smaller in size, those from Europe and North America tend to be fewer but significantly larger.
“The diverse nature of remittance flows requires targeted policy and market responses,” Owor said. “This includes creating an enabling regulatory environment, reducing transaction costs, and improving access to financial products tailored to remittance receivers.”
The conference will focus on several key areas: Mitigating risks associated with remittances, such as fraud and currency volatility; encouraging financial institutions to develop savings and investment products for recipients; strengthening regulatory frameworks to ensure transparency and consumer protection; leveraging digital technology to improve the speed, safety, and affordability of transfers.
Mastercard’s East Africa head, Shehryar Ali, highlighted the company’s role in modernising the remittance landscape.
“We’re setting new standards in payment technologies to make remittance flows faster, safer, and more inclusive,” he said, adding that digital platforms are key to unlocking the full potential of remittances.
The discussions will also feed into Uganda’s long-term economic vision. As the country works towards its Vision 2040 target of a $500 billion GDP, diversified financing strategies including diaspora remittances will be critical for infrastructure development, social services, and inclusive growth.
DFCU Bank has reported a 151% increase in profit after tax for the financial year 2024.
At the company’s 60th Annual General Meeting (AGM) held on Friday, shareholders also approved a record dividend pay-out.
Management told the shareholders that the company posted UGX 72.1 billion in profit after tax in 2024, up from UGX 28.7 billion in 2023. This significant growth also saw earnings per share more than double to UGX96.35, up from UGX38.39 the previous year.
As a result of the strong financial performance, DFCU Board of Directors proposed and secured shareholder approval for a final dividend of UGX20.09 per share, representing a 121% increase from just UGX9.10 paid in 2023. The dividend will be paid by August 30, 2025, to shareholders on the book as of August 8, 2025.
Jimmy D. Mugerwa, the Chairperson of the Board, attributed the company’s solid results to effective execution of its business strategy and resilience amid changing market conditions.
“The results we are reporting reflect the continued execution of a robust strategy and the resilience of our business,” Mugerwa stated.
“This dividend demonstrates our commitment to value creation for shareholders and is a vote of confidence in DFCU’s future.”
Charles Mudiwa, Chief Executive Officer of DFCU Bank, noted that the bank’s performance was rooted in strong governance and investment in digital transformation.
“Our performance is anchored in prudent risk management, strategic investment in innovation and digital infrastructure, and a deep commitment to serving our customers,” said Mudiwa.
Other highlights from the 2024 fiscal year include a 9% increase in total assets and improvements in both asset quality and capital adequacy. These gains reflect the bank’s growing financial strength and ability to support lending and economic activity.
The bank’s strong rebound has wider implications for the country’s banking industry, which continues to navigate challenges such as inflation, tight monetary conditions, and shifts in consumer behavior.
The bank’s success reinforces the importance of digital transformation in modern banking, having invested significantly in technology and customer service, which have contributed significantly to its financial performance.
This trend aligns with a broader shift across Uganda’s banking landscape, where digital channels are increasingly becoming central to service delivery and market expansion.
The record dividend pay-out is likely to have a positive effect on Uganda’s capital markets. As publicly listed financial institutions increase returns to shareholders, investor interest in banking stocks could grow, adding liquidity to the Uganda Securities Exchange and encouraging broader participation in the financial markets.
The bank’s results for 2024 offer a glimpse into what well-executed strategy, digital investment, and customer focus can achieve in Uganda’s evolving banking landscape.
As the sector continues its post-pandemic recovery, DFCU’s performance provides a roadmap for growth, stability, and shareholder value creation. With financial institutions playing a central role in driving economic development, DFCU’s growth story is not only a corporate success but also a positive signal for Uganda’s broader economic prospects.
Makerere University is elevating this year’s edition of the annual MakRun to a fully professional-level event following the announcement of a UGX1.45 billion sponsorship deal from NCBA Bank Uganda.
The university officials told journalists at a briefing on Wednesday that participants for this year’s run will have the opportunity to tackle a full 42.2 km elite marathon, complete with international timing and closed, traffic-free courses, alongside the well-loved 21 km half-marathon.
Vice Chancellor, Professor Barnabas Nawangwe welcomed NCBA Bank’s “generous gift,” noting that proceeds from this year’s MakRun, scheduled for August 17, 2025, will go directly toward equipping the Disability Support Centre with new assistive devices, and strengthening the scholarship fund, in order to ensure that no bright student drops out due to lack of fees.
