DFCU’s pre-tax profit fall 67.8 percent in 2021
/in acaricides, Accidents, Accounting, acholi, Acholi Parliamentary Group (APG), Acholi sub-region, Action Against Hunger, Adjumani district, Africa, African and Islamic Development Bank, African Development Bank (ADB), Agency for Community Empowerment (ACE), Agora Health Center III, agricultural, Agricultural Credit, Agriculture, Agriculture Cluster Development Project (ACDP)., Agro-input, Albertine grabben, Alliance for a Green Revolution in Africa (AGRA), Ambulances, Amolatar district, Amuru District, Anaka General Hospital, Analysis, Anglican church, Animal quarantine, Animal Welfare, Ankole, Annual Bankers' Conference (ABC), Annual General Meetings (AGMs), Apaa area, Apple Growers in Uganda, Application backlog, Art and Craft, Aswa Dam, Award, Bakery, Banana Bacteria Wilt, Banana Diseases, Banana Rust Thrips, bank, banking, Banking Institutions, Banks, Banyankole Kweterana, Bed Ki Gen Adak Farmers’ group, Biodiversity and Biosafety Association of Kenya (BIBA), Black list, boda 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livelihood, livestock, Loans, Local governments, Lwengo, Lyamujungu SACCO, M-SACCO application, Madi community, Magazine, Maize, Majengo Health Center III, Makerere University, Market Information, Marketing, Markets and Agriculture Trade Improvement Project (MATIP)., masaka, Masaka Elders Cooperative Union, Masindi, masindi bodaboda, Masindi Civil Servants' Savings and Credit Cooperative Society Limited, Masindi District, Masindi District Authorities, MasterCard, matatus, Matching Grant Facility (MGF), Maternity ward, Mbarara Central Market, Mbarara Central Market Vendors Association, Mbarara District, Mbarara Taxi Park, Member of Parliament, Micro-finance, MicroFinance, Microfinance Support Center, Microfinance Support Centre, Microfinance Support Centre (MSC), Middlemen, milk processing, Mindset change, Ministry of Agriculture, Ministry of Agriculture Animal Industry and Fisheries, Ministry of Agriculture Animal Industry and Fisheries (MAAIF), Ministry of Disaster Preparedness, 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Opinion, Opinions, Organisation, Organisations, orphanage, Orphans, Otuke District, OWC, Paicho Central Kal Growers’ Cooperative Society Limited., Pakanyi sub-county, Parliament, persons living with HIV/AIDS, Persons with Disabilities (PWDs), Persons with Disability (PWDs), Pesticides, Pineapple Farmers, Pingire Primary School, police, Police case, Politics, Post harvest loses, Poverty eradication, Power and Voice Stake holders’ Engagement meeting, Pregnant mothers, Preservation of Bean, President Mnangagwa, Presidential Cluster Initiative on Wealth and Job Creation, Primary Leaving Examinations (PLE), Private schools, Public servants, Quality control, Quarantine, Quote, Ratchapruk taxi cooperative, Raxio Data Center, Real estate, Recruitment, Referral system, Refugees, Regional, Registrar of Cooperatives, registration, Regulation, Relief Supplies, Report, Reports, Retirement, Revenue, Rhino Camp ginnery, Rice, Rice farming, roads, Roko Construction Company, Rooftop garden, Rural Electrification Agency, rural women, Rwanda, Rwenzori Apple farmers, Sacco, SACCOs, Safety, Sanity, Sao Zirobwe SACCO, Savannah Motors, School drop outs, schools, Security, Seed Secondary Schools, Serere District, Sheema District, shoddy work, Single Mothers, Skill acquisition, SMS marketing strategy, Soroti City, Soroti District, South Africa, Southern African Faith Communities’ Environment Institute (SAFCEI), Stanbic Bank, Standard Chartered Bank, Standard Operating Procedures (SOPs), standards, State House Anti-Corruption Unit, State Minister for Economic Monitoring, storage of cereals, Street Children, strike, Students, sub-contractors, Sugar cane growing, sugar cane out-grower, sugarcane growing, Supply chain, Tailoring, Tanzania, tax, taxes, Taxi cooperatives, taxi drivers, teachers, Technical institutions, Technocrats, Technology, Teso sub-region, Thailand, Tile factory, Trade, Traditional Birth Attendants (TBAs), Traffic regulations, Transport, Transport business, TV, UCDA, Uganda, Uganda Agricultural Economics Association (UAEA), Uganda Bankers Association (UBA), Uganda Coffee Development Authority, Uganda Coffee Development Authority (CDA), Uganda Coffee Development Authority (UCDA), Uganda Cooperative Alliance, Uganda Cooperatives Savings and Credit Union (UCSCU), Uganda Electricity Distribution Company Limited (UEDCL), Uganda Industrial Research Institute (UIRI), Uganda Microfinance Regulatory Authority, Uganda National Examinations Board (UNEB), Uganda National Meteorological Authority (UNMA), Uganda National Oil Company (UNOC), Uganda People’s Defense Forces’ (UPDF), Uganda Wildlife Authority, Uganda Women Entrepreneurship Programme (UWEP), Uhuru Institute, UK Export Finance, Ultimatum, umeme, Uncategorized, Universal Granite and Marble, Vaccination, Vaccine Factory, Value addition, vendors, Veterans, Vocational training skills, Walimu SACCO, War victims, Waterborne diseases, Wawoto Kacel Cooperative Society, weather, Weather Information Dissemination System (WIDS), West Nile region, Western, Western Uganda, Wildlife invasions, women, World, World Bank project, World News, World Organization of Animal Health, yoghurt, Youth, Youth celebrations, Youth leaders, Youth Livelihood Program (YLP), zimbabwe/by tcKAMPALA – Business for DFCU was mild last year as the institution’s gross profit curve fell by a hefty 67.8 percent, blamed on rolling lockdowns brought on by the global pandemic, the bank said.
In a report, the lender said their profits for calendar 2021 came crashing to only Shs 10 billion, from Shs 32.6 bln the year before.
“In our opinion, the accompanying financial statements are consistent, in all material respects, with the audited financial statements in accordance with the Financial Institutions Regulations,” the bank’s auditors, global group Ernst & Young said in remarks to the report.
Today was the deadline for all of Uganda’s commercial banks to report for the financial year that ended on December 31, 2021.
DFCU’s customer deposits fell mildly to Shs 2.3 trillion for the period under review, from Shs 2.6 trn in 2020.
Non-performing loans rose sharply to Shs 274 bln – nearly double the Shs 94 bln seen in 2020.
Bad loans written off also went up to reach Shs 37.6bln in 2021, almost three times 2021’s Shs 14 bln.
