Uganda’s public procurement system must move beyond compliance with tendering rules and become a deliberate instrument for creating local wealth, developing domestic businesses and advancing sustainable economic growth, Benson Turamye, the Executive Director of the Public Procurement and Disposal of Public Assets Authority (PPDA) has said.

Turamye argues that the scale of public spending alone will not deliver Uganda’s ambition of growing the economy tenfold to USD500 billion by 2040 unless procurement creates meaningful opportunities for Ugandan businesses, workers and communities.

Turamye was speaking at a Suppliers’ Forum organised by Uganda Development Bank (UDB) in Kampala under the theme “Enhancing Supplier Engagement in Public Procurement for Sustainable Development.”

He argued that procurement should be viewed as an economic development tool rather than an administrative process centred on tender notices, bid documents and compliance.

“Sustainable development is the destination, supplier engagement is the bridge, and procurement is the vehicle that gets you there,” Turamye said.

His argument places local content at the centre of the procurement-to-development chain, particularly as Government increases investment in infrastructure and productive sectors.

Turamye pointed to infrastructure projects that can undermine their own development objectives when social and environmental considerations are overlooked. Roads, for example, may be constructed without adequate consideration for surrounding communities, while poorly designed drainage can flood gardens and abandoned borrow pits can become health hazards.

The implication, he said, is that the quality of procurement must ultimately be judged by the development outcomes it produces, not simply by whether a contract was awarded in accordance with regulations.

Procurement as an economic multiplier

The scale of public procurement gives the sector considerable influence over Uganda’s domestic economy.

According to PPDA, at least 65pc of Uganda’s national budget is spent through procurement, equivalent to an estimated 15–20pc of GDP. This makes public purchasing one of the country’s largest potential channels for stimulating local enterprise, employment and value creation.

For UDB, strengthening this link is particularly important because the bank finances businesses and productive sectors that depend on functioning domestic supply chains.

UDB Managing Director Patricia Ojangole said the bank views its suppliers as strategic partners rather than simply contractors or vendors.

“Every project delivered, every system implemented, every facility maintained, every service rendered contributes to the bank’s ability to finance enterprise growth, strengthen the productive sectors that we support and improve livelihoods across Uganda,” she said.

Ojangole said effective procurement can help build resilient value chains, support local enterprises and encourage responsible private-sector participation in Uganda’s economic transformation.

That, however, requires a supplier base that is capable of competing on quality, integrity and performance.

The forum comes as procurement systems across Africa are being reshaped by several trends, including open contracting to improve transparency, professionalisation through training and certification, deliberate promotion of local content and the growing adoption of green and sustainable procurement.

For Ugandan suppliers, the changing environment means that winning public contracts increasingly requires more than submitting a bid.

Participants at the UDB forum were taken through the procurement regulatory framework, proactive engagement during the bidding process, self-assessment, compliance and submission discipline, as well as the rights and obligations of both bidders and procuring entities.

The discussions also brought together procurement professionals from institutions including Kampala Capital City Authority, Bank of Uganda, Electricity Regulatory Authority and PPDA.

The broader message from the forum was that Uganda’s procurement system sits at a critical intersection between public expenditure and economic transformation.

With a substantial share of national resources flowing through procurement, ensuring that more of that spending generates domestic enterprise, skills, jobs and sustainable value chains could make procurement an important multiplier of the country’s Tenfold Growth Strategy.

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UDB board approves UGX63bn recapitalisation after posting a 9.7pc rise in 2025 profit and disbursing UGX502.2bn to Uganda’s private sector.

Uganda Development Bank (UDB) is set to strengthen its lending capacity after its Board approved a UGX63 billion recapitalisation from the lender’s 2025 earnings, and 165pc increase in share capital to UGX5 trillion.

The decision followed a year of strong financial performance in which the national development finance institution posted a profit after tax of UGX63.4 billion for the year ended December 2025, a 9.7pc increase over 2024.

The results were presented at UDB’s Annual General Meeting held at the Ministry of Finance, Planning and Economic Development on Thursday.

The recapitalisation is expected to give the bank greater capacity to finance large-scale investments in sectors considered critical to Uganda’s economic transformation.

UDB Managing Director Dr Patricia Ojangole said the lender’s performance demonstrated the role of development finance in supporting investments that may not be adequately served by conventional commercial lending.

