Finance Archives – Page 4 of 66

South Africa Founded Fintech Omnisient Secures $7.5 Million Investment From Arise to Grow Financial Inclusion Across Africa and Beyond.

by Jonathan N. LubwamaAdvertising & Communication Africa Company News Finance Fintechs Global News ICT Industry & Analysis The Big StoryAugust 27, 2024August 27, 2024

South African fintech start-up Omnisient has received a $7.5 million investment from Arise, a company that invests in African financial service providers and fintechs that advance financial inclusion.Founded in December 2019, Omnisient is a privacy-preserving data collaboration and insights platform that allows the owners and users of consumer data to collaborate to extract commercial insights without compromising consumer privacy. The technology provides a controlled, secure environment in which data can be analysed.Omnisient’s innovative approach to preserving privacy while enabling retailers, financial services and healthcare firms to collaborate on consumer intelligence has earned numerous accolades, including ‘winner for social good’ (Fast…

CREATING A SUSTAINABLE IMPACT: UDB extended UGX610 billion in new loans in 2023

by Muhereza KyamuteteraFinance News & Analysis The Big StoryJuly 24, 2024July 24, 2024

Uganda Development Bank Ltd (UDB), the country’s national Development Finance Institution has released its 2023 results, reporting what the bank says is a “continued pivotal role in fostering economic resilience and sustainable growth across key sectors of the economy”.According to the results, released during the Annual General Meeting held at the Ministry of Finance, Planning, and Economic Development, the Bank continued to grow, with total assets closing at UGX1.67 trillion in 2023, a 10% uplift from UGX1.52 trillion the previous year.This was largely boosted by growth in new loans⏤ new loans disbursed in 2023 amounted to UGX610 billion, increasing net…

A peek into European Union-supported blended finance vehicles that offer flexible, risk-tolerant financing solutions to SMEs in East Africa

by Muhereza KyamuteteraFinance News & Analysis The Big StoryJuly 1, 2024July 1, 2024

I am delighted to be able to address you today on behalf of the EU, at the first EAVCA conference to be held in Uganda, and share insights on the EU actions in terms of private sector support and capital mobilisation for the private sector. I would like to start with a question: Why is the European Union, representing TeamEurope, the largest development cooperation actor in the world, in this room, at a gathering of Private Capital players?The answer is simple: we are here because we need your help and want to partner with you in order to achieve the Sustainable…

Pearl Capital Partners, Announces Exit from Enimiro, a Vanilla Exporter.

by Jonathan N. LubwamaEast Africa Finance Industry & Analysis News & AnalysisJune 27, 2024June 27, 2024

The Yield Uganda Investment Fund, managed by Pearl Capital Partners, has announced the successful equity investment exit from Enimiro, a Ugandan vanilla processor and exporter. This exit, the first of 15 investments, marks an important milestone for the fund, which has been committed to driving sustainable growth and social impact in Uganda’s agricultural sector since its inception in 2017.Enimiro, a company based in Jinja, Uganda, has established itself as a key player in the organic agricultural products market, specializing in the processing and export of vanilla, arabica coffee, dried pineapple, and jackfruit. The company’s unique business model connects smallholder farmers…

Five Ways a Personal Loan can help you achieve your financial goals

by Paul MurungiCompany News Finance The Big Story Thought LeadershipJune 20, 2024June 21, 2024

In today’s fast paced world, financial stability and achieving one’s goals go hand in hand. Every now and again, we need an extra boost, and personal loans can be a powerful financial tool when used wisely. In this article, Madina Nalubiri, Ag. Senior Manager – Pinnacle Banking at dfcu Bank identifies and breaks down five ways in which you can achieve more with personal loans.A personal loan can make you more money if invested wisely. Personal loans avail lump sums of money that if invested in strategic investments can generate passive income and accelerate wealth accumulation. With proper research and…

Meet the Oppenheimers, Africa’s Third Richest Family, Who Own a 75% Stake in Uganda’s Hariss International, Makers of Riham Brands.