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Bank for dairy farmers; health insurance for co-ops to be launched in India
/in acaricides, Accidents, Accounting, acholi, Acholi Parliamentary Group (APG), Acholi sub-region, Action Against Hunger, Adjumani district, Africa, African and Islamic Development Bank, African Development Bank (ADB), Agency for Community Empowerment (ACE), Agora Health Center III, agricultural, Agricultural Credit, Agriculture, Agriculture Cluster Development Project (ACDP)., Agro-input, Albertine grabben, Alliance for a Green Revolution in Africa (AGRA), Ambulances, Amolatar district, Amuru District, Anaka General Hospital, Analysis, Anglican church, Animal quarantine, Animal Welfare, Ankole, Annual Bankers' Conference (ABC), Annual General Meetings (AGMs), Apaa area, Apple Growers in Uganda, Application backlog, Art and Craft, Aswa Dam, Award, Bakery, Banana Bacteria Wilt, Banana Diseases, Banana Rust Thrips, bank, banking, Banking Institutions, Banks, Banyankole Kweterana, Bed Ki Gen Adak Farmers’ group, Biodiversity and Biosafety Association of Kenya (BIBA), Black list, boda boda, Boda Boda cooperative, Boda- Boda riders, Boundary opening, Bovorn Taxi cooperative, bribes, Buganda Kingdom, Buhimba town council, Bunyangabu district, Bunyoro, Bunyoro Kitara Kingdom, Bunyoro Sub-region, Buruli County Veterans' Cooperative Society Limited, Busia, Business, Business registration, Busoga, Bwikara sub-county, Cars, catastrophe, Catholic church, Cattle compensation, Central, Cereals, charcoal, Chickens, China, China National Offshore Oil Corporation (CNOOC), China National Offshore Oil Corporation (CNOOC) Uganda, cholera, Church, citrus farmers, city centre, climate change, Coffee, Coffee Cooperative, Coffee farmers, Coffee farming, Collateral, Comboni Samaritans, Commerce, compensation, Congolese refugees, Conmen, coop, Coop Bank, coop week, Cooperative, cooperative accountability, Cooperative Governance, Cooperative society, Cooperative Union, cooperatives, Cooperatives & Communities, Cooperatives Governance, cooperators, Coopertives, coopweek, Corporates, 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Policy (IATP), Insurance, International Coffee Day, International market, International Oil Companies (IOCs), International Youth Day, Interview, Investigation, Investment, Investors, Irrigation, Irrigation schemes, Kabaka, Kabarole, Kabwoya sub-county, Kagadi District, Kampala, Kamuda Health Center III, Karuma power dam, Kasese, kasese fish farmers, kasese floods, KCB Bank, Kenya, Kibaale district, Kibaale district council, Kikuube district, Kikuube district leadership, Kikuube district local government, Kikuube interim district council, Kikuube Local Government, Kilimo Trust, Kimina village, Kwik Build Contractors & Engineering Ltd, Kyangwali refugees' settlement area, Lake Albert, Lake Albert Rift Basin, land, Land conflict, Land disputes, Land grabbing, Land wrangles, Lango Parliamentary group, Lango Parliamentary Group (LPG), Lango Sub-region, Lango War Claimants Association, Law, Leadership, Legal, Life Style, Lilim Health Center II, Lira, Lira Diocese, Lira district, Lira High 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Preparedness, Ministry of Education and Sports, Ministry of Energy and Mineral Development, Ministry of Health, Ministry of Internal Affairs, Ministry of Lands, Ministry of Public Service, Ministry of Trade Industry and Cooperatives (MTIC)., Ministry of Water and Environment, Modern farming, Moisture tester, Money lenders, moroto, Motor vehicle mechanics, motorcycles, Motorists, MTN, Multi Sectoral Integrated Humanitarian Projects, Murchison Falls National Game Park, Murchison Falls Park, Music, Mwalimu National Sacco, NAADS, National Coffee Act, National Coffee Bill, National Environmental Management Authority (NEMA), Natural Resources Committee, Nebbi District, News, Ngoma Village, Ngora district, nigeria, North Kyoga Region, Northern, Northern Uganda, NSSF, Ntugamo District, Nwoya district, Nyairogo project, Nyakihanga Fruits and Vegetable Growers' Cooperative Society, Office Of the Prime Minister, Office of the Prime Minister (OPM), Ogor Seed Secondary School, Oil, Oil companies, Omoro District, Opinion, Opinions, Organisation, Organisations, orphanage, Orphans, Otuke District, OWC, Paicho Central Kal Growers’ Cooperative Society Limited., Pakanyi sub-county, Parliament, persons living with HIV/AIDS, Persons with Disabilities (PWDs), Persons with Disability (PWDs), Pesticides, Pineapple Farmers, Pingire Primary School, police, Police case, Politics, Post harvest loses, Poverty eradication, Power and Voice Stake holders’ Engagement meeting, Pregnant mothers, Preservation of Bean, President Mnangagwa, Presidential Cluster Initiative on Wealth and Job Creation, Primary Leaving Examinations (PLE), Private schools, Public servants, Quality control, Quarantine, Quote, Ratchapruk taxi cooperative, Raxio Data Center, Real estate, Recruitment, Referral system, Refugees, Regional, Registrar of Cooperatives, registration, Regulation, Relief Supplies, Report, Reports, Retirement, Revenue, Rhino Camp ginnery, Rice, Rice farming, roads, Roko Construction Company, Rooftop garden, Rural Electrification Agency, rural women, Rwanda, Rwenzori Apple farmers, Sacco, SACCOs, Safety, Sanity, Sao Zirobwe SACCO, Savannah Motors, School drop outs, schools, Security, Seed Secondary Schools, Serere District, Sheema District, shoddy work, Single Mothers, Skill acquisition, SMS marketing strategy, Soroti City, Soroti District, South Africa, Southern African Faith Communities’ Environment Institute (SAFCEI), Stanbic Bank, Standard Chartered Bank, Standard Operating Procedures (SOPs), standards, State House Anti-Corruption Unit, State Minister for Economic Monitoring, storage of cereals, Street Children, strike, Students, sub-contractors, Sugar cane growing, sugar cane out-grower, sugarcane growing, Supply chain, Tailoring, Tanzania, tax, taxes, Taxi cooperatives, taxi drivers, teachers, Technical institutions, Technocrats, Technology, Teso sub-region, Thailand, Tile factory, Trade, Traditional Birth Attendants (TBAs), Traffic regulations, Transport, Transport business, TV, UCDA, Uganda, Uganda Agricultural Economics Association (UAEA), Uganda Bankers Association (UBA), Uganda Coffee Development Authority, Uganda Coffee Development Authority (CDA), Uganda Coffee Development Authority (UCDA), Uganda Cooperative Alliance, Uganda Cooperatives Savings and Credit Union (UCSCU), Uganda Electricity Distribution Company Limited (UEDCL), Uganda Industrial Research Institute (UIRI), Uganda Microfinance Regulatory Authority, Uganda National Examinations Board (UNEB), Uganda National Meteorological Authority (UNMA), Uganda National Oil Company (UNOC), Uganda People’s Defense Forces’ (UPDF), Uganda Wildlife Authority, Uganda Women Entrepreneurship Programme (UWEP), Uhuru Institute, UK Export Finance, Ultimatum, umeme, Uncategorized, Universal Granite and Marble, Vaccination, Vaccine Factory, Value addition, vendors, Veterans, Vocational training skills, Walimu SACCO, War victims, Waterborne diseases, Wawoto Kacel Cooperative Society, weather, Weather Information Dissemination System (WIDS), West Nile region, Western, Western Uganda, Wildlife invasions, women, World, World Bank project, World News, World Organization of Animal Health, yoghurt, Youth, Youth celebrations, Youth leaders, Youth Livelihood Program (YLP), zimbabwe/by tcINDIA– Union Cooperation and Home Minister Amit Shah will inaugurate the mega cooperative event tomorrow April 1, 2022 at Palace Grounds, Bangalore. During the conclave, he will launch the Logo of Nandini Ksheera Abhivrudhi Bank.
