Jubilee Holdings raises its stake in the 250MW Bujabali power plant to 40.9%

UGANDA – Financial services holding company Jubilee Holdings has invested an additional US$40.7 million in Uganda’s hydroelectric power plant Bujagali, raising its stake in the project to 40.9 percent in the year ended December 2020. The Nairobi Securities Exchange-listed company previously held a 25 percent stake in the 250-megawatt plant which supplies half of Uganda’s effective energy capacity. Increased investment in Bujagali is part of Jubilee’s strategy of allocating capital to assets with stable, long-term returns. “Our additional investment in Bujagali totals US$40.7 million. Of this, US$20.4 million or roughly…

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Mobile commerce platform Copia expands into Uganda, targets the burgeoning middle-class

UGANDA – Copia Global, a fast-growing mobile commerce platform built to serve middle to low-income African consumers, has expanded its operations into Uganda. Copia Uganda is built on the company’s success in its initial market in Kenya, where Copia serves more than 1 million customers and is doubling in size every year and the expansion will bring high-quality and affordable products to millions of middle-class Ugandans, regardless of location, technology access or connection status. According to a 2016/17 study by the Economic Policy Research Centre, Uganda has experienced an upsurge…

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Stanbic reaffirms its commitment to Uganda on oil and gas financing

UGANDA – Stanbic Bank has revealed that it will give capital for oil and gas developments in Uganda amidst growing opposition against fossil fuels including oil and gas in favour of renewable energy. Stanbic, part of Standard Bank Group says it can offer up US$70 million to a single company investing in the oil and gas sector in Uganda. The Bank’s Head Of Power and Infrastructure Henry Kamuntu says it is crucial that Ugandan companies get prepared to participate the upcoming developments as oil companies prepare for the flow oil from…

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Mobile network operators in Uganda given one year to sell 20% of shares to locals

UGANDA –  Mobile phone operators in Uganda have been directed to list on the local bourse Uganda Stock Exchange (USE) within 12 months beginning June 2021. According to authorities, listing on Uganda Stock Exchange will encourage local ownership of the telecommunications industry. Chairperson of the Capital Markets Authority (CMA) Jacqueline Kobusingye said there was no turning back on the issue of listing after years of engagement with operators. The chairman said despite the engagement, operators have been largely unwilling to list, however, listing is now mandatory and a prerequisite to…

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Rubis Energie plans to invest US$25m in network expansion in Uganda

UGANDA – French multinational oil marketing company Rubis Energie, plans to invest up to US$25 million in rebranding of newly acquired Kenol Kobil and delta fuel stations in Uganda over a three to four years period based on demand for their products. Jean-Christian Bergeron, the Group Managing Director of RUBiS Energy East Africa said they will continue to invest heavily in the market through modernization of our existing retail outlets into state-of-the-art service stations as well as constructing new ones. He said the cost of rebranding an outlet ranges between…

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Engineering company McDermott receives conditional Letter of Award for Tilenga Project in Uganda

UGANDA – A consortium of a subsidiary of McDermott International and Sinopec International Petroleum Service Corporation announced it has received a conditional Letter of Award for the future contract valued at approximately US$2 billion from Total for the Tilenga project in Uganda. The Tilenga project is located in the Lake Albert Basin, Republic of Uganda and is the centerpiece of oil projects projected to bring investments of over US$10 billion to Uganda and Tanzania. Tilenga includes six oil fields and will feature 426 oil wells at full production and formal…

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Kenya’s consumer credit platform Lipa Later enters Ugandan market

UGANDA – Lipa Later, a Kenyan consumer credit platform, has expanded into the Ugandan market to enable customers to access credit to purchase products from retailers and supermarkets on monthly instalments. The company, which also has operations in Rwanda, said the new service will enable customers to purchase latest mobile phones, electronics, and furniture. Lipa Later Chief Executive Officer, Eric Muli, said the new service is designed to facilitate Ugandans to own mid to high value goods and upgrade their homes. “We recognize that more often than not, there is…

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Uganda secures US$200m from World Bank to accelerate digital transformation and inclusiveness

UGANDA – The World Bank has approved US$200 million financing to expand access to high-speed and affordable internet, improve efficiency of digitally enabled public service delivery, and strengthen digital inclusion in Uganda. The new Uganda Digital Acceleration Project-GovNet (UDAP-GovNet) will support the extension of 1,000 kilometres of the national backbone fibre infrastructure, an additional 500 kilometres of fibre optic network links between towns, mobile broadband connections for 900 government administrative units and service centres in underserved areas, and 828 Wi-Fi hotspots in select locations to support access to online services among rural and peri-urban,…

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Fintech start-up Ensibuuko of Uganda raises US$1m funding round

UGANDA – Ensibuuko, a Ugandan fintech start-up, has raised a US$1 million funding round to help it scale at home and abroad. Founded in 2014, Ensibuuko operates a proprietary microfinance platform developed especially for African credit unions (SACCOs) and savings groups.  The software helps community-based microfinance entities automate their data, processes and payments so as to become efficient in delivering financial services in their communities. The platform is used by over 200,000 rural customers in Uganda, and is available in Zambia, Tanzania and Nigeria through partners. Ensibuuko now plans to scale both…

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I&M Holdings completes acquisition of Ugandan lender Orient Bank

UGANDA – I&M Holdings Plc. has completed the acquisition of 90 percent shareholding in Uganda’s privately-owned lender Orient Bank Ltd (OBL) as part of its regional expansion plan. In a press statement, I&M said the acquisition was completed on April 30, 2021 after the transaction received the necessary approvals from the Central Bank of Kenya, Bank of Uganda, Capital Markets Authority of Kenya and the Common Market for Eastern and Southern Africa (COMESA). The agreement for the deal priced at US$26.93 million was made in July 2020. “I&M Group aspires to…

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