• Uganda - 10 YEAR Treasury Bond
  • Issue No:UG0000001533
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dfcu Bank in partnership to enhance financial and digital inclusion in Uganda Rabobank, Embassy of Kingdom of Netherlands (EKN) and dfcu Bank have signed a tripartite agreement to enhance financial and digital inclusion in Uganda.

The partnership implemented through a three-year Technical Assistance (TA) program was announced during a virtual signing ceremony attended by the Head of Rabo Partnerships Advisory, Mr. David Gerbrands, deputy Ambassador of the Netherlands to Uganda, Joris van Bommel and dfcu Bank’s Chief Executive Officer Mathias Katamba this morning.

According to Rabo Partnership’s CEO, Mrs. Marianne Schoemaker, Rabo Partnerships strongly believes in the opportunity and responsibility of financial institutions to foster sustainable economic development. “We are happy to extend our technical assistance program for another three years. As a strategic partner dfcu has demonstrated its dedication to playing an integral role in increasing access to financial services for all customer segments. This is supported by its strategic ambition to be a universal bank, leading the market and using modern technologies going forward,” said Mrs. Schoemaker.

This partnership builds on the long-term association between Rabo Partnerships and dfcu Bank which started in 2014 with a five-year Technical Assistance program valued. The objective was to achieve structural improvement in access to financial services, deepening of agriculture-finance and increasing deposit mobilization in Uganda. The program was supported by The Embassy of the Kingdom of The Netherlands.

dfcu Bank’s Chief Executive Officer Mathias Katamba noted that through the initial TA program dfcu made significant steps towards positioning itself as the bank of choice for agri-finance while consolidating its position as the leader in the SME market segment.

“We will be building on the achievements of the previous Technical Assistant program focusing on supporting the entire food and agriculture value chain by increasing access to finance, exploring digital ways to enhance distribution, build products and services for agri-business and also focus on enhancing digital inclusion by delivering value to customers through innovation,” added Mathias Katamba.

Deputy Ambassador Joris van Bommel underlined the strategic importance of this collaboration. The Netherlands is supporting and investing tremendously in the Food and Agricultural sector in Uganda. We do see an important role in stimulating the linkages between the increase of productivity and access to finance in the agricultural sector in Uganda.

While financial inclusion, as driven by digital financial services, through formal relationships with banks remains relatively low at 11% of all adults, it is a key driver to reducing income […]

EABL CEO Andrew Cowan The East African Breweries Limited (EABL) has recorded a 9 per cent decline in net sales for the financial year ended 30 June 2020, as the first half growth of 10 per cent was offset by a 29 per cent decline in the second half. The company attributed the second half decline to the impact of the Covid-19 pandemic which saw containment measures implemented across East Africa from late March 2020. The pandemic impacted EABL’s business performance after three consecutive double-digit halves of growth, with profit for the year declining by 39 per cent to Sh7 billion from Sh11.5 billion in the previous year. “During this unwelcome pandemic, our top priority has been to safeguard the health and well-being of our people and support our communities, while taking necessary action to protect our business. Across the markets we have tracked changes in consumer behaviour and repurposed our execution plans in trade to continue serving our consumers where safe and possible to do so,” said EABL Group MD and CEO, Andrew Cowan. Cowan said EABL focussed on managing working capital tightly in the last quarter, reducing discretionary expenditure and reallocating resources such as advertising and promotion (A&P) spend to new and emerging channels to serve consumers safely. Given the pandemic’s impact on bar owners across East Africa, EABL is committing Shs 500 million to support the recovery of on-trade outlets in Nairobi, Kampala, and Dar es Salam as part of Diageo’s $100 million ‘Raising the Bar’ global fund. The funding will be used to support the implementation of hygiene measures, provision of practical equipment, and provision of free digital support and training to enable outlets to transform how consumers will be served when bars reopen. “Going forward, our market teams have put in place robust plans to help us emerge stronger from this crisis once the measures are eased across our markets. We will continue to execute with discipline and invest prudently to ensure we are strongly positioned for a recovery in consumer demand,” Mr. Cowan said. In recognition of the uncertainty in the external environment in the face of the Covid-19 pandemic and the need to conserve cash to support the business, the Board of Directors does not recommend a final dividend. Consequently, the interim dividend of Sh3 per share paid in April 2020 will be the full and final dividend for the year. Covid […]

Equity Bank has updated its mobile banking application, dubbed Eazzy Banking, to include several new features alongside what the bank says are enhanced security features.