A novel concept to boost the income of dairy farmers, Ksheera Abhivrudhi Bank has an allocation of Rs 100 crore made in the budget. The order in this regard would be issued soon, said the Chief Minister interacting with the media.
It will be Shah’s first co-op event in Karnataka after becoming the Union Cooperation Minister. The program is being organized by the Cooperative Department in collaboration with many apex co-op bodies of the state.
Over 9,000 co-operative leaders are likely to participate in the event. The short documentary on the growth of the cooperative movement in India and Karnataka will be shown on the occasion.
Besides Shah, Union Finance Minister Nirmala Sitharaman, MoS Shobha Karandlaje, Karnataka Chief Minister Basavaraj Bommai, Cooperation Minister S T Somashekar, Agriculture Minister B. C. Patil, Minister for Parliament Affairs Pralhad Joshi, Ex-CM Siddaramaiah and other cabinet rank ministers will grace the occasion. Many local cooperators representing different apex cooperative bodies of the State will attend the event.
Besides the Ksheer Abhivridhi Bank scheme, Shah would relaunch Yashaswini, the health insurance scheme for members of cooperative societies.
Karnataka Chief Minister Bommai said, “Shah is working for reforms in the cooperative sector, will be visiting the state to attend a large meeting related to ‘Ksheerabhivruddi bank’ that we are planning to launch, aimed at giving a financial boost to the dairy sector that will increase farmers income and provide them financial support.
“Milk Cooperative Societies in the State have annual revenue of Rs 36,000 crores. The State government has decided to establish a Milk Producers Bank with an intention to ensure that the profit goes to milk producers”, The CM was speaking at the ‘Sahakara Ratna’ award ceremony organized by Karnataka State Cooperative Federation Limited recently.
Meanwhile, opposition leaders have charged that it is less of a co-op event and more of a political one. “This is a bid to reach out to the voters through cooperatives for the upcoming elections of Karnataka”, they felt. It bears recall that cooperatives have a strong presence at the village level in Karnataka.
Readers would recall that a few days back, Shah participated in the mega co-operative event in the Surat district of Gujarat, which drew a huge crowd of co-operators.
There are 42,551 Co-operatives under the control of the Registrar of Co-operative Societies in the state, of which 37,532 are functional.
Source: Agencies
https://thecooperator.news/ncui-gears-to-usher-in-digital-era-of-cooperative-training-in-india/
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UNDP, KOICA launch construction of three markets in refugee hosting districts
/in acaricides, Accidents, acholi, Acholi Parliamentary Group (APG), Acholi sub-region, Action Against Hunger, Adjumani district, Africa, African and Islamic Development Bank, African Development Bank (ADB), Agency for Community Empowerment (ACE), Agora Health Center III, agricultural, Agricultural Credit, Agriculture, Agriculture Cluster Development Project (ACDP)., Agro-input, Albertine grabben, Alliance for a Green Revolution in Africa (AGRA), Ambulances, Amolatar district, Amuru District, Anaka General Hospital, Analysis, Anglican church, Animal quarantine, Animal Welfare, Ankole, Annual Bankers' Conference (ABC), Annual General Meetings (AGMs), Apaa area, Apple Growers in Uganda, Application backlog, Art and Craft, Aswa Dam, Award, Bakery, Banana Bacteria Wilt, Banana Diseases, Banana Rust Thrips, bank, banking, Banking Institutions, Banks, Banyankole Kweterana, Bed Ki Gen Adak Farmers’ group, Biodiversity and Biosafety Association of Kenya (BIBA), Black list, boda boda, Boda Boda cooperative, Boda- Boda riders, Boundary opening, Bovorn Taxi cooperative, bribes, Buganda Kingdom, Buhimba town council, Bunyangabu district, Bunyoro, Bunyoro Kitara Kingdom, Bunyoro Sub-region, Buruli County Veterans' Cooperative Society Limited, Busia, Business, Business registration, Busoga, Bwikara sub-county, Cars, catastrophe, Catholic church, Cattle compensation, Central, Cereals, charcoal, Chickens, China, China National Offshore Oil Corporation (CNOOC), China National Offshore Oil Corporation (CNOOC) Uganda, cholera, Church, citrus farmers, city centre, climate change, Coffee, Coffee Cooperative, Coffee farmers, Coffee farming, Collateral, Comboni Samaritans, Commerce, compensation, Congolese refugees, Conmen, coop, Coop Bank, coop week, Cooperative, cooperative accountability, Cooperative Governance, Cooperative society, Cooperative Union, cooperatives, Cooperatives & Communities, Cooperatives Governance, cooperators, Coopertives, coopweek, Corruption, Cotton farming, 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International Coffee Day, International market, International Oil Companies (IOCs), International Youth Day, Interview, Investigation, Investment, Investors, Irrigation, Irrigation schemes, Kabaka, Kabarole, Kabwoya sub-county, Kagadi District, Kampala, Kamuda Health Center III, Karuma power dam, Kasese, kasese fish farmers, kasese floods, KCB Bank, Kenya, Kibaale district, Kibaale district council, Kikuube district, Kikuube district leadership, Kikuube district local government, Kikuube interim district council, Kikuube Local Government, Kilimo Trust, Kimina village, Kwik Build Contractors & Engineering Ltd, Kyangwali refugees' settlement area, Lake Albert, Lake Albert Rift Basin, land, Land conflict, Land disputes, Land grabbing, Land wrangles, Lango Parliamentary group, Lango Parliamentary Group (LPG), Lango Sub-region, Lango War Claimants Association, Leadership, Legal, Life Style, Lilim Health Center II, Lira, Lira Diocese, Lira district, Lira High Court, livestock, Loans, Local governments, Lwengo, Lyamujungu SACCO, M-SACCO application, Madi community, Magazine, Maize, Majengo Health Center III, Makerere University, Market Information, Marketing, Markets and Agriculture Trade Improvement Project (MATIP)., masaka, Masaka Elders Cooperative Union, Masindi, masindi bodaboda, Masindi Civil Servants' Savings and Credit Cooperative Society Limited, Masindi District, Masindi District Authorities, MasterCard, matatus, Matching Grant Facility (MGF), Maternity ward, Mbarara Central Market, Mbarara Central Market Vendors Association, Mbarara District, Mbarara Taxi Park, Member of Parliament, Micro-finance, MicroFinance, Microfinance Support Center, Microfinance Support Centre, Microfinance Support Centre (MSC), Middlemen, milk processing, Mindset change, Ministry of Agriculture, Ministry of Agriculture Animal Industry and Fisheries, Ministry of Agriculture Animal Industry and Fisheries (MAAIF), Ministry of Disaster Preparedness, Ministry of Education and Sports, 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Wildlife invasions, women, World, World Bank project, World News, World Organization of Animal Health, yoghurt, Youth, Youth celebrations, Youth leaders, Youth Livelihood Program (YLP), zimbabwe/by tcADJUMANI – The United Nations Development Programme [UNDP] in partnership with the Korean International Cooperation Agency-KOICA launched the construction of markets in each of the three refugee hosting districts in Northern Uganda.