“Development finance delivers its greatest value when it unlocks opportunities that commercial markets alone cannot provide,” Ojangole said.

She said UDB’s investments were intended to strengthen productive enterprises, create jobs, expand value addition and improve incomes.

The bank’s total assets grew by 27pc to UGX2.26 trillion in 2025, from UGX1.78 trillion a year earlier, while total equity rose 24.8Pc to Shs1.89 trillion.

Net loans and advances increased by about 7pc to UGX1.63 trillion, reflecting continued expansion of UDB’s financing to productive sectors.

Ojangole attributed the performance to Uganda’s economic expansion, prudent management and the bank’s increased focus on agro-industrialisation, which now accounts for about 65pc of its loan book.

The bank’s loan-loss ratio stood at 6.7pc, which management said remained within its risk appetite and regulatory limits.

UGX502 billion disbursed

UDB approved UGX518.4 billion in new financing for 120 projects during the year and disbursed UGX502.2 billion, a 29pc increase from 2024.

Nearly two-thirds of its financing went to agriculture, agro-industrialisation and manufacturing, sectors identified as critical to raising productivity, expanding value addition and reducing reliance on imported manufactured goods.

The bank’s active customer base increased to 689 enterprises operating across 105 districts.

The financing translated into a significant reported economic impact. Enterprises supported by UDB created and sustained 69,202 jobs during the year, a 24.6pc increase and one of the strongest annual employment impacts recorded by the bank.

The enterprises generated production worth UGX6.26 trillion and profits exceeding UGX1.16 trillion.

Their tax contributions rose by 22.5pc to UGX387 billion, while foreign exchange earnings increased from the equivalent of UGX1.11 trillion to UGX1.84 trillion.

Finance Minister Henry Musasizi said the Government’s priority was now to make development finance cheaper and more accessible to businesses.

He said the target was to bring UDB’s lending rate down from the current 12pc to single digits, while shortening loan approval times and expanding the range of eligible borrowers, including small and medium enterprises.

The Government also intends to mobilise additional resources for the bank, including external borrowing backed by Government guarantees.

“Our aim is to have a strong bank that is able to provide cheap credit to investors in big projects in manufacturing, agro-industrialisation, hotels and tourism, among others,” Musasizi said.

The Minister commended UDB for translating Government capital into investments that are expanding industry, supporting value addition and strengthening the private sector in line with the National Development Plan IV and the Ten-Fold Growth Strategy.

The bank also strengthened its funding base through partnerships with bilateral and multilateral development institutions and launched the Reshaping Industry for Sustainable Economy (RISE) initiative to turn development challenges into investment-ready projects.

UDB’s performance comes against a favourable macroeconomic backdrop, with Uganda’s economy growing by 6.3pc in 2025 while inflation declined to 3.3pc.

The bank also retained strong external recognition, including an A+ rating from the Association of African Development Finance Institutions and a AA+ (Uga) national rating from Fitch Ratings, described as the highest available on Uganda’s national scale.

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The Bank of Uganda has unveiled plans to introduce a Diaspora Bond and a National Switch for payments as part of a broader strategy to transform billions of shillings sent home annually by Ugandans abroad into long-term investment capital for national development.

Speaking during Equity Bank Uganda’s 2026 Diaspora Webinar on Saturday, Bank of Uganda Deputy Governor Prof. Augustus Nuwagaba said the central bank is developing a suite of investment and payments initiatives aimed at reducing the cost of remittances while creating secure opportunities for Ugandans abroad to invest directly in the country’s economy.

The proposals come as Uganda seeks to channel record diaspora remittances—estimated at about USD2.5 billion (approximately IUGX9.3 trillion) annually—from largely supporting household consumption towards financing infrastructure, enterprise development and other productive investments.

“Our objective is to move from remittances to investment capital,” Nuwagaba said during the webinar, which was hosted by Equity Bank Uganda under the theme, “From Remittances to Investment Capital: Unlocking Diaspora Wealth for Uganda’s Economic Transformation.”

The Deputy Governor disclosed that the proposed Diaspora Bond would allow Ugandans living abroad to invest safely in government-backed securities while contributing to national development.

He also revealed that the central bank is preparing a Sukuk Bond, structured in accordance with Islamic finance principles, alongside a Uganda Savings Bond that would lower the entry threshold for ordinary Ugandans seeking to invest in government securities.