The said enhanced security features are not clear at this moment as those cited in a press release from the company quote the ability to log in via fingerprint biometrics and the verification of transactions using one-time authentication codes, features that have existed on the Eazzy Banking application for a while now.

The uncontestable new features include the ability for both new and existing customers to open accounts directly through the application thereby eliminating the need to visit a physical branch to get the same done. Customers will only need their identity card number to open accounts via the app. This is especially important during these times when distancing and less contact are being emphasised. Equity Bank’s competitors like the Standard Charted Bank and KCB have been doing this for a while now.

“Customers with foreign currency accounts will also be able to transact to and from their accounts using the Eazzy Banking platform,” the statement from the bank reads.

Also making its way to the Eazzy Banking app in version 2.5 is the ability for customers with foreign currency to transact using it as well as the ability for users to change their mobile banking PINs from the app.

Visually, the app remains the same with nothing changing in the design. All already-existing features are also staying put. That means the ability to scan codes to make payments, access to lending facilities and other features users may already be used to, stay where they’ve always been.

With over 1 million downloads from the Google Play Store, and consistently ranking as one of the top finance apps in the country , the Eazzy Banking application has received significant feature updates over the years. It has been updated to let users send money to friends, family and colleagues via social media platforms like Facebook, Twitter and WhatsApp , for instance. It was updated to support PesaLink, the realtime mobile-based interbank electronic funds transfer system, in version 2.0 of the app three years ago .

“The app has the capability of performing 300 million transactions every second,” according to Equity Bank.

“As of March 2020, the app’s transaction numbers rose by 25%, to 88.2 million from 70.5 million in the same period last year. Additionally, the value of transactions on the app was Kshs […]

Unit Trust Funds (UTF) assets recorded an annualized growth of 1.1 percent in Q1’2020, compared listed bank deposits which grew by 14.3 percent in Q1’2020.

Mutual Funds/UTFs to GDP ratio stood at 5.4 percent, which is still very low compared to global average of 61.8 percent.

UTFs are collective investment schemes that pool money together from many investors and are managed by professional Fund Managers, who invest the pooled funds in a portfolio of securities to achieve objectives of the trust.

In Kenya, Money Market Funds is the most popular Unit Trust Funds investment with a market share of 88.2 percent as of Q1’2020, an increase from 87.0 percent in 2019.

The overall Assets under Management (AUM) of the industry grew at a rate of 0.32 percent to Ksh76.3 billion in Q1’2020, from Ksh76.1 billion as at FY’2019.

In the last two-years, Assets under Management of the Unit Trust Funds have grown at a compounded annual growth rate of 17.0 percent to Ksh76.1 billion in 2019 from Ksh55.6 billion recorded in 2017.

According to the Capital Markets Authority, there are 24 approved collective investment schemes made up of 92 funds in Kenya as of Q1’2020. Out of the 24 however, only 19 are currently active while 5 are inactive.

CIC Asset Managers remains the largest overall Unit Trust Fund Manager with an AUM of Ksh29.8 billion in Q1’2020, from an AUM of Ksh29.7 billionn as at 2019 translating to a 0.9 percent annualized AUM growth.

Read: Conflic of Interest? CMA Chairman James Ndegwa Appoints Former CEO Paul Muthaura As COO to ICEA Lion

CIC Asset Managers remains the largest overall Unit Trust with a market share of 39.0 percent, an decline from 44.1 percent in 2019.

In terms of growth, Co-op Trust Investments recorded the strongest annualized growth of 424.5 percent, with its market share declining to 0.01 percent from 0.9 percent in 2019. Stanlib Kenya recorded the largest decline of 103.8 percent, with its market share declining to 1.9 percent from 2.5 percent in 2019.Cytonn Money Market Fund had the highest effective annual yield at 11.0 percent against the industrial average of 8.7 percent.This comes at a time most money markets funds have been pushing to have CMA expand eligibility of Trustees of Unit Trust Funds to include non-bank Trustees such as Corporate Trustees, since most banks have UTFs, hence refuse to be trustees of UTFs, which is a legal requirement.However, CMA has been adamant a move […]

– Equity Bank was ranked at position 754 out of 1,000 global banks jumping 90 places from 844th place in 2019

– The classification was done based on a range of metrics which included the size of the lender, financial soundness, profits on capital and return on assets

– The ranking came just a few days after the lender scooped three top awards at the 2020 Euromoney awards for excellence

Equity Bank has been ranked among the world’s best lenders in 2020 by the Financial Times Banker Magazine.

The financial institution was ranked at position 754 out of 1,000 banks globally, jumping 90 places from 844th place in 2019.