The market construction project was launched in Ciforo sub-county in Adjumani district.
The markets will be constructed in the Adjumani, Obongi and Lamwo districts at a tune of Shs150 million. This is part of the USD 9 Million, approximately Shs 37bn Uganda Host and Refugee Empowerment Project being implemented by World Vision, among other implementing organizations.
Raymond Mukisa, the Uganda Host and Refugee Empowerment Project Manager said through the project, over 10,40 people, both host communities and refugees have received training in various income-generating activities under the economic empowerment, livelihood interventions.
Mukisa also said, the beneficiaries have been struggling to access local markets to sell their products and goods due to the poor roads, sunshine or rain which has negatively impacted on the growth of their businesses.
Through the market construction, Mukisa said both the refugees and host communities have the platform to sell, store and save their money in the market stalls, stores that will be constructed and savings groups that have already been formed.
Luke Drazelega, the LCIII Chairperson Ciforo sub-county said, the sub-county has been operating without a permanent market for the last 30 years which greatly affected the economic empowerment and livelihood of the host communities and now the refugees.
Drazelega notes that with a new market coming to his sub-county, this will boost local revenue base, as well as development of the sub-county.
Lawrence Buni, the Macupe clan, who donated the 80 by 100-meter piece of land for the construction of the market says, they initially were forced to move for over 10km to access services in the market.
Grandfield Omona, the Adjumani district Chief Administrative Officer [CAO] said, they have already started construction.
Buni further said, with the market nearer, they expect buyers from nearby districts including Yumbe, Obongi, Amuru among others which will directly impact on the local economy.
Sheila Ngatia, the Deputy Country Representative of the United Nations Development Program [UNDP] tasked the community members to own the project for the sustainability of the market.
With the market yet to be designed, Ngatia says, the design should cater for renewable energy, water sourcing and storage and possibly a youth resource center as well as security, which all contribute to socio-economic transformation of the refugees and host communities.
Ciforo sub county has a total of 27,000 Ugandans with 7,000 South Sudanese refugees.
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Lira based Indian investor losses sunflower worth Shs100m
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(UAEA), Uganda Bankers Association (UBA), Uganda Coffee Development Authority, Uganda Coffee Development Authority (CDA), Uganda Coffee Development Authority (UCDA), Uganda Cooperative Alliance, Uganda Cooperatives Savings and Credit Union (UCSCU), Uganda Electricity Distribution Company Limited (UEDCL), Uganda Industrial Research Institute (UIRI), Uganda Microfinance Regulatory Authority, Uganda National Examinations Board (UNEB), Uganda National Meteorological Authority (UNMA), Uganda National Oil Company (UNOC), Uganda People’s Defense Forces’ (UPDF), Uganda Wildlife Authority, Uganda Women Entrepreneurship Programme (UWEP), Uhuru Institute, UK Export Finance, Ultimatum, umeme, Uncategorized, Universal Granite and Marble, Vaccination, Vaccine Factory, Value addition, vendors, Veterans, Vocational training skills, Walimu SACCO, War victims, Waterborne diseases, Wawoto Kacel Cooperative Society, weather, Weather Information Dissemination System (WIDS), West Nile region, Western, Western Uganda, Wildlife invasions, women, World, World Bank project, World News, World Organization of Animal Health, yoghurt, Youth, Youth celebrations, Youth leaders, Youth Livelihood Program (YLP), zimbabwe/by tcLIRA – An Indian investor in Lira City has lost 54 tons of sunflower seeds worth Shs100m to suspected thieves.
The grains according to sources, started disappearing in January but the proprietor of the oil milling factory, Nasir Muhammad detected the syndicate a week ago and rushed to police for urgent intervention.
“The theft started in January but I detected it when I saw the level of sunflowers in my store going down,” Nasir said.
Nasir said he took an initiative to measure all the grains but later he discovered that over 50tons were missing and he had made a loss of Shs100m.
The incident prompted both the Pakistani and Indian investors in the City to raise red flags and concern over the security of their oil milling factories and doubt of doing business in the industrial city.
Atiqe Nwaze Muhammad, the Chairperson of Pakistani Association in the Lango sub region urged the police to urgently investigate the matter, arrest the suspect and arraign in court to restore confidence in them.
He accused the police of not arresting the two suspects who participated in the theft and sold the stolen goods to one of their colleagues [Bahadur Khan].
“This thing is coming to a week, police are just coming to grab sunflowers daily in the name of recovering exhibits from our friend,” he says.
The police said they recovered 5tons of seeds in Khan’s factory located at the industrial area, Lira City East division.
But Khan also said, it was delivered to him by one identified as Opio, the landlord of Nasir.
“It is so worrying for us to do business in this City because we are losing daily,” Atige said, while meeting the Resident City Commissioner, Lawrence Egole, OC operation, Ivan Karenga, Chairperson Deo Kibirige of Uganda national chamber of commerce, Lira branch.
The investors totalling to about 30 met the security team on 24th in an attempt to sort out a misunderstanding between them and the police.
Surjit Singh, the Chairperson of the Indian community in Lira said, they have employed more than 200 people and the police should treat them equally without exception.