by Jonathan N. LubwamaBillionaires Finance Profiles The Big StoryJune 10, 2024July 19, 2024

In October 2022, CEO East Africa broke the story of how one of Africa’s wealthiest families, the Oppenheimers, had acquired a majority 75% stake in Uganda’s third largest soft drinks manufacturer, Harris International, through their investment vehicle Oppenheimer Partners. Harris International was founded in 2005 and is one of Uganda’s leading food and beverage companies. It is a proudly Ugandan company popularly known by its flagship brand, RIHAM.Since its inception in 2005, the company has evolved and expanded its portfolio to more than 50 healthy, refreshing and enjoyable products such as Carbonated Soft Drinks, Natural Mineral Water, Fruit Juices, Malt &…

East Africa’s Top Private Equity Players to Meet in Kampala’s Lakeside Speke Resort Convention Centre for Region’s Largest Private Capital Gathering

by Jonathan N. LubwamaAfrica East Africa Finance News & Analysis The Big StoryJune 8, 2024June 8, 2024

Uganda is set to host the 8th edition of the East Africa Venture Capital Association (EAVCA) Annual Private Capital Conference on the 13th of June 2024 at Speke Resort Convention Centre in Munyonyo. “As we embark on the journey of defining the next era of East Africa’s investment landscape, the East African private capital landscape stands out as a beacon of resilience and opportunity. In the face of unprecedented global challenges, East Africa has demonstrated its ability to adapt and thrive, emerging as an increasingly attractive investment destination for private capital,” says a statement on the conference’s website. The theme of the…

Rwanda’s Capital Market’s Authority (CMA) Welcomes its New CEO.

by Jonathan N. LubwamaAfrica Business Guru East Africa Finance Industry & Analysis News & AnalysisJune 4, 2024June 4, 2024

The Capital Markets Authority (CMA) of Rwanda has welcomed seasoned Botswana financial markets guru, Thapelo Tsheole, as its new Chief Executive Officer (CEO) replacing Eric Bundugu who has been acting at the helm of CMA from 2018 since the exit of Robert Mathu in 2017.Mr Thapelo was appointed CEO a month ago, and he subsequently resigned his role as the head of the Botswana Stock Exchange, but had to wait a month to take up his new role. His departure from the Botswana Strock Exchange saw him lose his seat as the president of African Securities Exchanges Association (ASEA) and…

Uganda’s Largest Commercial Banks 2023

by Muhereza KyamuteteraFinance News & Analysis The Big StoryMay 27, 2024May 27, 2024

Uganda’s banking industry in 2023 continued growing across all fundamentals such as deposits, lending, income as well as assets. It however grew slower than it did in 2022. Total industry deposits grew by UGX2.4 trillion, from UGX31.6 trillion to UGX34 trillion⏤a growth of 7.6%. This was however a slower growth, compared to a 12% rise in 2022, when the industry grew from UGX27 trillion to UGX28.2 trillion. Total lending grew by 7.5% from UGX19.1 trillion in 2022 to UGX20.5 trillion in 2023, a growth of UGX1.4 trillion. Although nominally, industry lending in 2023 grew more than it did in the preceding year,…

Cornwell Muleya, the former Uganda Airlines CEO appointed head of Zambia’s Industrial Development Corporation

by Paul MurungiCEOs Finance ManufacturingMay 24, 2024May 24, 2024

Before retreating to Zambia, Cornwell Muleya was a soft spoken executive with grand ambitions for Uganda Airlines after his appointment as an Acting Chief Executive Officer in 2019. He wasn’t a newcomer in the aviation industry having demonstrated similar experience working with airlines elsewhere across the continent. He had survived Covid -19 which paralyzed air travel, but couldn’t survive the office politics and its attendant consequences at Uganda Airlines. He left Uganda at the tail end of 2022. The Chemical Engineer and certified accountant is now at the lead of Zambia’s Industrial Development Corporation (IDC), the country’s investment holding company tasked with driving…

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