Equity Bank MD and group CEO James Mwangi speaking at a past event. Photo: Equity Bank.
Source: Facebook

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The group’s managing director and Group CEO James Mwangi said he was humbled by the feat. “We are humbled that despite being a regional bank operating in Africa, we have made it among the top 754 banks in the world,” he said. Equity Bank headquarters, Equity Centre, Upper Hill Nairobi. Photo: Equity Bank.
Source: Facebook

The classification was done based on a range of metrics which included the size of the lender, financial soundness, profits on capital and return on assets.

In terms of capital assets ratio and financial soundness, Equity was ranked at number 62, an improvement of 13 spots from 2019.The lender took an impressive position 20 overall on return on assets and was 55th on profit on capital.James Mwangi transformed Equity from a society in 1993 to one of the largest banks in East Africa. Photo: Equity Bank. Source: Facebook READ ALSO: Man United vs LASK: Lingard, Martial score as Man United reach Europa League quarters On continental level, the bank was placed at position 22 in Africa.The ranking came just a few days after Equity scooped three top awards at the 2020 Euromoney awards for excellence.It was awarded the best bank in Africa, excellence in leadership in Africa and for the second time in a row, Africa’s best digital bank.The lender recorded a 14% drop in profits to KSh 5.3 billion for the first quarter of 2020 compared to KSh 6.2 billion it registered in a similar period in 2019.The reduction in the lender’s net […]

Equity Bank managed to scoop three awards at this year’s Euromoney Awards for Excellence. They were awarded Best Bank in Africa, Excellence in Leadership in Africa and for the second time in a row, Africa’s Best Digital Bank.

Equity won the Africa Best Bank award category having demonstrated its strong financial performance, differentiated business model, ability to adapt to changing market and regulatory conditions, innovativeness, and a track record of delivering on its targets to shareholders and commitment to its clients. The bank has been deliberate with its innovative strategy towards democratizing access to financial services through non-branch banking and adoption of digital channels, 97% of Equity’s transactions are now taking place outside the branch with 79% taking place on mobile and internet banking platforms. Short term personal and microloans are now processed digitally, resulting in 93% of the Bank’s loan transactions taking place via mobile channels that include Equity’s Equitel USSD platform, EazzyBanking App, and EVA (Equity’s Virtual Assistant).

They also the Bank won Africa’s best digital bank award for the second time in a row validating its leadership role in digital offering, both in corporate and retail banking, leveraging technology to benefit both clients and the efficiency of the institution, placing digital at the heart of its business.

This year, Euromoney introduced The Excellence in Leadership award category that recognized the efforts made by banks in responding to the COVID-19 pandemic for its employees, clients, own business, societies and economies. Equity was recognized for its proactive involvement in initiatives that have benefited the community in which it operates, more so during the current COVID-19 pandemic. This was seen when Equity Group Foundation (EGF) with support from the Mastercard Foundation and the family of Dr James Mwangi, Equity committed Ksh 1.1 billion (USD $11 million) to provide Personal Protective Equipment (PPE) to frontline medical staff dealing with COVID-19 patients in public hospitals in Kenya and another USD 2M (one million each for Rwanda and DRC) to support Rwanda procure 22,250 testing kits and DRC to procure PPEs.

The Euromoney Awards for Excellence were established in 1992 and were the first of their kind in the global banking industry. This year, Euromoney received almost 1,000 submissions from banks in their regional and country awards programme that covers more than 50 regional awards and best bank awards in close to 100 countries.

Equity Group Managing Director and CEO, Dr. James Mwangi, had this to say, […]

Rwanda President Paul Kagame Kigali, Rwanda: Entrepreneurial Solutions Partners (ESP), in partnership with the Mastercard Foundation and Equity Bank Rwanda PLC, announced the creation of a COVID-19 Recovery and Resilience program, to support small and medium enterprises (SMEs) in the Tourism and Hospitality sector.

The Komeza program, with Equity Bank Rwanda PLC as the financing partner, will provide the right combination of financial support and technical assistance to 120 SMEs, at all stages of maturity, plus their value chains, within the Tourism and Hospitality sector. The program has been established through a commitment of US$2.5 million from the MasterCard Foundation COVID-19 Recovery and Resilience Program.

While the Government of Rwanda continues to do the important work of managing the public health crisis, it is clear that the economic and social impact will be far-reaching. In addition, the Government of Rwanda re-opened tourism activities across the country, promoting domestic tourism as global travel restarts with commercial flights expected to resume on 1st August.