But the police said, the prime suspect, Moses Opio and two others are still on the run and whoever has the clue on his whereabouts should tip them.
Khan claimed that it’s now one week, the prime suspect is not arrested yet he has all the records including his contact.
“Instead, in my police bond form is written breaking into a store, carrying stolen goods and again receiving stolen goods, how can it be,” he wondered.
https://thecooperator.news/lira-produce-sacco-requests-msc-to-probe-emyooga/
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Population growth threatening sustainable land use in Teso sub-region
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TV, UCDA, Uganda, Uganda Agricultural Economics Association (UAEA), Uganda Bankers Association (UBA), Uganda Coffee Development Authority, Uganda Coffee Development Authority (CDA), Uganda Coffee Development Authority (UCDA), Uganda Cooperative Alliance, Uganda Cooperatives Savings and Credit Union (UCSCU), Uganda Electricity Distribution Company Limited (UEDCL), Uganda Industrial Research Institute (UIRI), Uganda Microfinance Regulatory Authority, Uganda National Examinations Board (UNEB), Uganda National Meteorological Authority (UNMA), Uganda National Oil Company (UNOC), Uganda People’s Defense Forces’ (UPDF), Uganda Wildlife Authority, Uganda Women Entrepreneurship Programme (UWEP), Uhuru Institute, UK Export Finance, Ultimatum, umeme, Uncategorized, Universal Granite and Marble, Vaccination, Vaccine Factory, Value addition, vendors, Veterans, Vocational training skills, Walimu SACCO, War victims, Waterborne diseases, Wawoto Kacel Cooperative Society, weather, Weather Information Dissemination System (WIDS), welfare, West Nile region, Western, Western Uganda, Wildlife invasions, women, World, World Bank project, World News, World Organization of Animal Health, yoghurt, Youth, Youth celebrations, Youth leaders, Youth Livelihood Program (YLP), zimbabwe/by tcSOROTI – The current population growth is threatening sustainable land use in Teso sub-region.
Figures from the National Population Council (NPC), a state agency that advises the government on population issues, show that Uganda has a population growth rate of 3.3 percent per annum, making it the third fastest-growing population in the world.
The country’s population is projected to reach 75 million by 2040 from the current 40 million people.
According to the National Population Council, youths below the age of 30 make up more than 78 percent of the 40 million people.
Teso sub region alone accounts for 7 percent of Uganda’s population of 40 million people, as per State of Uganda Population Report [SUPRE] 2020, which is an annual population of the National Population Council [NPC].
However, the locals don’t yet understand how their rising population will take a toll on sustainable land use in region.
As the population increases, the demand for land intensifies as everyone struggles to find space for their livelihood.
George William Apuda, aged 85 years old and a resident of Akoboi village in Ngariam sub-county Katakwi district, recounts that twenty years ago, farmers looked out at the forests and grasslands of Teso and saw endless virgin territory.
“A young man, upon starting a family, would clear a patch of wilderness near where he was raised and plant his own sorghum, millet, groundnut, or cassava,” said Apuda.
However, Apuda, a father of eight children, noted that after decades of unprecedented population growth; the land is running out, as in many parts of the region, people are bumping up against one another over land for cultivation.
According to him, cubicles of arable land can still be found, but only in malaria-ridden localities where nobody wants to live.
Apuda further explained that a number of people are clearing rain forests near their homes instead of relocating to distant locations. Tropical forests’ acidic soil does not favour growing grains, fruits and vegetables.
He added that land ownership in Teso sub region currently stands at two acres per household, which parents subdivide amongst their children, reducing it to a plot which is too small to feed a family.
Augustine Omare, the former Prime Minister of Iteso Cultural Union [ICU] argued that given the high number of children visa vie limited land, families in Teso region are no longer able to grow enough food for themselves.
He referenced the Uganda Demographic and Health Survey [UDHS, 2011 and 2016] that show that Uganda’s total fertility rate stands at 5.4 children per woman, a reduction from 7 children per woman in 1991.
“Given the high fertility rate, some parents are not able to feed their children properly, let alone afford their education, children thus grow up desperately poor and have huge families of their own, which is exerting pressure on limited natural resources such as land and forests,” stated Omare.
According to him, the shrinking farmland adds yet another burden, food production on a per-capita basis is declining and malnutrition is worsening, which means that children are likely to grow up even less healthy and less productive.
Omare, points out that Teso sub-region is one of the poorest regions according to Uganda Bureau of Standards (UBOS) and is stuck in a demographic trap.
Andrew Oboi, the District Agricultural Officer (DAO), revealed that people have abandoned land management techniques that they used previously to sustain the long-term fertility of their fields, such as allowing one of the fields to lie fallow each season.
“Three-quarters of all arable land in Teso today is severely depleted of nutrients because it has been overused” said Oboi.
This he said is a result of vanishing vast arable land due to population growth.
Oboi, wonders how the next generation is going to make it, if people continue having huge numbers of kids, and if farm sizes continue to shrink.
Factor responsible for population growth.
Mary Margrate Atukoit, a mother of nine children and a resident of Kipinyang village in Magoro sub-county in Katakwi district says, on an individual level, many women in the rural areas are currently unable to attain reproductive autonomy.
“Much as government is encouraging couples to embrace family planning, men still don’t allow their women to go for family planning,” she noted
Atukoit, lamented that when a woman cannot achieve reproductive autonomy, both individuals and society experience greater socio-economic burdens which is a significant problem.
“When women cannot determine whether and when to have children, or how many to have, their quality of life and their economic prospects suffer”, she explained.
Joyce Glades Alado from Ngora district said, women and girls still face incredible obstacles, including inferior status in their communities and relationships, gender-based violence, prejudice and discrimination in all aspects of society.
As a result, she explained that many struggle to advance their position in society or determine their own future, adding that they often cannot decide for themselves whether to have children or the number of children.
Call for Action to slow down the rapid population growth.
One way to break the cycle of overpopulation and misery, Angela Anyumel, a primary teacher in Serere district said, government should increase the availability of both long- and short-term family planning contraceptives so as to increase family planning uptake among women in reproductive age.
She is one example of the many women in Teso who are affected by lack of choice, due to limited family planning methods provided at health facilities.
Anyumel explains that she tried using Depo-Provera as a birth control measure, but had to stop after realizing that the contraceptive increased her heartbeat.
“When I was given Depo-Provera, my heart beat increased and yet I had high blood pressure”, recounts Anyumel.
Anyumel said after taking Depo-Provera, her periods took a while to resume after her last child, prompting her to make a decision to breastfeed her child for a year thus relying on breastfeeding as a means of natural family planning.
She wishes there were other available methods of birth control, but every time she goes to the local government health facility, she is asked to use either pills or an injector plant.
