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Rockboom now served in 250ml can.

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Rockboom now served in 250ml can.

Hariss Media Team.

Famed for game changing and unprecedented innovations, Hariss International; the manufacturer of RIHAM has officially introduced a 250ml prestigious Rockboom oval can.

This is another market first for the Ugandan energy drinks sector and is part of the company’s commitment to fulfil and satisfy the aspirations of its ever growing clientele.

Different market surveys indicate that Rockboom is widely popular among youth and the mass market consumer segments across the country.

Philip Kotler, a renowned marketing author once said: “Customer is the KING in marketing.”

Therefore, in new age business, quality adherence and remaining relevant in the eyes of the consumer is the surest way to win over, later on retain the KING.

The 250ml can gives Rockboom’s ever growing consumer-base a chance to fashionably feel the positive energy. They can conveniently carry the oval can anywhere, anytime without losing either their cool or sense of style.

A 250ml prestigious can of Rockboom energy drink is available in all retail outlets, supermarkets, bars and restaurants countrywide at a recommended retail price of UGX 3,000. Consumers can buy a single can, a pack of six or a tray pack of 24 cans depending on their requirements and budget.

The 250ml oval can doesn’t in anyway affect the quality and taste of the energy drink as it remains the same product but now available in both a can and bottle form.

“Rockboom is highly demand, helps you stay awake, and motivates you on your worst days. It also boosts your mood and mind. Today, we are launching our premium packaging. The Rockboom 250ml prestigious oval can. This new packaging has been highly demanded by our consumers. The new packaging is accepted in supermarkets, bars, hotels and restaurants everywhere,” Chadi K. Ahmad, the Sales & Marketing Director for Hariss International noted.

Even so, the original Rockboom 320ml PET (plastic) bottle is still available throughout Uganda at a recommended retail price of UGX 2,000.

Six years of Positive Energy.

Rockboom is proudly celebrated as the first Ugandan made energy drink. It is made of a blend of caffeine and energy base for providing mental and physical stimulation.

Since its launch in 2013, Rockboom has remained the country’s energy drinks market leader, growing exponentially over the years.

People from different walks of life drink it, recommend it and also attest to its positive energy.

It is not only the most recognized energy drinks brand, but also the most people-centric.

Under the Rockboom flagship, Harris International has massively invested in youth and sports with generous contributions going to one of Africa’s most prolific sportsmen Golola Moses. The latest of such outstanding contributions is of Rockboom rewarding Golola Moses’ brand loyalty with a full furnished house. This is to be built next to his Talent Academy in Kawempe, with construction slated to start in coming months.

The company has also invested in kickboxing, motor rally, swimming, and basketball, among others.

From a bottle to an oval can, it remains the same positive energy that doesn’t only motivate you, but also absolutely improves your life. Ask Golola Moses for example!

Barclays Bank is now ABSA Bank Uganda

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Barclays Bank is now ABSA Bank Uganda

By Uganda Radio Network (URN).

Absa Bank Uganda, this week officially received its license from Bank of Uganda, dropping the Barclays Bank brand tag.

Absa Uganda interim boss Nazim Mahmood together with other bank’s executive received the license from the Central Bank on Monday.

Mahmood told reporters that “there will be no change in terms of account details and that they can expect nothing but the best in terms of products and services.”

BOU Deputy Governor Dr Louis Kasekende said the central bank is pleased to confirm that effective Monday, what was previously known as Barclays Bank Uganda would become Absa Bank Uganda.

This makes the end to the three-year journey of the divorce from the parent company, Barclays Plc after the latter sold its majority shareholding– retaining only 14.9% – in the Barclays Africa Group unit. This means it could not retain the Barclays Brand.

The bank has changed its social media handles to Absa to reflect the changes. Its website also reads absa.co.ug.  All its branches have been painted red, the Absa colours, from the blue that Barclays used.

Absa Uganda is part of the Absa Africa Group headquartered in South Africa.

Engineers trained on Asset Management, Low Cost Bridges.

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Engineers trained on Asset Management, Low Cost Bridges.

Our Reporter.

Globally, the cost of poor roads affects all citizens as it means longer travel hours, more garage  & repair days, accidents and diseases such as never-ending flu and cough infections caused by dusty roads among others.