“Gone are the logistical headaches of past years. Now we have the resources to deliver a first-class event, but also support students who need help in various ways,” he said.
Prof. Nawangwe said in the buildup to the marathon, the MakRun Club will host weekly Wednesday fun runs to energize students and the wider community, while the University Clinic will offer pre-race medical screenings to ensure all participants are race-ready.
He added that on the race day, the marathon events will be followed by family-friendly sports activities, karaoke, and dance competitions, culminating in the vibrant MakGroove2025 concert at Freedom Square.
Mark Muyobo, CEO of NCBA Bank Uganda, said the bank’s decision was driven by a belief in equity and the power of education, adding that NCBA was excited to support what is now a professionally managed event.
“At NCBA, we believe disability is not inability. We believe that all students, if given a fair opportunity, can succeed. That’s why we’re proud to walk—and run—this journey with Makerere,” he said.
Muyobo said that together with Makerere University, NCBA Bank Uganda aims to empower students with disabilities, support disadvantaged but talented learners, promote healthy and active lifestyles among youth, and contribute significantly to the Endowment Fund to benefit future generations.
The five-year partnership positions NCBA Bank Uganda as the official title sponsor of the MakRun, organized annually to mobilize resources for student scholarships, enhance learning infrastructure, and support community outreach programs.
Dr. Maggie Kigozi, the Chairperson of the Makerere University Endowment Fund (MAKEF), said the Mak-run is expected to attract elite runners from across the East Africa region, and elevate the MakRun from a community event to a premier platform for both professional and aspiring runners from Uganda and beyond.
“We are making this run professional, and that is why we are rebranding it the MakRun –marathon. We will have the professional 42.2km marathon, but those looking for a shorter challenge can choose a 10 km run," she said.
"Families, elderly people and first-time joggers can join the 5 km fun run, because this will be a top-tier experience for athletes of every level,” she added.
Uganda National Oil Company (UNOC) is on the lookout for a joint venture partner to help it explore and develop an oil block in the western part of the African country, a spokesperson for the state-owned oil firm told Reuters on Wednesday.
UNOC signed in 2023 a two-year production sharing agreement with Uganda’s government for the Kasuruban exploration block.
The agreement could be renewed twice for two years, and the state oil firm renewed the deal in March.
Kasuruban Block spans 1,285sq kilometers in Buliisa, Hoima and Masindi districts and is the biggest of the five blocks MEMD announced in the second licensing round in May 2019.
Now UNOC wants to develop the block, but is seeking a partner to do so, company spokesperson Angella Ambaho told Reuters, without giving details about the equity stake a potential JV partner would take.
UNOC wants a reputable joint venture partner with the requisite technical and financial capacities and experience, as well as the commitment to support UNOC’s national aspirations to form a joint venture partnership in the contract area.
In addition to exploration, UNOC also holds Uganda’s 40% stake in the country’s refinery project, as well as 15% stake in each of the oil projects Tilenga, Kingfisher, and East African Crude Oil Pipeline (EACOP).
UNOC operates as the bridge between Uganda’s aspirations to become an oil producer and the technical expertise of international firms like TotalEnergies and CNOOC, which are the joint venture partners to UNOC in the Tilenga and Kingfisher blocks.
Earlier this year, the $5-billion East African Crude Oil Pipeline (EACOP), which is planned to export crude oil from Uganda via a port in Tanzania, secured the first tranche of external financing for the project.
The EACOP project is for a 1,443-kilometer-long (897 miles) pipeline to be built from landlocked Uganda to the Tanga port in Tanzania.
The oil pipeline is expected to bring crude from the Lake Albert project in Uganda to the international oil market.
It is designed to transport 216,000 barrels of crude oil per day, with a ramp-up of up to 246,000 bpd, Uganda says.
EACOP shareholders are France’s supermajor TotalEnergies with a 62% stake, Uganda National Oil Company Limited (UNOC) with 15%, Tanzania Petroleum Development Corporation (TPDC) holding another 15%, and CNOOC, the state oil giant of China, with an 8% interest.
UNOC is a limited liability company owned by the government and mandated to handle commercial interests along the entire value chain in the petroleum sector ensuring that the resource is exploited in a sustainable manner.