“Whenever we seek family planning services from the government facilities, midwives end up providing short term family planning commodities such as pills and injector plants just because long term family planning commodities are always out of stock” Anyumel recounts her ordeal.
Evelyne Abiro, a mother of five and a resident of Arapai sub-county in Soroti district adds a voice to Anyumel’s concern saying, women need to have a wide range of family planning methods so that they can choose what works best for them.
Meanwhile, Lilian Kamanzi Mugisha, Communications and Fundraising Manager at Amref, urged the government to increase awareness about family planning among both women and men in rural areas because there are a lot of myths and misconceptions surrounding contraceptives methods.
She is optimistic that promoting family planning by educating men and women about contraception will play a key role in reducing fertility rates, problems associated with overpopulation and decreasing poverty in Uganda.
“A reduction in fertility rate was achieved in the West over the course of a century of female education, national family planning services and the introduction of job opportunities for women”, therefore it’s important to empower women by giving them access to reproductive health service as well as better economic options”, said Kamanzi Mugisha.
Kamanzi Mugisha also stated governments must promote responsible parenthood and limit subsidies to the first two children unless the family is living in poverty.
This, she noted, can be accomplished by promoting child spacing and having fewer children. In certain urban regions of the country, there are posters showing happy couples with just one or two children.
Government efforts to harness Demographic Dividend
Last year, Cabinet approved the new National Population Policy 2020, which is aligned alongside Vision 2040 and Sustainable Development Goals.
Stella Kigozi, the Director, Information & Communications National Population Council Uganda says, unlike the past policy developed at the time when the country was battling the high fertility rates, maternal mortality rates and high incidences of HIV/AIDs, expect the new policy steers the country towards harnessing the demographic dividend.
“The new policy recognizes that in addition to infrastructure like roads, energy and Information Communication Technologies, the government needs to prioritize human capital development” states Kigozi.
She also reveals that the policy calls for more investment in the social welfare of the country so that as the population grows older, they are able to positively and effectively contribute to economic development.
Kigozi reiterated that the National Population Council [NPC)] is commitment to addressing high population growth rate by reducing total fertility rate to 2.5 percent from the current 5.4 percent, increase family planning uptake and address early marriages among others.
“No country can grow without tackling issues like population growth and fertility rate” said Kigozi.
The government has for long been divided between supporting or discouraging high population growth rates if it is to realize the required sustained economic growth rates, which will lead to development and social transformation.
According to the 2019 revision of the World Population Prospects Uganda’s total population was 42,729,036 in 2018, up from 34,856,813 given by the National Housing and Population Census 2014.
The proportion of children below the age of 15 accounts for 48 percent, while those 65 years or older are just 2.5 percent, making Uganda the country with the third youngest population after Niger and Mali.
Therefore, cutting exponential population growth will help Uganda harness her demographic dividends and achieve economic aspirations as stated in Vision 2020.
This story was produced with Support from the National Population Council (NPC) in Collaboration with Population Reference Bureau (PRB).
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Putting Principle Six in action makes co-ops thrive
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business, TV, UCDA, Uganda, Uganda Agricultural Economics Association (UAEA), Uganda Bankers Association (UBA), Uganda Coffee Development Authority, Uganda Coffee Development Authority (CDA), Uganda Coffee Development Authority (UCDA), Uganda Cooperative Alliance, Uganda Cooperatives Savings and Credit Union (UCSCU), Uganda Electricity Distribution Company Limited (UEDCL), Uganda Industrial Research Institute (UIRI), Uganda Microfinance Regulatory Authority, Uganda National Examinations Board (UNEB), Uganda National Meteorological Authority (UNMA), Uganda National Oil Company (UNOC), Uganda People’s Defense Forces’ (UPDF), Uganda Wildlife Authority, Uganda Women Entrepreneurship Programme (UWEP), Uhuru Institute, UK Export Finance, Ultimatum, umeme, Uncategorized, Universal Granite and Marble, Vaccination, Vaccine Factory, Value addition, vendors, Veterans, Vocational training skills, Walimu SACCO, War victims, Waterborne diseases, Wawoto Kacel Cooperative Society, weather, Weather Information Dissemination System (WIDS), welfare, West Nile region, Western, Western Uganda, Wildlife invasions, women, World, World Bank project, World News, World Organization of Animal Health, yoghurt, Youth, Youth celebrations, Youth leaders, Youth Livelihood Program (YLP), zimbabwe/by tcUS -The sixth cooperative principle (Cooperation amongst cooperatives) provides cooperatives a crucial advantage, enabling them to work together on joint projects, lower costs and exchange knowledge.
This is the case at the National Co+operative Grocers (NCG), a business services cooperative for retail cooperative grocery stores located throughout the United States.
As a secondary level cooperative with purchasing cooperative functions, NCG aggregates volume among its 147 retail food cooperatives to deliver lower costs or improved access to each member cooperative.
Guided by the philosophy of “stronger together”, NCG’s mission is to provide the capacity of a chain while maintaining the autonomy of each individual cooperative. Beyond acting as a purchasing cooperative, NCG actively works to facilitate a strong system of peer support among its member co-ops which makes them more resilient to individual and macro-market events.
NCG also offers training and educational resources through its online learning management system and thousands of consumer-facing brand assets for marketing and promoting its members’ operations. It also publishes annual reports, explaining industry trends and issues frequent communications to keep all audiences apprised and engaged.
“The fact that we are a cooperative permits us to punch above our weight. For instance, in our 16 years of operations, we have never been engaged in a single lawsuit as a result of our practices. In addition, our 147 member cooperatives are willing to guarantee each other’s payables for core purchases and participate in our self-managed system to mitigate and manage that risk,” said Karen Zimbelman, Senior Director of Membership and Cooperative Relations.
NCG also offers legislative and regulatory advocacy on behalf of its member cooperatives, and operates a consumer-facing website as well as a broad suite of consumer-facing informational materials. It conducts regular extensive national consumer research on behalf of its member cooperatives to keep its branding and messaging relevant.
Owned by their local communities, the cooperative members are passionate about local collaboration for positive change. NCG collectively donated over $7.3m to local community organisations in 2020.
Food cooperatives also work individually to reduce their carbon footprint, and collaborate through NCG to reduce the negative environmental impact of their supply chain.
“NCG has accomplished more in our 16 years of operation due to the fact that we are a cooperative. Our members are cooperatives, so they understand and appreciate the idea of ‘the whole benefiting each part’ and the ‘sum is greater than its parts.’ They are familiar with the concept of ‘stronger together’ from their own operations,” said CEO C.E. Pugh.
Another cooperative that is using the power of intercooperation is Cooperativa de Software Libre in Argentina, which has 20 worker members. The cooperative is a member of the Argentine Federation of Technology, Innovation and Knowledge Worker Cooperatives (FACTTIC), through which it engages with other cooperatives.