Beyond investment products, Nuwagaba said the Bank of Uganda is strengthening the National Payments System through the planned introduction of a National Switch that will enable faster, more efficient and seamless movement of money across financial institutions.

The initiative is expected to reduce friction in domestic payments and contribute to lowering the cost of transferring money into Uganda—a longstanding concern among members of the diaspora.

Nuwagaba encouraged Ugandans abroad to invest in sectors that can be managed efficiently from overseas, including selected real estate projects, financial technology, digital infrastructure and payment systems, rather than relying solely on remittances to support household consumption.

Drawing lessons from countries such as Singapore, South Korea, Nigeria, Ethiopia and the Philippines, he said Uganda could similarly harness diaspora savings to finance economic transformation through disciplined investment and appropriate financial instruments.

He also proposed the establishment of a national Diaspora Day to recognise the contribution Ugandans abroad continue to make to the country’s economy.

Opening the webinar, Equity Bank Uganda Managing Director Gift Shoko said the bank was repositioning itself from being merely a remittance partner to becoming an investment partner for Ugandans living abroad.

“Our goal is to support you not only to send money home, but to invest in Uganda and contribute to the country’s long-term transformation,” Shoko said.

EBUL Ceo Gift Shoko

He said Equity Bank Uganda now serves more than 2.1 million customers through 50 branches, nearly 10,000 banking agents and thousands of merchants nationwide.

Shoko also highlighted progress made since the bank’s previous diaspora engagement in March 2025, including collaboration with the National Identification and Registration Authority (NIRA) to improve access to National Identity Cards for Ugandans abroad, expansion of financial inclusion services in the Middle East and a reduction in remittance costs from about 13 per cent to approximately 9 per cent.

Also addressing the webinar, Joseph Enyimu, Commissioner for Economic Development Policy and Research at the Ministry of Finance, Planning and Economic Development, said the diaspora would play a critical role in Uganda’s ambition to build a USD500 billion economy.

He identified investment opportunities under the government’s ATMS framework covering agro-industrialisation, tourism, minerals, oil and gas, as well as science, technology, innovation, ICT and the creative industries.

Enyimu urged Ugandans abroad to channel more of their savings into businesses, agriculture, real estate, government securities, small and medium enterprises and collective investment schemes instead of limiting remittances to household support.

The webinar attracted Ugandans living across Europe, North America, the Middle East, Asia, Australia and East Africa, underscoring the growing importance of the diaspora as one of Uganda’s largest sources of foreign exchange and an increasingly strategic source of investment capital.

The engagement formed part of Equity Bank’s, wider strategy of connecting Ugandans abroad with investment opportunities at home through dedicated banking products, financing solutions and advisory services. For policymakers, however, the discussions signalled a broader ambition to convert diaspora remittances, which now account for 2.8pc of Uganda’s GDP, into a pillar of Uganda’s long-term economic development.

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Bank of Uganda Deputy Governor Prof. Augustus Nuwagaba will return to the national conversation on diaspora investment this weekend, leading discussions on how Uganda can transform record remittance inflows into productive capital for economic growth.

Nuwagaba will headline Equity Bank Uganda’s latest Diaspora Investment Webinar on Saturday, August 1, marking his second appearance in the lender’s virtual engagement series that has become an increasingly influential platform for connecting Ugandans abroad with investment opportunities back home.

His second appearance in Equity Bank Uganda’s Diaspora Investment Webinar series comes as Uganda receives record remittance inflows, with citizens abroad sending home USD2.5 billion (about UGX9.3 trillion) in 2025—equivalent to 3.8pc of GDP and making diaspora capital one of the country’s largest sources of foreign exchange.

By bringing back the central bank’s deputy governor, Equity Bank appears to be signalling that the conversation has matured beyond encouraging money transfers to addressing how diaspora savings can finance businesses, commercial agriculture, manufacturing, real estate and other productive sectors capable of generating jobs and expanding the economy.

Nuwagaba is expected to share the Bank of Uganda’s perspective on the growing role of diaspora investment in Uganda’s economic transformation, while outlining the policy environment supporting greater participation by Ugandans living abroad.

For years, remittances have largely financed education, healthcare, housing and daily household consumption. While those social benefits remain significant, policymakers and financial institutions increasingly view the billions flowing into the country annually as patient capital that could unlock entrepreneurship and accelerate industrialisation if channelled into long-term investments.