Uganda’s banking sector continues to demonstrate resilience, strong profitability, and sound risk management, Bank of Uganda’s Quarterly Financial Stability Review has shown.
The review for the quarter ending March 2025, shows that commercial banks and other Supervised Financial Institutions (SFIs) remain well-capitalized and profitable, even as they navigate a growing exposure to public debt and evolving credit trends.
The banking industry posted a combined Net Profit after Tax (NPAT) of UGX 1.7 trillion, up from UGX 1.5 trillion the same period for the previous year, marking a 13.8 % increase.
This growth reflects improved asset quality, higher interest income, and reduced loan loss provisions. According to BoU, “Aggregate earnings and profitability of Uganda’s banking sector continued to improve over the year to March 2025, maintaining the positive trend noted in the previous review period.”
Interest income rose by UGX 578.4 billion (an 8.2 % increase), while provisions for bad debts decreased by UGX 76.8 billion, or 19.8 %. The Return on Assets (ROA) improved slightly from 3.1% to 3.2 %, underscoring more efficient use of financial resources.
According to Ritah Nansubuga, a Kampala-based financial analyst, “The sustained rise in profitability provides commercial banks with the flexibility to invest in innovation, expand access to credit, and build resilience against economic shocks.”
Commercial banks led profitability with UGX 1.689 trillion in NPAT, followed by Credit Institutions (UGX 9.7 billion) and Microfinance Deposit-taking Institutions (MDIs), whose profits surged from UGX 1.7 billion to UGX 21.2 billion.
Policy expert Patrick Mugisha noted, “The fact that banks remain well-capitalized even while growing their loan books and expanding profitability is a strong indicator of systemic stability. This allows them to support both government borrowing and private sector lending without jeopardizing their balance sheets.”
BoU also confirmed that all eligible institutions complied with the leverage ratio and systemic risk buffer requirements.
Meanwhile, only two SFIs remain below the revised minimum paid-up capital requirements UGX 150 billion for Tier I banks and UGX 25 billion for Tier II banks but both are actively implementing Capital Restoration Plans.
However, the report flagged the growing exposure of banks to public debt. “The banking sector’s exposure to public debt as a share of total assets averaged 30.4 % at the end of March 2025, compared to 29.9 % in December 2024, the review notes.
A BoU report shows credit to government nearing levels of credit to the private sector, raising the need for a cautious approach in balancing the two priorities. Experts warn that while government securities offer attractive returns, overexposure could crowd out private sector borrowing in the long term.
Credit to the private sector is on the rise, albeit still below long-term projections. Total loans extended by SFIs grew by 6.8 %, reaching UGX 22.9 trillion in the year to March 2025, up from 6.5 % growth in the previous year. This uptick was supported by a reduction in the average lending rate to 17.7 %, down from 18.3 % in December 2024.
Improved loan affordability and higher repayment ability led to increased disbursements. The loan repayment rate rose to 28.7 %, up from 25.6 %. As a result, net loan extensions for the year totalled UGX 1.5 trillion.
BoU described this trend as positive, highlighting that lower interest rates and stronger borrower performance are beginning to translate into more sustainable credit growth.
Uganda’s banking sector enters the next fiscal year with a strong capital base, sustained profitability, and prudent risk management. However, the BoU remains cautious of emerging risks, particularly rising sovereign exposure and potential external shocks.
The Uganda Revenue Authority (URA) has exceeded its revenue collection target for the 2024/25 financial year, registering a surplus of UGX 262.43 billion.
Officials told journalists at their headquarters at Nakawa on Monday that the tax body collected UGX31.63 trillion against a target of UGX 31.36 trillion, representing a performance rate of 100.84 percent and signalling improved tax compliance, administrative efficiency, and economic resilience.
URA Commissioner General John Musinguzi Rujoki said the achievement reflects significant progress in domestic revenue mobilization and points to a stronger, more formalized economy.
“We are pleased to report that for the financial year 2024/25, URA collected UGX 31.63 trillion, exceeding our target by UGX 262.43 billion. This performance was driven by a stable and resilient economy, improved administrative measures, and strong cooperation from our patriotic taxpayers,” Musinguzi said.
The total revenue marked a growth of UGX 4.33 trillion or 15.86 percent compared to the previous financial year. Gross domestic revenue collections stood at UGX 21.25 trillion, slightly above the target of UGX 21.11 trillion, registering a surplus of UGX 131.78 billion. Compared to FY 2023/24, this represented a growth of UGX 2.86 trillion or 15.59 percent.