Set up 15 years ago, the cooperative develops software for other cooperative enterprises and government organisations.
“We work exclusively with free tools and believe that in order to comply with the fourth cooperative principle of independence and autonomy, free software plays a key role,” said Leandro Monk, one of the members of Cooperativa de Software Libre.
Being part of FACTTIC has many benefits, including being able to work together with other cooperatives on joint projects. Formed in 2010, FACTTIC brings together cooperatives that operate in the technology, innovation and knowledge (ICT) industry. It also promotes the creation of new cooperatives, placing a strong emphasis on local roots and development of different capacities.
“For us, participating in FACTTIC and using its integration tools generates many advantages for each of the cooperatives participating. First and foremost, it gives us the tools required to be able to take on new projects without the need for hasty growth. On the other hand, it allows us to minimise the risk of each of these projects in the structure of our entities. We also managed to generate a business or work climate for small new partners,” said Mr Monk.
FACTTIC runs an Inter-cooperative Work Flow (FIT) through which its members develop inter-cooperative projects and are able to exchange knowledge and provide better services for clients. By doing so they also avoid outsourcing, choosing to work with other cooperatives instead.
“Encouraging intercooperation is a duty of the cooperative movement. It is not possible to be supportive alone,” concluded Mr Monk.
Source: International Cooperative Alliance (ICA)
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UMEME sees slight jump in gross profit as it seeks extension of concession beyond 2025
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Association (UAEA), Uganda Bankers Association (UBA), Uganda Coffee Development Authority, Uganda Coffee Development Authority (CDA), Uganda Coffee Development Authority (UCDA), Uganda Cooperative Alliance, Uganda Cooperatives Savings and Credit Union (UCSCU), Uganda Electricity Distribution Company Limited (UEDCL), Uganda Industrial Research Institute (UIRI), Uganda Microfinance Regulatory Authority, Uganda National Examinations Board (UNEB), Uganda National Meteorological Authority (UNMA), Uganda National Oil Company (UNOC), Uganda People’s Defense Forces’ (UPDF), Uganda Wildlife Authority, Uganda Women Entrepreneurship Programme (UWEP), Uhuru Institute, UK Export Finance, Ultimatum, umeme, Uncategorized, Universal Granite and Marble, Vaccination, Vaccine Factory, Value addition, vendors, Veterans, Vocational training skills, Walimu SACCO, War victims, Waterborne diseases, Wawoto Kacel Cooperative Society, weather, Weather Information Dissemination System (WIDS), West Nile region, Western, Western Uganda, Wildlife invasions, women, World, World Bank project, World News, World Organization of Animal Health, yoghurt, Youth, Youth celebrations, Youth leaders, Youth Livelihood Program (YLP), zimbabwe/by tcKAMPALA – Uganda’s electricity distributor, UMEME earned some profit in 2021 even as the country was placed under covid-19 lockdown as a way to curtail the fast spread of the deadly virus that still bothers the world.
According to the audited financial statement for the year ended December 31, 2021, the company that won a 20-year concession in 2005 to distribute electricity pocketed about Shs642 million gross profit compared to about Shs 479 mln earned in the previous year.
The company in its report attributes the increase in profit to operational efficiencies and underlying distribution margins.
Still, the period under review shows Umeme posted a 13.5 percent rise in revenue to approx. 1.9 bln, from about Shs 1.7 bln realised in 2020.
According to the financial statement, 6067 shareholders will share the net profit of Shs 139 mln at the recommended dividend of Shs 54.1 per ordinary share. Only shareholders captured as of June 24, 2022 will benefit.
The financially powerful NSSF has 23.34 percent shareholding in Umeme, making it the biggest shareholder.
Meanwhile, Umeme says it will continue to engage with the government to have its contract extended beyond 2025, the year it is supposed to end.
“The company will continue to engage with the government of Uganda for clarity on the future of the Concession as the current one comes to an end in 2025,” its Managing Director Selistino Babungi who published the report says of the controversial contract that disadvantages government should it terminate it before 2025.
President Yoweri Museveni has in the recent past castigated the operations of Umeme and even threatened to terminate its contract, even though the company says it has connected about 1.6 mln clients compared to 250,000 connections in 2005.
That aside, energy losses that stand at 18 percent continue to worry both Umeme and Museveni even though Umeme has reduced the rate from 38 percent in 2005.
The agreement stipulates that in case of termination of the contract due to circumstances beyond the control of both parties, the government pays 90 percent of the invested money, which is in the region of about Shs 250 bln. Such circumstances include war, riot, strike, crime, flooding, earthquake, or volcanic eruptions.
The contract also obliges the government to pay an interest of 20 percent per annum of any outstanding portion of the buyout amount should 91 days elapse after the termination date until it clears the money in full.
The Umeme concession was intended to improve the quality of service, increase investment in the rehabilitation and expansion of the power distribution network, reduce losses, increase new connections and provide reliable and affordable electricity to consumers.
According to the government, Umeme has not realised the objectives of the reforms in power distribution, as there is high power distribution losses, billing and collection losses, power tariffs, poor quality services and low access levels.
The company, which distributes 97 percent of grid power, says in its financial report, it has more than doubled network length to 44,000 kilometres, from 16, 000 kilometres in 2005, and that it has increased transformer zones to 14,833, from 6000 in 2005.
https://thecooperator.news/government-frustrating-free-electricity-connections-umeme/
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Standard Chartered Bank renovates classroom block, plants over 300 trees at Salaama School For the Blind
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UCDA, Uganda, Uganda Agricultural Economics Association (UAEA), Uganda Bankers Association (UBA), Uganda Coffee Development Authority, Uganda Coffee Development Authority (CDA), Uganda Coffee Development Authority (UCDA), Uganda Cooperative Alliance, Uganda Cooperatives Savings and Credit Union (UCSCU), Uganda Electricity Distribution Company Limited (UEDCL), Uganda Industrial Research Institute (UIRI), Uganda Microfinance Regulatory Authority, Uganda National Examinations Board (UNEB), Uganda National Meteorological Authority (UNMA), Uganda National Oil Company (UNOC), Uganda People’s Defense Forces’ (UPDF), Uganda Wildlife Authority, Uganda Women Entrepreneurship Programme (UWEP), Uhuru Institute, UK Export Finance, Ultimatum, umeme, Uncategorized, Universal Granite and Marble, Vaccination, Vaccine Factory, Value addition, vendors, Veterans, Vocational training skills, Volunteering, Walimu SACCO, War victims, Waterborne diseases, Wawoto Kacel Cooperative Society, weather, Weather Information Dissemination System (WIDS), West Nile region, Western, Western Uganda, Wildlife invasions, women, World, World Bank project, World News, World Organization of Animal Health, yoghurt, Youth, Youth celebrations, Youth leaders, Youth Livelihood Program (YLP), zimbabwe/by tcMUKONO – Over 40 staff of Standard Chartered Bank days ago volunteered in a community initiative at Salaama School For the Blind in Kisoga – Mukono where they renovated a classroom block and planted 300 fruit and indigenous trees that will be helpful in preserving the environment and providing nutritional needs for the students in the near future.