Rwanda Development Board’s Chief Tourism Officer, Belise Kariza said, “Rwanda’s tourism industry is adapting to create a safe environment for travelers and operators, in order to thrive in these unprecedented times. We are working with the health authorities to ensure all tourism activities resume seamlessly. The Government of Rwanda is committed to supporting private sector growth in the middle to long term.”

Over the next year, the Komeza program will provide technical assistance and financing of up to US$50,000 per SME with support from Equity Bank Rwanda PLC.

Incubation support will be provided to 60 start-ups through ESP’s Tourism Inc program and 50 established SMEs will benefit from the Komeza accelerator program.

A further 10 businesses will be selected for the program through a special innovation stream that will focus on building and financing growth plans to increase their resilience and mitigate the impact of the crisis. The SMEs and start-ups participating in the Komeza program will receive technical assistance, access to grants, and guidance on debt restructuring.

“At ESP, our programs are built to deploy the right mix of technical tools and financing to support entrepreneurs on their journey to sustainability. We understand the challenges faced by entrepreneurs and have designed the Komeza program to help them navigate this pandemic while continuing to grow their business,” said Charity Kabango ESP, Co-Founder and Director.

Tourism has been identified as a priority sector for Rwanda to achieve its development goals. It is also one of the […]

World Bank Group member IFC has provided a $50 million loan to Equity Bank Kenya to help small and medium-sized enterprise (SME) clients facing COVID-19 challenges.

The loan, which will ultimately support hundreds of Kenyan businesses in the manufacturing, health, trade, transport, and consumer goods sectors, is part of IFC’s global USD 8 billion fast-track COVID-19 facility, announced in March 2020 and designed to help businesses maintain operations and jobs during—and after—the COVID-19 crisis.

The COVID-19 pandemic has disrupted trade and value chains in Kenya, across Africa, and around the world, affecting commodity prices, reducing foreign financing flows, and collapsing tourism revenues. Smaller businesses are essential to Kenya’s economy, accounting for about 81% of employment, according to the official press release.

Kenya Airways (KQ) paid more than Sh400 million to five expatriates in 13 months, documents show.

Documents seen by The Star indicate that the five foreign consultants hired to help revive the loss-making airline in 2017 earned between Sh3.6 million and Sh5.4 million a month.

Cumulatively, the five Polish nationals pocketed over Sh400.2 million in salaries in only 13 months.

The five consultants included Michal Smierciak, Grzegorz Malysz, Magdalena Serwach, and Piotr Piwowarczyk.

They were part of a team recruited by former CEO Sebastian Mikosz, also a Polish national, to turnaround the national carrier’s fortunes.

But despite drawing huge salaries and allowances, their strategy flopped as the airline company continued to post huge losses running into billions of shillings. Kenya Airways recorded a loss of Sh12.98 billion for the year 2019 and Sh7.56 billion in 2018.

Mikosz joined the cash-strapped national carrier on June 1st, 2017, and was tasked with turning around the airline’s fortunes.

His three-year contract was set to end in June 2020 but he left the company on December 31st, 2019, and was replaced by Allan Kilavuka, who previously served as Jambojet CEO.

Mikosz pocketed over Sh10 million in exit package from the airline. A KQ annual report said the amount was compensation to him for leaving the airline before the expiry of his contract.

“We are grateful to Sebastian for steering the airline through the headwinds and ensuring the airline continued to pursue its strategy. We wish him well in his future endeavors,” KQ chairman Michael Joseph said in the report.

In 2018, Mikosz earned a total of Sh62.89 million including Sh42 million salary, Sh16.43 million allowances, and non-cash benefits amounting to Sh4.44 million.Mikosz was paid Sh40.06 million in basic salary in 2019, Sh29.02 million allowances, and non-cash benefits totaling Sh10.98 million.In light of the Covid-19 pandemic, Kenya Airways plans to lay off hundreds of workers among them pilots and flight attendants in a bid to cut costs.

Kenya Airways announced (07-Aug-2020) it will not resume services from Nairobi to Bamako , Blantyre , Brazzaville, Djibouti , Khartoum , Luanda, Maputo and Mogadishu. The airline will continue to offer connections via Nairobi in cooperation with its partners. Kenya Airways stated: "Our short and medium-term projections indicate that we must inevitably reduce our operations before we begin to scale up again. With the suppressed demand for air transport, a large part of our fleet will remain grounded. We will also operate a reduced network as we gradually resume our services, as we anticipate that it will take some time before the industry starts to rebound". [ more – original PR ] Want More News Like This?

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