International trade taxes also saw a positive performance, with UGX 11.10 trillion collected against a target of UGX 11.05 trillion resulting in a surplus of UGX 49.32 billion and a year-on-year growth of UGX 1.55 trillion (16.23 percent).
Beyond the numbers, this revenue performance has substantial implications for Uganda’s economy. It expands the government’s ability to fund priority sectors such as infrastructure, education, health, and security without overreliance on external debt. It also boosts investor confidence and demonstrates that Uganda is steadily moving toward financial self-reliance.
“The revenue we collect directly supports national development. Every shilling enables government to build roads, equip hospitals, improve schools, and secure our country. That is why we emphasize voluntary compliance and public trust,” Musinguzi added.
Looking ahead, the Ministry of Finance has set an even more ambitious revenue collection target of UGX 36.74 trillion for the 2025/26 financial year, representing an increase of UGX5.37 trillion or 17.12 percent.
Musinguzi expressed confidence in URA’s capacity to meet the new target. “Given the projected economic growth of about 7 percent and the revenue growth realized in the financial year 2024/25, the target for the financial year 2025/26 remains achievable,” he said.
To reach that goal, URA plans to scale up enforcement and innovation. It will continue leveraging technology, including systems like the Telecommunications Intelligence Monitoring System (TIMS) and the Data Monitoring System (DMS), which help track mobile money and betting transactions.
Tools such as artificial intelligence, digital tax stamps, the Electronic Fiscal Receipting and Invoicing System (EFRIS), and data analytics are also being used to identify revenue leakages, widen the tax base, and improve efficiency.
Musinguzi emphasized that URA’s strategy will focus on transparency, staff performance, taxpayer education, and stakeholder engagement.
“We are building a smarter, more responsive tax administration—one that supports taxpayers while ensuring fairness and accountability,” he said.
With this momentum, URA is positioning itself as a key pillar in Uganda’s economic transformation, supporting sustainable development through improved revenue collection and service delivery.
On Saturday, July 5, 2025, what began as a simple call to action; “Everybody Deserves to Be Smart”, turned into a remarkable display of generosity and shared purpose.
Through the Mark & Friends Charity Drive, dozens of community members came together to donate school uniforms, clean clothes, and sanitary products in support of pupils at Nyakabungo Equatorial Primary School in Kanungu District.
The event marked the collection phase of the initiative, mobilizing volunteers, friends, and everyday citizens to address the overlooked but critical needs that often hinder children, especially girls, from fully participating in school.
The goal is simple: remove the silent obstacles that rob students of dignity, confidence, and the chance to learn.
“Sometimes, it’s not about a lack of school fees, it’s the absence of a uniform or sanitary pads that keeps a child at home,” said Mark Rwatangabo, Team Leader of the charity drive. “Yesterday, we saw firsthand what happens when people decide to care with whatever they have. It was proof that change begins with showing up.”
Donations collected included funds for full school uniforms, clean wearable clothes, and sanitary pads.
The items are being sorted and prepared for delivery to the school in the coming days, where the team will also conduct interactive hygiene and menstrual health workshops, creating safe spaces for learning, conversation, and confidence-building.
To create a sense of celebration around giving, the day featured a FIFA gaming tournament, a Corporate Quiz Challenge, rounds of KENGAN (Advanced Matatu), and a raffle draw. These social activities turned the charity experience into something joyful, collaborative, and community-focused.
The initiative was brought to life with the support of local partners including Cornerstone Asset Managers, Tambula, Games Nation, and Mediage, who played key roles in creating a memorable and impactful experience.
But beyond the numbers and logistics, this drive proved something more powerful: you don’t need a big budget to make a big difference.
“This isn’t just about donations,” Mark added. “It’s about reminding people that you can gather your friends, use your voice, and do something meaningful. You don’t need to wait for a title or a grant, you just need to care enough to act.”
As the team prepares for the delivery journey to Kanungu, they plan to document and share the impact, not for praise, but to inspire others to start their own small acts of change.
To follow the journey or support future drives, please contact Mr. Mark Rwatangabo on rwatangabomark@icloud.com or 0751876300/0701539540 (WhatsApp)
Uganda’s Digital Transformation Roadmap, which envisions a future where digital tools drive economic productivity, efficiency in government, and inclusion across sectors, will only bear results if people are at the centre, a top MTN manager has said.