The founder and headmaster of the school Francis Kinubi who received the bank’s staff said he has led the school for the last 23 years. The school has 72 students who are visually impaired with various disabilities that could not allow them go to normal schools.
However, during the visit, the bank’s staff took off time to socialise and learn from the children as played various games with the visually impaired minors. The visitors also had a chance to observe how the children in this school read and write using braille machines. The visitors also had a look at other special needs equipment before they shared a meal with the children.
While speaking at the event, Margaret Kigozi the Acting Head, Corporate Affairs, Brand and Marketing at Standard Chartered Bank said: “One of our strategic pillars as Standard Chartered Bank is “Accelerating zero” where we have committed to help communities in our footprint to reduce carbon emissions as fast as possible, without slowing development and putting the world on a sustainable path to net zero by 2050.”
Kigozi said the activity was all about promoting renewable energy and preserving the environment. “Therefore, we have planted 300 trees as Salaama School for the Blind which sits on over 23 acres of land so they can better utilize the land as a key resource to enable them cater to the needs of the children who mostly come from impoverished families and can’t afford the tuition or the school necessities,” she said.
On his part, Moses Rutahigwa the Head of Consumer, Private and Business Banking at Standard Chartered Bank said: “We are delighted to volunteer at Salaama School for the blind today to demonstrate that we are not detached from the community in which we have operated and thrived for over 109 years but that we are indeed part of it and deeply care about it.”
Rutahigwa said the bank’s staff were happy to connect and “be part of the people whom we serve every single day as customers, to be able to help communities such as Salaama School for the blind, interact with disadvantaged children, hear the dreams of these young people and inspire them to pursue their dreams. Our effort to repair and renovate one of their buildings will go a long way in providing a decent environment for the students to study in.”
The Manager, Sustainability at Standard Chartered Bank Deus Turyatemba while speaking to the participants stated: “As a visually person myself, I am very inspired by the fact that my colleagues at Standard chartered Bank where I have worked for over 15 years now, were able to interact with the visually impaired children. They have taken off time to learn a number of things from this special community that enables them to appreciate the challenges that the children face which opens up their minds.
This new acquired knowledge the Bank staff have received will enable them to be more empathetic, ambassadors and champions towards causes for disadvantaged persons as disability is not inability. If these children are supported, they have the potential to be productive members of society and are capable of so many things and I am a living example of this.”
The headmaster thanked Standard Chartered Bank saying that it has been a great partner and supporter of Salaama School For the Blind for over a decade. The bank has supported the school with renovations, computers, braille machines, providing scholastic materials for visually impaired persons, among others. “I wish to express our sincere gratitude to Standard Chartered Bank Uganda for this current drive to once again support us.”
https://thecooperator.news/stanbic-bank-profit-up-12-percent/
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Stanbic bank profit up 12 percent
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Association (UAEA), Uganda Bankers Association (UBA), Uganda Coffee Development Authority, Uganda Coffee Development Authority (CDA), Uganda Coffee Development Authority (UCDA), Uganda Cooperative Alliance, Uganda Cooperatives Savings and Credit Union (UCSCU), Uganda Electricity Distribution Company Limited (UEDCL), Uganda Industrial Research Institute (UIRI), Uganda Microfinance Regulatory Authority, Uganda National Examinations Board (UNEB), Uganda National Meteorological Authority (UNMA), Uganda National Oil Company (UNOC), Uganda People’s Defense Forces’ (UPDF), Uganda Wildlife Authority, Uganda Women Entrepreneurship Programme (UWEP), Uhuru Institute, UK Export Finance, Ultimatum, umeme, Uncategorized, Universal Granite and Marble, Vaccination, Vaccine Factory, Value addition, vendors, Veterans, Vocational training skills, Walimu SACCO, War victims, Waterborne diseases, Wawoto Kacel Cooperative Society, weather, Weather Information Dissemination System (WIDS), West Nile region, Western, Western Uganda, Wildlife invasions, women, World, World Bank project, World News, World Organization of Animal Health, yoghurt, Youth, Youth celebrations, Youth leaders, Youth Livelihood Program (YLP), zimbabwe/by tcKAMPALA-Uganda’s biggest bank by assets Stanbic saw its profit before tax rise 12 percent to Shs 359.6 billion in calendar 2021, up from Shs 320.7 bln previously.
The lender said in a report published in newspapers customer deposits were up mildly to Shs 5.7 trillion from Shs 5.5 trillion in 2020 – a five percent rise.
The season is now for banks to report for the financial year just ended. Ugandan banks report for the calendar year that ends on December 31. The deadline is all the country’s 25 commercial banks must report by April 30.
Stanbic wrote off bad debts worth Shs 63 bln in 2021, up by 31 percent from the Shs 48 bln written off in 2020.
“In a year that saw the economy slow down significantly due to effects of the Covid-19 pandemic, we played our part, making credit available to critical drivers of growth hence supporting businesses create new employment opportunities and keep Ugandans in their jobs,” the bank’s Chief Executive, Anne Juuko said in a statement.
They saw a marked reduction in non-performing loans. These came down to Shs 151.2 bln in 2021 from Shs 219 bln the year before.
The bank said it lent out Shs 3.7 trn in 2021, slightly better than the Shs 3.6 trn taken by borrowers in 2020.
In a direct boost to the economy, the bank said it had lent Shs 290 bln to the trade sector; Shs 225 bln to households; Shs 223 bln to building and construction, while Shs 218 bln went to the manufacturing sector.
Agriculture, which employs more than 60 percent of the rural population and contributes more than 25 percent of the country’s economy got Shs 150 bln from Stanbic, as rural cooperatives sought cash to lend to their members at low rates.
Transport and communication got Shs 122 bln as the country finally reopened its economy after two rolling lockdowns.
Assets at Stanbic, which was once state-owned before being finally sold to South Africa-based Standard Group, grew to reach Shs 8.7 trn in 2021, up slightly from 2020’s Shs 8.6 trn.
The bank expects to perform even better in the current year.
“Looking ahead, 2022 presents a mixed bag of expectations especially on the external front mostly informed by the Russia-Ukraine conflict and rising fuel prices. However, prospects are brightening with more countries across the globe opening up their economies as the pandemic subsides,” Stanbic Uganda Holding Chief Executive Officer Andrew Mashanda said in printed remarks accompanying the report.
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