Trade financing plays a vital role in enabling businesses to sustain their operations, expand their reach, and navigate the challenges posed by the ever-changing global market. In times of economic uncertainty and disruptions, accessing trade financing from banks becomes even more critical for business continuity. This article explores how firms can harness trade financing options…
The Kenyan government has taken action to halt Worldcoin, a cryptocurrency project, from signing up new users in the country due to data privacy concerns. Founded by US tech entrepreneur Sam Altman, Worldcoin offers free crypto tokens to individuals who consent to have their eyeballs scanned, attracting thousands of Kenyans who have queued up to…
Uber and Safaricom have entered into a partnership that will enable Payments for Unbanked Riders through M-Pesa. Through this new partnership, UberEats delivery drivers will also receive their payments via the mobile money platform, and customers will have the option to use M-Pesa for their payments. This collaboration aims to address the needs of approximately…
Mastercard and Lipa Later Group have joined forces to expand the Buy Now, Pay Later (BNPL) solution across the African continent. Through this strategic partnership, the two companies aim to provide flexible financing options to empower individuals and businesses, promote financial inclusion, and drive sustainable economic growth in Africa. Mastercard’s extensive network of merchants and…
Uganda Development Bank (UDB), the country’s national development finance institution, has achieved an exceptional National Long-term Rating of ‘AAA (uga)’ with a Stable Outlook, the highest rating on Uganda’s national scale. This prestigious rating was assigned by Fitch Ratings, a globally renowned international credit rating agency. Additionally, the Bank received a Long-Term Issuer Default Rating…
Depositors of the collapsed Imperial Bank Ltd (IBL) are facing further delays in receiving their payments as a Mombasa tycoon, Mr. Ashok Doshi, has obtained court orders blocking any payments pending the resolution of his petition. The High Court suspended the payments last week, following a challenge by the Kenya Deposit Insurance Corporation (KDIC), accusing…
The rise of financial technology (fintech) companies has disrupted the traditional banking landscape, challenging traditional banks to adapt and innovate to remain competitive. Fintechs offer customer-centric, technology-driven solutions that cater to the evolving needs and preferences of today’s consumers. To compete effectively, banks must embrace digital transformation, prioritize customer experience, and forge strategic partnerships. Let’s…
Bancassurance, the distribution of insurance products through banks, has been a growing trend in the financial services industry for several years. This strategic alliance between banks and insurance companies has its proponents and critics, each with their views on whether it brings more benefits or drawbacks to the insurance sector. Let’s delve into the world…
In today’s globalized world, people often find themselves living and working in countries far from their homeland. As such, they may have financial interests and obligations both in their home country and their adopted country. To cater to the needs of such individuals, various banking options have emerged, with two prominent ones being Diaspora Banking…
Commercial banks and other financial institutions in Uganda have made commitments to provide funding for businesses and projects that promote environmental conservation and renewable energy. These institutions have taken steps to train their staff in assessing projects that support sustainable agriculture, energy efficiency, renewable energy, drip irrigation, clean transportation, and other eco-friendly initiatives. Ms. Virginia…