As such, in a move to ensure that Ugandans enjoy improved roads and also as a mitigation strategy for the side effects of poor roads, the Government of Uganda through the Ministry of Works and Transport is conducting trainings and knowledge sharing workshops for engineers drawn from both the ministry and local authorities such as districts and municipalities.

The most recent of such trainings was conducted in October and early November at Imperial Royale Hotel, Kampala. This training that aimed at Strengthening Road and Bridge Management Capacity in the Road Sub was co-funded by African Development Bank and attended by over 50 engineers.

According to Eng. Hassan Ssentamu – Principal Mountain Elgon Labour Based Training Centre– the training wing of Ministry of Works and Transport, this short course provided an introduction to road asset management and the design and construction of low – cost bridge structures.

“It starts with an overview of the core principles in asset management and low-cost bridge structures and will cover to the appropriate level data requirements, data collection techniques, analytical approaches and interpretation of results or outcomes,”  Eng. Hassan Ssentamu highlighted.

Part of the team of Engineers being trained on Asset Management and Low Cost Bridges.

The engineers that attended this training were selected from 18 districts including Adjuman, Mbarara, Buikwe, Tororo and Mubende. They were trained on how to use limited budgets to deliver high quality roads and bridges.

One way of achieving this, according Eng. Steven Kitonsa, the Commissioner for Roads and Bridges at Ministry of Works is through the use of local content raw material such as concrete and cement, not the expensive, some times imported steel.

“I am so glad that Eng David Luyimbazi has been able to organize a team with a lot of local content. They have put together this very important training targeting ministry of works engineers and district engineers.” Eng. Steven Kitonsa Commissioner for Roads and Bridges at Ministry of Works said.

He added: “I wish to thank government of Uganda and Ministry of Works and Transport for embracing capacity building. Ordinarily, such a course of this nature would be conducted in Birmingham – UK. It is great that this is happening in Uganda, facilitated by local experts.”

Public pays price for poor maintenance.

Even so, Eng. David Luyimbazi, the CEO Basic Group Uganda who was a key facilitator at the training noted that ‘because the biggest challenge to the ‘transport infrastructure sector’ is limited financing, appropriate utilization of the available resources is key to achieving better roads.

Eng. David Luyimbazi, the CEO Basic Group Uganda trains fellow Engineers on Asset Management and Low Cost Bridges.

“The major issue affecting the roads sector is financing. Whenever you can’t meet both maintenance and development needs, then you are providing substandard interventions which can’t last the life time that was expected.” Eng. David Luyimbazi said, adding;

“For every dollar held back for maintaining roads, road users pay about 3.5 dollars. If we don’t pay for what is required to keep roads in good conditions, road users than pay in terms of damage to vehicles, congestion and longer travel time.”

According to a recent Uganda Road Fund (URF) survey, 57% of road users that responded to this survey were fairly satisfied with their experience on Uganda’s roads. Nonetheless, the same report revealed that many of the satisfied road users are anxious when using the same roads as they don’t feel safe.

Ends.

Africa is Uganda’s most important Trade Partner, report confirms.

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Africa is Uganda’s most important Trade Partner, report confirms.

Our Reporter.

A preliminary report on the anticipated impact of Africa Continental Free Trade Area (AfCFTA) indicates that Uganda will reap big from the One Africa Market arrangement because Africa currently stands as Uganda’s most important trade partner.

This was revealed during the Uganda National Consultative Forum on AfCFTA, organized by TradeMark EA and United Nations Economic Commission for Africa (UNECA).

“Africa as a regional market has already overtaken the European Union (EU) to become Uganda’s most important trading partner, with trade shares increasing from around 22 percent in 1995 to more than 30 percent by 2018. In terms of export values, Uganda now exports over 50 percent of its total exports to Africa, a figure far higher than the shares of other East African countries, highlighting the importance of the AfCFTA to Uganda,” the report reads in parts, adding;

“Not only will the AfCFTA increase trade volumes with other African trading partners, but it will also enhance the prospects for export diversification by increasing the demand for manufactured goods.”

Hon Amelia Kyambadde (C) and TradeMark East Africa Senior Programs Manager – Damali Ssali (2nd R) joined by members of Makerere University Gavel Club at the Africa Contiental Free Trade Area Workshop.