Equity Bank says the webinar is designed to equip Ugandans abroad with practical investment knowledge, expert guidance and financial solutions that enable them to invest confidently from wherever they live.

The lender is also positioning itself beyond its traditional role of facilitating money transfers by offering investment advisory services, digital banking platforms and tailored financial products that allow diaspora customers to save, invest and manage assets remotely.

The strategy reflects a broader evolution within Uganda’s banking industry as lenders compete for a share of the growing diaspora market, whose financial contribution has steadily risen alongside increased migration and improved digital payment channels.

The participation of the central bank’s deputy governor is expected to reinforce confidence in Uganda’s macroeconomic outlook while highlighting how sound monetary policy, financial innovation and secure digital banking can work together to attract more diaspora capital into productive sectors.

For investors abroad, Nuwagaba’s participation also sends an important policy signal. As the official responsible for monetary stability alongside the Governor, his presence reinforces confidence in Uganda’s macroeconomic outlook and the financial system that underpins long-term investment decisions.

The webinar also builds on Equity Bank Uganda’s growing profile in diaspora banking. Earlier this year, the bank was recognised as Corporate Business of the Year at the African Business Chamber African Business Awards in London for its contribution to financial inclusion, cross-border banking, trade facilitation and diaspora investment.

With remittances now rivalling some of Uganda’s largest export earners, the national conversation is increasingly shifting from how much money Ugandans abroad send home to how effectively those billions can finance enterprises, create jobs and build lasting wealth. Nuwagaba’s return to the webinar reflects that broader shift—from remittances as family support to diaspora capital as an engine of economic transformation.

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In a paper published this week, Martin Schindler, Nikola Spatafora, and Andrew Tiffin think AI can boost productivity, create better jobs, and improve public services in sub-Saharan Africa, but realizing these gains will require reliable power, affordable internet, stronger skills, and rules people trust.

Titled Africa Can Grow Faster With AI—If It Moves Now, the paper from the onset states that AI will reshape the global economy, but questions whether Africa will ride the wave or gets left behind.

It states: ‘Our research shows AI’s promise, but it also points to significant risks and challenges. At current levels of preparedness, we estimate that AI will add just 0.2 percent to the region’s GDP over the next decade—little more than a rounding error.’

‘However, if countries can put the right foundations in place to accelerate adoption and extend the impact of AI beyond today’s digitally connected firms, the gains could rise to about 4 percent over the decade—nearly half a percentage point of additional growth a year’.

The authors are IMF advisor, Martin Schindler, Nikola Spatafora, a senior economist, and Andrew Tiffin, a deputy division chief, all in the IMF’s African Department.

According to the paper, this extra growth is critical given Africa’s vast jobs challenge. By 2030, sub-Saharan Africa will account for roughly half of new entrants into the global labor force. But the issue is not only the number of jobs needed—it is also their quality.

Most workers are still in informal microenterprises or smallholder agriculture, where productivity is far below that of formal firms.

For the region, AI’s main promise is not about replacing office workers, but boosting productivity across the economy—helping informal firms manage inventory, enabling farmers to increase yields, and supporting mid-sized firms to transition to formality and export readiness.

The risk is that the opposite happens. AI adoption in sub-Saharan Africa currently lags well behind every other region. If richer economies race ahead while African firms and governments lag, the productivity gap between the region and the rest of the world will only widen.

The authors go on to say the largest gains from AI may come in places people least expect. Much discussion today focuses on coders, consultants, and call centers. But, in Africa, the key question is whether AI can reach farms, schools, clinics, small businesses, and tax offices.

Agriculture is the biggest test. It employs a large share of the region’s workforce, but crop yields remain well below potential. AI tools can give farmers practical, low-cost advice—when to plant, how much fertilizer to use, how to spot pests, and how to cope with weather shocks. Kenya’s Agricultural Observatory Platform, for instance, shows how real-time weather and crop-management data can help inform farmers’ decisions.

Trials in Ghana, Nigeria, Rwanda, and Uganda suggest that digital advisories can lift yields, especially when paired with better inputs. Similar results with AI-enabled crop monitoring in South Africa shows that technology can boost yields while cutting waste.