Speaking at the Middle East & Africa Digital Transformation Summit at the Kampala Serena Hotel last week, Ibrahim Senyonga, MTN Uganda’s General Manager for Enterprise Business, said digital infrastructure must be built with people at the centre - turning bold digital ambitions into bankable partnerships and real impact.
“Our task is to build secure, scalable, and intelligent solutions that let Uganda’s enterprises, public institutions and citizens take off in the digital economy,” he said.
In a room filled with policymakers, regional investors, development partners, and a who’s-who of technology leaders, Senyonga noted that “connectivity is no longer a finish line; it is merely the runway.”
MTN’s summit appearance was not just another industry engagement. It was a continuation of MTN Uganda’s deepening role in shaping the country’s digital trajectory. In May, MTN co-hosted a high-level Government ICT Round Table with the Ministry of ICT & National Guidance, bringing together key players across government and the private sector.
From that engagement, there emerged a workplan focused on modernising service delivery, expanding broadband access, and developing digital public infrastructure that empowers both government and citizens. Under the MTN Group’s Ambition 2025 strategy, the company is making a deliberate, well-resourced transition from a traditional telco into a fully-fledged TechCo.
“Everything we build must lift productivity and lower barriers. That is how technology creates shared prosperity,” said Senyonga. “When a farmer in Masindi can query real-time crop prices on a low-cost handset, or when a start-up in Jinja deploys machine-learning models without importing servers, this is the practical face of transformation; where inclusion is not an afterthought but a growth strategy.”
This commitment to innovation and relevance was made even clearer when MTN Uganda conducted East Africa’s first 5.5G (5G-Advanced) showcase last month at its Kampala headquarters. Delivering unprecedented speeds and ultra-low latency, the trial positioned Uganda at the forefront of next-generation connectivity.
As part of its infrastructure upgrade, MTN Uganda, in May this year, launched its shortest and fastest fibre route, boosting network speed and introducing vital redundancy. This new link strengthens service reliability and ensures seamless connectivity for businesses, government, and future-ready technologies like 5.5G.
Through a combination of device financing models, rural connectivity investments, youth innovation hubs, and targeted digital literacy programs through the MTN Foundation, MTN is ensuring that more Ugandans are brought online and equipped to benefit from the digital economy.
The company understands that every new digitally included person is not only a customer, but a potential innovator, employer, or change-maker.
This people-first approach was evident across the summit, especially during the Africa Youth Innovation Challenge, where students from across the continent showcased health-tech, agri-tech, and fintech innovations, many of them powered by platforms and connectivity provided by MTN.
“Our network is becoming a canvas for local ingenuity,” Senyonga noted. “We are not just enabling services; we are co-creating solutions.”
With over US $300 million committed to network expansion and technology upgrades between 2020 and 2025, MTN is aligning its investments to meet national goals.
Senyonga also stressed the important role the Government has to play to ensure the success of the digital transformation roadmap.
“Building the digital state requires spectrum policy, data protection laws, last-mile power, and affordable devices, none of which any single actor controls. Uganda’s digital decade is already under construction, and MTN is on-site for the long haul.”
Wendi, a digital wallet developed by PostBank Uganda, has processed more than UGX 1 trillion in cash disbursements to beneficiaries of the Parish Development Model (PDM).
The funds, meant to support small-scale economic activities across parishes in Uganda, have been sent directly to beneficiaries through the mobile platform.
George William Kiyingi, the Head of Agent Banking and Fintech Distribution at PostBank, says the first UGX 500 billion was received in January 2025.
All of it was sent to SACCO group accounts, and over 90 percent has already been accessed by individual beneficiaries. Another UGX 500 billion arrived in early June and has also been dispatched from the bank.
Before Wendi, beneficiaries were required to travel to physical commercial bank branches to register accounts. Kiyingi recalls people traveling from Nakapiripirit to Moroto or from Pallisa to Mbale.
Now, registration happens through a phone and a national ID, cutting the need for travel. Since 2024, more than 1.3 million PDM beneficiaries have registered on Wendi.
The system works hand in hand with the government’s PDM Management Information System (PDMIS). Before a transaction is approved, Wendi checks with PDMIS to confirm if a loan has been cleared.
If it hasn't, the payment does not go through. This link between the platforms ensures that only verified beneficiaries receive money.