Speaking at this workshop, Hon Amelia Kyambadde, the minister for Trade, Industries and Cooperatives highlighted that Uganda in in good shape to reap from the bigger markets that AfCFTA will open thanks to the country’s sustained investment in trade facilitation projects over the years, coupled with the positive strides undertaken by local manufacturers to improve product quality.

“We have implemented several trade facilitation measures such as Electronic Single Window; Electronic Cargo Tracking; One Stop Border Posts; Non-Tariff Barriers (NTBs) identification and removal mechanism, Yellow Card Scheme and the Border Export Zones, among others. We appreciate the support received from key Development Partners such as; TradeMark East Africa (TMEA), European Union (EU), United Nations Conference on Trade and Development (UNCTAD), and others in implementing these measures,” Hon Kyambadde noted, adding;

“Our strategy on Market Access for Ugandan Goods and Services includes Capacity Building for the Private Sector to take advantage of these market opportunities plus Provision of the necessary trade infrastructure such as affordable electricity, improved road network to ease logistics.”

Even so, Moses Sabiiti, the country director for TradeMark East Africa Uganda noted that while the entry into force of AfCFTA on 30th May, 2019 brought with it a lot of excitement and expectation for Africa growth through increased trade and investment, ‘a huge challenge faces the partner states on how to actualise the bold vision the AfCFTA encapsulates.’

“Some of the challenges constraining intra Africa trade are: a) Overlapping membership in regional economic groupings; b) Institutional capacity to negotiate and implement integration instruments and tools such as administration of rules of origin and c) Continued existence of political and security conflicts that limit survival of economic activities and seamless flow of cross border trade and foreign direct investment,” Mr Sabiiti said.

He added: “To unlock these challenges, the UNCTAD Economic Development in Africa Report 2019 notes that by agreeing to harmonise trade liberalisation regimes through the AfCFTA, African Countries would boost their chances to trade more, promote economic diversification and deepen their integration agenda.”

Twenty Seven African countries have so far ratified their AfCFTA agreements. The full implementation of AfCFTA will make Africa the world’s largest market with over 1.3 million people.

Reduction in tariffs is key to stronger intra-Africa trade.

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Reduction in tariffs is key to stronger intra-Africa trade.

Damali Ssali.

There are several factors that influence the value and volume of trade. However, tariffs on tradeable goods and services are one of the most significant factors.

International trade grew dramatically in the second half of the 20th century. As an example, total global trade in 2000 was 22 times greater than it had been 1950.

This increase in multilateral international trade occurred when trade barriers, especially tariffs, were significantly reduced or in some cases eliminated across large trade blocks in Asia, America and Europe.

Tariffs are taxes levied on imports and exports between states with the aim of generating government revenues and protecting domestic industries.

Sometimes, depending on the tax policy of the country, a tariff could be set as high as 60%. This is usually to protect a young industry that is considered as very important to that state.

Other times tariffs are imposed by states, against products and services of another state, to settle scores. The current trade war currently going on between the United States and China is one such tariff war waged between states.

In 2017, the United Nations Conference on Trade and Development reported that tariffs, on tradeable goods and services, between the developed states averaged at 1.2%.

This is low compared to the average tariffs, on tradeable goods and services, between African countries, which stand at 8%.  Moreover, tariffs remain relatively high in important sectors, including agriculture, apparel, textiles and leather products.

Unfortunately, these high tariffs make it easier for African countries to trade with Europe and the United States than to trade with each other.

As such, intra-Africa trade is just 15%. This means that of all total trade on the African continent, only 15% is between African countries.

On the other hand, over 60% of total African trade is with countries that are oceans away from the continent. By way of comparison, intra-trade levels in Asia stand at 58% and in Europe at 67%.

KENYA, Mombasa: Photograph taken by the Kenyan Ministry of East African Affairs, Commerce and Tourism (MEAACT) 31 July shows a general view of containers inside Mombasa Port on Kenya’s Indian Ocean coast. MANDATORY CREDIT: MEAACT PHOTO / STUART PRICE.

A recent United Nations Economic Commission for Africa report indicated that if tariffs are significantly reduced, or eliminated, intra-Africa trade would increase to more than 50% of total trade on the continent.