They state: ‘The same potential extends beyond farming. In education, AI tutors and even simple SMS-based learning tools can support students where teachers are in short supply. Recent pilot programs in Nigeria show that well-designed chatbot tutoring can deliver sizable learning gains. In Rwanda, digital-skills initiatives and expanded school connectivity show how AI can support a broader skills agenda’.

In healthcare, AI will not replace Africa’s overstretched nurses and doctors, but it can help them do more by supporting triage, diagnosis, and follow-up care.

In public finance, AI-driven data analytics are already helping governments—from Kenya to South Africa—to strengthen tax compliance and mobilize revenue for development.

However, AI depends on reliable electricity, affordable broadband and data infrastructure, and workers with digital skills. That means investing in power and connectivity, supporting regional data infrastructure where viable, and strengthening digital and AI literacy through education and training.

Secondly, AI can widen inequality if its benefits are concentrated among large firms, skilled workers, and urban hubs. It also creates risks around privacy, cybersecurity, misinformation, and dependence on foreign providers.

Governments need clear and practical rules on data, competition, consumer protection, cybersecurity, and the public sector’s use of AI. Regional cooperation will also be essential. Many African economies are too small to build AI ecosystems alone. But together they can create the scale needed for infrastructure, data standards, regulation, and markets.

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For many young Ugandans, the pursuit of wealth has become increasingly urgent. Social media celebrates overnight millionaires, digital investment schemes promise extraordinary returns, and entrepreneurship is often portrayed as the fastest route to financial freedom.

Business leader Charles Mbire believes that narrative is incomplete. Speaking at the inaugural SBG Securities Investor Day in Kampala on June 26, Mbire challenged aspiring entrepreneurs and investors to rethink what truly attracts wealth in today’s economy. His message was simple but unconventional: before building capital, build character.

“Invest in your character and integrity before you invest in business,” Mbire told an attentive audience of investors, policymakers and business leaders.

According to him, the greatest asset a young entrepreneur can possess is no longer land, machinery or even cash. It is credibility.

Contrary to popular perception, in assessing risk, financial institutions, lenders and investors are increasingly looking beyond collateral to evaluate governance, transparency and reputation before committing capital, Mbire said.

Sharing from his personal experience when he set out looking for his first million-dollar loan 29 years ago, Mbire observed that “financial institutions such as Stanbic Bank will always support individuals with a good reputation, a sound business plan and strong governance,” he said.

Mbire also warned against the growing obsession with quick wealth, saying too many Ugandans have lost their savings—and sometimes their freedom—after chasing unrealistic investment returns.

Instead, he encouraged young people to embrace regulated investment opportunities and focus on long-term wealth creation rather than speculative gains.

“Many people have lost fortunes chasing unrealistic returns,” he said. “Young investors should prioritise well‑governed, regulated portfolios that offer stable, long‑term growth.”

His remarks come at a time when Uganda’s investment landscape is expanding beyond traditional saving.

The inaugural Investor Day, organised by SBG Securities, sought to encourage more Ugandans to participate in capital markets by improving financial literacy and exposing investors to professionally managed investment products.

According to Grace Semakula, Chief Executive Officer of SBG Securities, the company’s Umbrella Fund has grown by 391 percent, while Uganda’s collective assets under management have reached UGX 5.6 trillion, signalling growing confidence in regulated investment vehicles.

“Uganda is gradually shifting from saving alone to embracing investment as a pathway to financial independence,” Semakula said.

Financial experts at the forum reinforced Mbire’s message that wealth creation is a long-term discipline rather than a race.

MTN Uganda Chairman Charles Mbire (centre) poses for a photo with Stanbic Uganda Holdings leaders Sam Mwogeza, Grace Semakula and Catherine Poran during the inaugural Investor Day Forum held in Kampala.

Pumla Nabachwa, Lead Economist at the Bank of Uganda, urged young people to make time their greatest investment advantage by saving and investing consistently from an early age instead of postponing financial planning.

Similarly, Daisy Lynda Nabakooza, Director of Supervision and Market Conduct at the Uganda Retirement Benefits Regulatory Authority (URBRA), reminded workers that retirement planning should begin with their first pay cheque. “It is never too early—and never too late—to start planning for retirement,” she said.

Technology is also making investing easier. Sam Mwogeza, Executive Director for Personal and Private Banking at Stanbic Bank Uganda, said digital platforms are helping remove traditional barriers by allowing customers to access investment services more conveniently and participate in capital markets from wherever they are.