The SACCO accounts also operate under shared control. Each account is managed by three leaders a chairperson, secretary, and treasurer. All three must approve a transaction for it to go through. If even one disagrees, the transaction is blocked.
Besides disbursement, Wendi allows beneficiaries to save and repay loans. The platform offers an interest rate on savings of up to 10 percent per year. This option encourages users to keep money in the system after receiving their disbursements.
PostBank plans to introduce follow-on loans for users who repay their initial PDM loans.
According to Kiyingi, the goal is to shift people from receiving one-time assistance to using financial services regularly. The plan is to expand Wendi across the country and bring more people into the financial system.
Experts who have followed the platform say it has simplified loan delivery and improved tracking of funds.
They note that disbursements are reaching the right people and that both individuals and SACCOs are now more involved in how money is managed.
As more money is distributed under the PDM, Wendi continues to grow in reach and in how it connects public funds to the people they are meant to serve.
MTN Mobile Money Uganda Limited has unveiled Cover by MoMo, a mobile-based insurance platform designed to make insurance simple, accessible, and affordable for Ugandans at the grassroots.
The product, dubbed Family Cover by MoMo, is in partnership with Sanlam Life Insurance Uganda Limited and provides both life and hospitalization insurance from as low as UGX 500 per month for up to six family members.
Speaking at the launch at the fintech’s head offices in Kampala, officials said the product aims to address Uganda’s persistently low insurance penetration of less than 1%.
Built on MTN MoMo’s expansive mobile money platform, Cover by MoMo eliminates traditional barriers such as paperwork, long queues, and intermediaries by allowing customers to enroll, manage policies, and submit claims via mobile phone using the 1657# USSD code.
The product offers two core benefits: MyLife, which provides a lump-sum full cover payout in the event of death, and MyHospital, which pays a cash benefit for hospitalization (minimum one night for accident, two nights for illness).
Premiums range from UGX 500 to UGX 4,000 per month and offer coverage of up to UGX 2 million for life and UGX 200,000 for hospital expenses.
Richard Yego, CEO of MTN Mobile Money Uganda Ltd, observed that “trust” has been essential to the success of the fintech. He noted that whereas in the past, people would travel a long distance to access banking services at a bank branch, which is not the case any more.
“MoMo is the future, and that future is being shaped right now, in Uganda.” This foundation of trust and innovation forms the backbone supporting new offerings like Cover by MoMo.
Jemima Kariuki, Chief Product Officer at MTN Mobile Money Uganda Ltd, emphasized the importance of inclusivity.
“At MTN MoMo, we believe that every Ugandan deserves access to tools that protect their financial future. Cover by MoMo was developed to make insurance simple, mobile, and inclusive. With Family Cover, we are giving our customers peace of mind because they know they can protect their loved ones affordably and conveniently, straight from their phones.”
Nicholas Wavamuno, the Business Intelligence and Growth Manager at Sanlam Life Insurance Uganda Ltd, noted that they are well-placed to execute the program.
“At the core of who we are is a mission to empower generations to be financially confident, secure, and prosperous. In partnership with MTN MoMo, Family Cover by MoMo delivers on this promise—offering exceptional value, seamless enrollment, flexible payment options, and digital claims processing. This product empowers Ugandans to safeguard their loved ones and pursue their aspirations with complete peace of mind.”
The service is tailored for working adults, SMEs, informal-sector workers, and peri-urban families many of whom already rely on MTN MoMo but lack access to traditional insurance due to cost, paperwork, or geography. Female-led households and young caregivers are also targeted to benefit.
Enrollment is fast and fully mobile: MTN customers simply dial 1657#, select 'Insure with MoMo', choose 'Cover by MoMo' to pick a plan, and can then add dependents, monitor their policy, and file claims via USSD or online at https://ug.coverbymomo.com.
A financial crisis is threatening to cripple the East African Community (EAC) as member states collectively owe a staggering $58 million (UGX 220 billion) in unpaid annual contributions as of March 2025.
The rising arrears have severely disrupted operations, delayed staff salaries, and put essential regional programs at risk raising fears about the future of East Africa’s integration agenda.
Each of the eight EAC member states is required to contribute $7.3 million (UGX 27.7 billion) annually to support the bloc’s operations.
