This week at Kikubolane.com, it was business as usual, with more stories dominating headlines. Here we bring you a summary of some of these.
Bank of Uganda demands change of laws to reinforce its independence
Bank of Uganda (BoU) is counting on MPs to support legal frameworks that ensure and reinforce its independence and accountability.
Speaking at a BoU engagement with legislators on Friday, 10 December 2021 at Parliament, the Executive Director of Bank Supervision, Dr Tumubweine Twinemanzi, said there was an urgent need for a customer protection and competition law.
He noted that the existence of a legal framework supporting faster resolution of disputes, contract enforcement and punitive penalties would go a long way in encouraging the providers of financial services to expand their activities.
Absa Uganda introduces cardless cash withdrawal function on its ATMs
On December 14, Absa Bank launched a cardless withdrawal function on its Automatic Teller Machines (ATMs).
This will enable their customers to withdraw cash on any Absa ATMs using a QR Code scanned through the Absa mobile application on their smartphones.
Mr Musa Jallow, the Retail Banking Director at Absa, said their customers who use the Absa Mobile Banking App can now scan a QR code on ATMs across the country to initiate cash withdrawals without the need to have their ATM card.
“We are responding to the pandemic by reducing the touch points that have been known for spreading the virus,” Mr Jallow said at the launch of the service in Kampala on Tuesday, 14 December 2021.
He explained that Absa Uganda is always innovating and listening to their customers so that they understand their experiences.
Uganda Development Bank announces special loan offers for youth, women and SMEs
The Uganda Development Bank Ltd (UDB) on Wednesday announced special packages that it says are aimed at the sustainable growth of the key sectors of youth, women and SMEs.
The packages dubbed ‘Special Programmes’ are Kazi SME Loans, Youth Step-Up Loans and the Women Prosper Loans.
In addition to these segments, UDB has also introduced a Business Accelerator programme that aims to assist enterprises to formalize as well as professionalize their operations thereby ensuring sustainable businesses.
Speaking at the launch of the Special Programmes in Kampala, Ms Patricia Ojangole, the Managing Director of UDB, said the offerings re-affirm their position as a bank for the sustainable and socio-economic development of Uganda.
“Our aim is to offer a definitive end-to-end solution for the growth and sustainability of business in the Youth, SME and Women-led business segments, which are the new engines of development in Uganda especially during this time when the country is looking towards the much-needed economic recovery,” she said.
Trade dispute: Uganda considers retaliatory ban on Kenyan products
Uganda is considering retaliatory measures over Kenya’s continued ban of its agricultural products, the Minister for East African Affairs, Ms Rebecca Kadaga, has said.
Ms Kadaga says Cabinet has asked the Agriculture ministry to identify and list Kenyan products that would be prohibited by the Ugandan government within a “short period of time.”
“We have been too patient. In the past, we have not reciprocated, but now we are going to. This has gone on for too long and within a short time, they too will understand what we are going through,” she told a press conference in Kampala on Tuesday.
While Kenya is Uganda’s biggest trade partner, with Kenyan exports to Uganda in 2020 amounting to $673.66 million and Uganda’s exports to Kenya stood at $465.55 million during the same period, the two countries have been embroiled in a trade dispute since 2019.
Kenya has stopped importing Ugandan milk and sugar, claiming that they are substandard.
Govt granted more powers on recoverable oil costs as MPs pass Income Tax Bill
Parliament has passed the Income Tax (Amendment) (No. 2) Bill, 2021 which provides for windfall tax and limitations of deductions on petroleum operations.
The bill, presented by Minister of State for Finance (General Duties), Henry Musasizi, was passed during plenary sitting on Tuesday, 14 December 2021, chaired by Deputy Speaker, Anita Among.
“I beg to report that the committee of the whole House has considered the bill and passed it without amendments,” presented Musasizi.
The Chairperson of the Committee on Finance, Hon Keefa Kiwanuka, said that the bill did not require any amendments.
“The committee has considered the bill and we found it straightforward. We recommend that it is approved as presented by the Executive,” said Kiwanuka.
The Shadow Minister for Finance, Hon Muwanga Kivumbi, said that all provisions of the bill are a result of the signed agreement where the country committed its self.
“We have little room for additions or subtractions and it enjoys our full backing,” Muwanga Kivumbi said.
Posta Uganda, SafeBoda launch joint courier delivery service
Posta Uganda in partnership with SafeBoda on Wednesday, 15 December 2021 officially launched a delivery service called Safe Posta Express.
The Safe Posta Express delivery service will enable customers to order for parcels at any Post Office branch and they will be delivered to their door step within Kampala city.
Speaking at the launch, the Managing Director for Uganda Posta Limited, Mr James Arinaitwe, described the delivery service as a revolution in Uganda’s digital transformation journey.
“The Safe Posta Express is the beginning of a revolution. This partnership with SafeBoda, ticks-off our digital transformation mandate that we started years ago with electronic postal services. Safe Posta Express We trust you because you’re reliable,” he said.
Mr Arinaitwe added that Posta Express Service is aimed at offering a better way of doing business in a faster, more effective manner and transitioning the courier business to the tech environment, with a more reliable and insured service.
Google announces funding for SafeBoda
Google has announced that it is investing in Uganda’s ride hailing giant SafeBoda as part of the tech giant’s Africa Investment Fund.
While the amount of investment was not disclosed, Nitin Gajria, the managing director for Google in Africa, said this is part of Google’s $50 million Africa Investment Fund, which it launched in October.
“I am thrilled about our first investment from the $50 million Africa Investment Fund that we announced two months ago. This is part of our ongoing commitment to tech startups in Africa. I am of the firm belief that no one is better placed to solve Africa’s biggest problems than Africa’s young developers and entrepreneurs. We look forward to announcing subsequent investments in other startups.”
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