“Clients can now access investment services conveniently without visiting multiple branches,” he said. “Our goal is to remove barriers and make investing simple for every Ugandan.”

Taken together, the discussions painted a picture of a financial ecosystem that is evolving alongside a new generation of investors. While technology is widening access and regulated investment products are becoming more accessible, speakers argued that the qualities most likely to determine long-term financial success remain deeply personal.

For young Ugandans eager to build wealth however, Mbire’s message may have been the event’s most enduring takeaway: in a world searching for shortcuts to riches, character remains the one investment that compounds for a lifetime.

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Speaking on the sidelines of the World Bank/IMF Spring Meetings at a Devex event in Washington recently, Dr Mwangi said total global private capital is presently about 136% of the total GDP of national economies, “The private sector has much more money than the sovereigns. So essentially giving it a space to play alongside governments would be a lasting solution, but what remains is how to convince governments,” he said.

Devex is a  media platform and social enterprise, created to drive the global development agenda.  Devex describes the Power 50 list as individuals who are transforming development as we know it. Dr. Mwangi is also a member of the World Bank Group High-Level Advisory Council on Jobs.

He said, “After some 80 years of multilateral operations, particularly the Bretton Woods institutions, I think the question of relevance is being asked more seriously. I think that the response— that the answer lies in the private sector is giving us hope. The private sector can drive development, through the production of goods, and creation of employment. But this will not happen unless the multilateral lenders engage governments to create an enabling environment for the private sector to be a true partner.”

He said, “The money from the World Bank, IMF, and the IFC is not sufficient to fund development, but it’s sufficient to act as a catalyst and create a platform for the private sector to engage.”  

Against this backdrop, Equity Group is implementing its  Africa Recovery and Resilience Plan (ARRP). This is a $6 billion-plus initiative designed to boost Africa’s economy by financing and building the capacity of value chains in agriculture, manufacturing, and SMEs. It aims to foster 50 million jobs, support 25 million MSMEs, and promote social/environmental transformation by 2030. Dr Mwangi said all the capital for ARRP is sourced from the private sector.

He said through synergies and collaborations amongst private sector players it is creating a uniform way of approaching the market. “Through  consistent collaboration, we are seeing significant impact and as a bank, our role is to orchestrate and allocate resources on the basis of that plan.”

Dr. Mwangi said inadequate government resources and rising public debt, coupled with the events in the Middle East is causing uncertainty. “At the moment, Equity customers are feeling the challenge of government capacity. Debt stress in Africa is real. We also see inflation, particularly due to the crisis in the Middle East, has picked up significantly and there is a lot of uncertainty. That is what is leading in the minds of our customers,” he said.

He said the most critical area of concern is rising energy costs, because these feed into production, including the cost for fertilizers which directly affects Africa’s agriculture sector and food security.

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SBG Securities Uganda has introduced a USD-denominated Fixed Income Unit Trust Fund, marking a strategic shift toward multi-currency investment offerings as global economic volatility reshapes investor behaviour.

The new product complements the firm’s existing Uganda shilling (UGX) unit trust, giving investors the option to diversify across currencies at a time when exchange rate pressures and global uncertainty are increasingly influencing returns.

The move reflects a growing recognition within Uganda’s financial sector that currency risk is no longer peripheral but central to portfolio strategy. With geopolitical tensions in the Middle East and fluctuating energy prices driving volatility in global markets, investors are seeking safer stores of value and instruments that can preserve capital in hard currency terms.

Grace Semakula, Chief Executive of SBG Securities Uganda, said the introduction of the USD fund is designed to offer flexibility rather than replace local currency investments.

“The Uganda shilling remains a strong and important foundation for domestic investment. However, in today’s dynamic environment, diversification across currencies is becoming essential. This USD fund complements our UGX offering by giving clients more options as they navigate different investment needs,” she said.

At its core, the USD Fixed Income Unit Trust is structured to act as a hedge against currency depreciation—particularly relevant for investors with obligations or income streams linked to foreign currency. By holding assets denominated in US dollars, investors can shield part of their portfolio from local currency volatility while maintaining exposure to regional and offshore debt markets.

The fund will primarily invest in short-term fixed and floating-rate debt instruments issued by sovereigns, rated banks and corporates across East Africa and international markets. This positioning reflects a cautious strategy focused on capital preservation and steady income generation rather than high-risk returns.