That said, there is a legitimate concern that if tariffs are significantly reduced or eliminated there will be a reduction in government revenues. This in turn would curtail the governments ability to provide public goods and services to the general population.

However, the reduction in government revenues, from tariffs, would be made up with an increase in income tax and value added tax. This is because a reduction in tariffs would lead to an increase in the value and volume of trade, profits, investment, productivity, employment and disposable income.

The positive knock on effects of revenue from other non-tariff revenue sources by far outweigh the loss in revenue from tariffs.

With the coming into effect of the African Continental Free Trade Area (AfCFTA), which creates a single domestic market for goods and services of 1.2billion people, this is the opportune time to discuss the elimination of tariffs on continental trade.

The AfCFTA seeks to reduce tariffs between African countries by more 90%. This will help to reverse the trend where more than 75% of all exports from the continent are extractives, namely oil and minerals, in raw form. The goal is to secure sustainable economic growth by shifting away from the volatility related to exporting raw materials, to the stability of exporting industrialised goods.

The significance of the AfCFTA cannot be overstated. It will be the world’s largest free trade area since the establishment of the World Trade Organization and it is estimated that if successfully implemented, Africa will have a combined consumer and business spending of USD6.7trillion by 2030.

The AfCFTA will have a big impact on manufacturing, tourism, intra-African cooperation, and economic transformation. The International Monetary Fund reports that, under the AfCFTA, Africa’s expanded, and more efficient goods and labor markets will increase the continent’s overall ranking on the global competitiveness index.

However, the immense potential of the AfCFTA will only be realized if tariffs are eliminated or significantly reduced and this must be prioritised at the very start of the implementation phase in 2020. The schedules of tariff concessions of members states must be submitted to the African Union and the negotiations on the rules of origin, for goods, completed.

The other main area of tariff elimination is in services, particularly, on investment, competition and intellectual property rights.

This is because services make a significant contribution to the manufacturing value chains and play a key role in logistics. Also, services make a larger contribution to poverty reduction than agriculture or manufacturing.

On the African continent, over 55% of the Gross Domestic Product is generated by services. However, African service providers face barriers to export services. As a result, African services exports contribute just 2% of global trade in services.

Therefore, there is a great opportunity for the AfCFTA to expand competitiveness in African trade in services by liberalizing the service sector through the elimination of tariffs on services

Also, in view of the imminent implementation phase, member states must build the capacity of their trade missions and ministries to negotiate trade tariffs. This capacity building can start with the individual countries, to the regional economic blocks, such as the East African Community, and then consolidated at the AfCFTA secretariat.

The focus on tariff elimination will, not only, promote African development and catalyse the growth in the manufacturing and services sectors, but also, provide employment opportunities for the continent’s burgeoning youthful population.

Damali Ssali is a Trade Development Expert at TradeMark East Africa.

damali.ssali@trademarkea.com

 

Africa Continental Free Trade Area is good for Uganda – Hon Amelia Kyambadde.

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Africa Continental Free Trade Area is good for Uganda – Hon Amelia Kyambadde.

Our Reporter.

Hon Amelia Kyambadde, the cabinet minister for Trade, Industries and Cooperatives has noted that the Africa Continental Free Trade Area will come with more benefits for Uganda, East Africa and the entire continent.

Hon Amelia Kyambadde said this during the Uganda National Consultative Forum On The Africa Continental Free Trade held today at Golf Course Hotel, Kampala. The workshop was organized by TradeMark East Africa and United Nations Economic Commission for Africa (UNECA).

Below is her full speech.

I thank you for inviting me to this important Forum whose deliberations will benefit the public sector; private sector, NGOs, Development Partners and the Academia.  sincere appreciation to UNECA and TMEA for this initiative.

Hon Amelia Kyambadde, the minister of Trade, Industries and Cooperatives speaking at the Uganda National Consultative Forum On The Africa Continental Free Trade at Golf Course Hotel, Kampala.

Regionalism is an agenda of the Government of Uganda and is entrenched in our institutional and Legislative Framework. The 2008 National Trade Policy of Uganda for example prioritizes market integration as key for economic development of Uganda.