These funds finance institutions such as the EAC Secretariat, the East African Court of Justice (EACJ), the East African Legislative Assembly (EALA), and a range of cross-border development projects.
However, only Kenya and Tanzania have fully paid their dues for the current financial year. Uganda has paid 99% of its obligation, while the remaining member states Burundi, Rwanda, South Sudan, and the Democratic Republic of Congo (DRC) have fallen far behind.
During the EAC Post-Budget Dialogue for the 2025/26 financial year, held at Hotel Africana in Kampala and organized by SEATINI Uganda, Uganda’s Minister for EAC Affairs, Rebecca Kadaga, expressed concern over the ongoing financial delinquency by some partner states.
“We are eight, but only four members are contributing. The others are still having a free ride, yet they continue to expect benefits from the EAC,” Kadaga said. She noted that this year’s budget had to be passed virtually due to financial constraints.
Her remarks sparked critical responses from stakeholders, including Fred Mwebya, General Manager of Startboom Digital, who urged the EAC to invest in digital infrastructure to cut costs and ensure wider participation.
“My concern is what are the other four States doing in the community? Why hasn’t the EAC invested in technology to run its affairs more efficiently?” Mwebya asked.
He also criticized the absence of DRC and South Sudan at the Kampala meeting, despite their official membership in the bloc.
While Kadaga did not name the non-paying countries, Uganda itself has been cited in parliamentary reports for failing to meet its financial obligations to international organizations.
Catherine Lamwaka, Chairperson of Parliament’s Foreign Affairs Committee, revealed that Uganda’s arrears will hit UGX 89.7 billion ($23.6 million) by June 2025.
Yet, only UGX 17.6 billion ($4.6 million) has been allocated in the 2025/26 national budget to settle these debts, leaving a shortfall of UGX 72.1 billion ($19 million).
Mwebya emphasized that the EAC must modernize to survive. “It’s high time we moved from traditional, expensive methods to modern, inclusive systems. Without adequate funding and innovation, the EAC cannot deliver on its mandate,” he said.
The Secretariat, under the leadership of Secretary-General Veronica Nduva, has been forced to scale back operations due to the shortfall. According to Zawya report the EACJ is overwhelmed with a backlog of over 260 pending cases, worsened by a shortage of permanent judges.
The EALA has skipped several sessions due to lack of funds, while the Secretariat itself is grappling with 150 vacant positions and the expected departure of 30 senior staff members by the end of the financial year.
As the East African Community (EAC) marks 25 years since its revival in July 2000, the dream of a borderless, economically integrated region remains largely unfulfilled hobbled by persistent non-tariff barriers (NTBs) that continue to suffocate trade and investment.
Despite having in place robust legal instruments like the EAC Treaty and the Customs Union Protocol, intra-EAC trade has remained dismally low.
In 2023, intra-regional trade accounted for only 15% of the region’s total trade, valued at $12.1 billion (approx. UGX 47 trillion) a far cry from the expectations of a bloc that boasts a combined GDP of over $305 billion and a market of more than 300 million people.
“The EAC integration agenda is being hindered by the proliferation of non-tariff barriers, many of which are politically motivated or protectionist in nature,” said Rebecca Kadaga, Uganda’s Second Deputy Prime Minister and Minister for EAC Affairs, during the recent EAC Post-Budget Dialogue held in Kampala.
The event was organised by SEATINI Uganda in partnership with the Ministry of Finance and the Ministry of EAC Affairs. Kadaga pointed fingers at some EAC Partner States for undermining regional agreements through unilateral trade decisions.
“It is annoying that ministers in some countries often override decisions made by the Heads of State, especially on NTBs. This undermines the very spirit of the Community,” she said.
One of the most recent NTBs shaking the bloc’s unity is Tanzania’s new Industrial Development Levy (IDL).
Introduced under the Imports Control Act, the IDL targets selected imports, including those from within the EAC - a move that many see as a direct violation of the East African Customs Union Protocol.
Moses Kaggwa, Director for Economic Affairs at Uganda’s Ministry of Finance, warned that the IDL will further erode trust and trade within the region. “This is clearly against the Customs Union Protocol and will negatively affect regional trade flows,” Kaggwa said.
Uganda has arguably borne the brunt of NTBs more than any other Partner State. Over the past decade, Uganda’s exports particularly agricultural and manufactured goods, have repeatedly faced restrictions from neighbours like Kenya, Tanzania, and South Sudan.