The National Social Security Fund (NSSF) announced on Friday that it will pay an interest of 12.3% on member’s contributions for the 2015/16 financial year – lower than last year’s rate of 13%. In total, the fund will pay Shs606 billion to its members.
Annual headline inflation fell for the third consecutive month, slowing to 4.2% in September 2016 from 4.8% in August, according to data from the Uganda Bureau of Statistics. Core inflation, which is targeted by the Central Bank, also fell to 4.1%.
Uganda has moved up two places in the World Economic Forum’s Global Competitiveness Report, its best scores coming in the labour market efficiency, macroeconomic environment, and health and primary education pillars.
Bank of Baroda Uganda posted after-tax profits of Shs24.98 billion in the first half of this year compared to Shs19 billion in the same period last year, a growth of 28.59%, according to unaudited results released today.
NIC Holdings Limited (NIC) reported a 132.81% growth in half year profit to Shs4.44 billion ($1.31 million) compared to Shs1.91 billion in the first half of 2015, unaudited results released on Monday show.
Coffee exports in August rose 8.41% month-on-month but fell 9.22% year-on-year, according to figures from the Uganda Coffee Development Authority. Their value however rose 11.19% month-on-month and declined by 7.66% year-on-year.
Stanbic’s platform is the second mobile banking product after MoKash, a partnership between MTN and Commercial Bank of Africa which launched in August. Kenya’s Equity Bank is also exploring the possibility of extending its Equitel service to Uganda.
The evidence is now in and the verdict is that Africa´s agriculture is powering economic transformation in the region. African agriculture – spurred on by public investment – has shown remarkable improvement compared to its precarious state 15 years ago.
Umeme is borrowing $50 million from the the International Finance Corporation and various banks to upgrade and expand its medium voltage transmission lines and substations, and to fund the installation of more prepaid meters across the country.