The Vision of the National Trade Policy is to transform Uganda into a dynamic and competitive economy in which the trade sector stimulates the productive sectors; and to trade the Country out of poverty, into wealth and prosperity.  To achieve this vision, market integration (Regionalism) becomes key as it will provide market opportunities for trade growth and development, stimulates investments especially, in the form of Foreign Direct Investment (FDI) as well as local investment which are all drivers for growth and development for any economy.

The National Export Development Strategy (NEDS) prioritizes the African market; and our entry strategy into this market is Regional Integration using the existing Regional Economic Communities as building blocks for the African Continental Free Trade Area (AfCFTA).

Our discussion of the AfCFTA today is therefore, taking place at the right time and so much in line with the priorities of Government of Uganda.

What the AfCFTA is

The AfCFTA is an agreement that integrates the economies of all the 55 African countries.  Under the AfCFTA members have committed to liberalize trade among parties covering trade in goods and services. The parties to the AfCFTA have a combined GDP of over USD 2.255 trillion, population of over 1.3 billion people, which makes it the largest FTA in the world.

The Agreement entered into force on 30th May and so far 28 Countries (including Uganda) have ratified and deposited their instruments with the African Union.

The institutional mechanism for operationalization of the AfCFTA has already been put in place;

  • The Secretariat will be hosted by Ghana in Accra
  • The Council of Ministers of Trade held its Inaugural Meeting on 25th October, 2019 in Addis Ababa and decided on the establishment of supporting structures namely the Committee on Trade in Goods and the Committee on Trade in Services
  • The Secretary General of the AfCFTA Secretariat and Structure of the Secretariat to be approved by the Assembly of Heads of State and Government in February 2020

 Scope of the AfCFTA Agreement

The structure of the agreement is designed in two phases:

  1. Phase I covers Trade in Goods and Trade in Services
  2. Phase II will cover investment, competition and Trade Related Intellectual Property Rights

Africa has many prospects: Mineral beneficiation, Agriculture, Oil & Gas, youths as a Resource, tourism and we must develop them.

Government Strategy on Market Access for Ugandan Goods and Services

  1. Capacity Building for the Private Sector take advantage of these market opportunities;
  2. Provision of the necessary trade infrastructure e.g. affordable electricity, improved road network to ease logistics,
  • Implementation of trade facilitation measures such as Electronic Single Window; Electronic Cargo Tracking; One Stop Border Posts; Non-Tariff Barriers (NTBs) identification and removal mechanism, Yellow Card Scheme and the Border Export Zones, among others.

Government of Uganda appreciates the support received from key Development Partners such as; TradeMark East Africa (TMEA), European Union (EU), United Nations Conference on Trade and Development (UNCTAD), and others in implementing these measures.

Infrastructure development – internet; roads, rail and air.

Safeguards within the AfCFTA

The Pact provides a mechanism for protection of infant industries as well as sensitive sectors; and measures to deal with any related Balance of Payment challenges. In cases of surges of imports, subsidization, dumping; trade remedies provisions will apply.

Benefits of AfCFTA for Uganda

Market access: We expect the AfCFTA to provide Uganda with meaningful market access especially, in West Africa particularly in the sectors of dairy cereals, coffee, tea, products of the milling industry, vegetables, plastics, and beef among others.

Regional Peace and stability:  It is important to note that regional integration is not only good for trade, but regional peace and stability as well. Economic stability too is key.

Joint infrastructure development: an essential element of boosting the much-needed intra-African connectivity.  Examples include; Oil and Gas pipelines (EAC), Railway network (Cape – Cairo Transcontinental Railway Network and Mombasa – Lagos Railway), road infrastructure, airlines and air inter-connectivity.

Capacity building: To roll out to all Sectors.

Conclusion.

I urge the Private Sector to prepare accordingly with a view of taking full advantage of the opportunities that these market openings provide.  I, will continue having engagements with the Private Sector mainly through their Associations such as; PSFU, UMA, USSIA, KACITA e.t.c. to ensure that we benefit from the AfCFTA.

Government has already launched an Inter-Ministerial Committee chaired by the Ministry of Trade, Industry & Cooperatives to identify our priority export markets and products within the AFCFTA. This Committee working with private sector will address itself to solving the challenges to fully harness the AfCFTA, such as; limited production; inability to meet standards requirements; bureaucratic tendencies by relevant Agencies;  inter-connectivity gaps; mindset change; language barrier; and financial constraints; climate change, Gender insensitivity, Governance issues; Dependency Syndrome; demographic dividend (Youth – 65%); cultural diversity e.t.c.

We will also aggressively continue engaging the electronic & print Media for information about the AfCFTA and the opportunities it creates.

Our Strategy will involve having focused bilateral engagements with other Member States where the trade creation potential of the AfCFTA is high.

As I conclude, I foresee better inter-connectivity amongst the Member States; growth and emergence of more industries; broader scope of organized entrepreneurship development on the Continent; powerful Continental negotiation body as far as Trade Pacts with other Global  Economic Blocs are concerned; and development of  Regional Value chains.

“I see more opportunities in Africa than any other Continent in the next 10 years.” – Dangote

I applaud TMEA and UNECA who undertook the study and have, subsequently organized this important Forum which will give us an insight into addressing some of the pending issues in the negotiations.

We need to pay special attention to Small Companies – Bitature.

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We need to pay special attention to Small Companies – Bitature.

Our Reporter.

Business Mogul, also chairman Private Sector Foundation of Uganda (PSFU), Patrick Bitature has challenged both government and private stakeholders to handle small companies and informal traders with the same zeal and effort they use for big formal traders.

Bitature made these remarks during his keynote address at the 10th Trade Sector Performance review held at Hotel Africana on 16th October, organized by the ministry of trade, industries and co-operatives.

“I salute the government of Uganda and its partners for their efforts and commitments. There is indeed steady progress. Those who can’t see this progress need special prayers. While big businesses are championing growth and industrialization, we also need to pay special attention to the small companies that are doing business and creating more jobs for our people,” Bitature said, adding;

“There are so many life and business lessons that come from the informal sector. Many of these are not taught in our schools and the universities. We need to focus on the informal sector.”

Bitature further challenged government to prioritize the revival of Uganda’s railway system, noting that the absence of train eat in to the profits of traders through very heavy transport costs in addition to putting undue pressure to the country’s roads network.

“I am happy that most of our trade roads have been worked on but we need a train system. Without a functional rail system, we are going to be/remain handicapped,” Bitature noted.

Ministry of Trade Performance Summarized.

The total approved budget of the sector for the Financial Year 2018/19 was UGX 161.74 billion including external funding, representing 0.5% of the total National Budget allocation.

The sector budget comprised of recurrent budget amounting to UGX 83.4 billion of which UGX 10.075 billion was wage and 73.328 was non-wage and UGX 50.661 billion was capital/development budget. In addition the sector had budgeted for Appropriation in Aid (AIA) of UGX 27.679 billion.

During the period under review, total merchandise exports increased from US$3.53665 billion in 2017/18 to US$3.96172 billion in 2018/19 resulting to a growth rate of 12 per cent and total merchandise imports increased from US$5.61918 billion in 2017/18 to US$6.78343 billion in 2018/19, a growth rate of 21 per cent.

The trade deficit widened from US$2.08252 billion in 2017/18 to US$2.82171 billion in 2018/19 hence a growth rate of 35 per cent. Widening trade deficit is on account fast growing imports, mainly of petroleum products, machinery, vehicles, Vegetable Products, Animal, Beverages, Fats & Oil; and chemical and related products.

The major export destinations for 2018/19 were; COMESA: 44.8% of total exports (worth US$1.77336 billion), but declined from 58.8% in 2017/18 (US$2.207869 billion); and of which 13.3% are exports to Kenya; Middle East: 26.5% of total exports – essentially driven by gold exports to the United Arab Emirates. Previous financial year market share for the Middle East was 11.8%; European Union: 12.7% of total exports (worth US$503.96 million) and Tanzania: 2.1%.

The major sources of imports in 2018/19 were; Asia: 40.1% of total imports; of which 12.5% is from India and 15.6% from China; Middle East: 16.5%,  COMESA: 14.1%; of which 10.6% is from Kenya,) European Union: 9.7% and  Rest of Africa: 11.9%; of which 4.7% is from the United Republic of Tanzania.

“In line with the theme for this year’s sector review, sustainable industrialisation will go a long way in creating jobs and improve exports growth as exportation of Uganda’s manufactured goods increase,” Hon Amelia Kyambadde, the Cabinet Minister for Trade, Industries and co-operatives said, adding;

“I thank our development partners for the support offered to the Ministry. I commend TradeMark East Africa, the European Union, the Swedish International Development Agency, Enhanced Integrated Framework (EIF), Korean International Cooperation Agency (KOICA), Japanese International Cooperation Agency (JICA), USAID, and United Nations Development Programme (UNDP) among others for the support we have received.”

During the 2018/19 financial year, the Industry sector grew by 5.8% in FY 2018/19, a slight slowdown from 6.1% FY 2017/18. A marginal slowdown was experienced in construction activities as well as mining and quarrying. Construction grew by 6.7% in FY 2018/19, slightly lower than growth of 6.9% registered the previous FY. Despite this slowdown, growth in the industry sector has strongly rebounded from 3.4% registered in FY 2016/17, because of increase in both public and private investments.

On the other hand, manufacturing performed well growing at 2.8% in FY 2018/19 compared to 1.7 % in the previous FY because of newly commissioned factories, which have increased industrial activity especially in food processing, production of cement, iron and steel. The Uganda Development Corporation (UDC) acquired a 32% stake in Atiak Sugar Factory, which will serve as a nucleus facility for an out-grower scheme in Atiak and Lamwo.

Kamal Budhabhatti is Africa’s FinTech CEO of the Year.

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Kamal Budhabhatti is Africa’s FinTech CEO of the Year.

HiPipo, through its Include Everyone program recently honoured ‘Kenya’s Bill Gates’ – Kamal Budhabhatti with the Africa FinTech CEO of the Year award.

This prestigious accolade was presented to Kamal Budhabhatti during the 2019 Include Everyone Summit and Digital Impact Awards Africa held on 20th September 2019 in Kampala, Uganda and attended by over 300 delegates from across Africa.

According to HiPipo CEO, Innocent Kawooya, “the Africa FinTech CEO of the Year award goes to an outstanding Chief Executive/Managing Director who has created or spearheaded cutting edge innovation, a FinTech leader who may have taken a calculated risk and the risk has paid off by positively impacting the FinTech sector including mobile, digital currency, banking, finance, tech or start-up.”


Nicknamed Kenya’s Bill Gates by Forbes magazine, Kamal Budhabhatti is an unassuming Indian-Kenyan entrepreneur working unremittingly towards putting African software on the global map.

He is the founder and CEO of Craft Silicon, a Kenyan software company serving over 300 institutions/customers across Africa, emerging Asia and the rest of the world. He founded Craft Silicon in October 2000.
Today, under his leadership and vision, Craft Silicon has been recognized as one of the biggest software houses across the emerging markets with its other development center and relationship office in India and USA respectively. He is a voracious programmer with expertise in C#, Java and Mobile computing. Craft Silicon’s market value of around $250 million and boasts annual revenues of $50 million.

Kamal is actively involved in researching & crafting necessities of the organization to position Craft Silicon among the best financial technology companies in the world.

RE-THINKING FINANCIAL INCLUSION, EXPERTS advise.

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RE-THINKING FINANCIAL INCLUSION, EXPERTS advise.

Experts have advised financial institutions to rethink their digital strategies so as to have the targeted customers consume them.

According to Dr Magie Kigozi, financial institutions need to do extensive research before jumping onto the bandwagon of digitization, with the assumption that it will reduce the cost of doing business and bring about convenience to customers.

This was during the 2019 Include EveryOne Summit and Digital Impact Awards Africa in Kampala.

Impactful Financial Inclusion efforts must be well researched – Experts

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Impactful Financial Inclusion efforts must be well researched – Experts

First Published by UBC TV.

Impactful financial inclusion efforts must be well researched and packaged to suit the users especially the marginalized communities.

By so doing, the African continent will take the lead in financial inclusion innovation; says Warren Carew the Vice President Payment solutions Modusbox inc. Carew was the Keynote speaker at the 2019 Include EveryOne Summit and Digital Impact Awards Africa in Kampala.

 

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