Salima Katamba, Investment Manager at SBG Securities, said unit trusts remain one of the most accessible entry points for retail investors, allowing gradual wealth accumulation without the need for large upfront capital.

“Many people have long-term financial goals but may not have the full capital at once. Unit trusts allow investors to contribute smaller amounts consistently—monthly or even more frequently—and build a meaningful investment portfolio over time,” she explained.

The USD fund has been structured with a relatively low entry threshold, requiring a minimum initial investment of USD 100, with similar amounts for subsequent top-ups. Investors retain flexibility to contribute and withdraw based on their financial needs, a feature that aligns with evolving preferences for liquidity and control.

Beyond product expansion, the launch signals a broader strategic direction for SBG Securities as it positions itself within a competitive and maturing asset management landscape. The firm is betting on a future where Ugandan investors demand more sophisticated instruments, including multi-currency portfolios, as their exposure to global markets increases.

The initiative also aligns with the wider ambitions of Stanbic Bank Uganda, SBG Securities’ parent company, to deepen financial inclusion and expand access to wealth-building tools.

As global economic conditions remain fluid, the introduction of USD-denominated investment options suggests a shift in how local investors are thinking about risk—moving beyond returns in nominal terms to a more nuanced focus on value preservation across currencies.

With both UGX and USD unit trust options now available, SBG Securities is effectively offering a dual-track strategy anchored in local economic growth on one hand, and the other designed to hedge against external shocks. For investors navigating an increasingly uncertain global environment, that combination may prove decisive.

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Prolonged dry spells, rising temperatures, and persistent pest and disease outbreaks, particularly the coffee wilt disease and coffee berry borer beetles, have steadily reduced his harvests and household income.

In spite of repeated efforts to improve his farming practices, a once dependable source of livelihood has gradually turned into a source of frustration and financial strain.

Nyanzi said, “We have been trying our best to manage our farms, but we have been limited by a lack of long-term, reliable financing. We have struggled to access important investments like irrigation systems and often end up buying substandard inputs.”

On Monday, February 23, Stanbic Bank Uganda and the Buganda Kingdom officially launched Ssemaduuka, a one-stop agricultural business centre aimed at expanding access to structured credit, strengthening SACCOs, and formalising coffee value chains across the Kingdom.

The main focus of the partnership is helping people like Frank Nyanzi. Implemented through the Buganda Cultural and Development Foundation (BUCADEF), Ssemaduuka involves a coordinated ecosystem linking farmer SACCOs to financing, farm inputs, aggregation centres, digital payments, and export markets.

Speaking during the launch at the Mayors Gardens in Mubende Municipality, Tunde Thorpe, Head of Business and Commercial Banking at Stanbic Bank described Ssemaduuka as a shift from fragmented agricultural support to a structured economic partnership.

He said, “Ssemaduuka allows us to finance the entire value chain from inputs to export. It strengthens SACCO governance, improves farmer productivity, formalises payments, and expands access to markets. This is ecosystem banking designed to deliver measurable impact.”

Robert Waggwa Nsibirwa, the Second Deputy Premier (Katikkiro) and Minister for Finance, Investments, Planning and Economic Development in the Buganda Kingdom, described Ssemaduukaas a transformative step toward strengthening household incomes and modernising agriculture across the Kingdom.

“Wealth will not find you in your house; it finds you in the garden. Agriculture is the backbone of our people’s prosperity, and through initiatives like this, we are not just establishing a structure here in Buwekula, but we are planting a future where every household is self-reliant,” Nsibirwa said.

He advised residents to embrace the initiative, noting that it aligns with the Kingdom’s vision of transitioning farmers from subsistence production to sustainable agribusiness.

Ssemaduuka aligns with Stanbic’s Positive Impact Agenda, which focuses on women, youth, and farmers through financial inclusion, enterprise-led job creation, infrastructure strengthening, climate resilience, and corporate philanthropy.

Research data shows that over 70 percent of PEWOSA SACCO members are women, reinforcing the initiative’s role in advancing women-led enterprises and inclusive growth.

For farmers like Nyanzi, the structured approach brings renewed optimism.“With better access to quality inputs, organised markets, and financing, I believe we can recover and grow again,” he said.

The launch comes as Stanbic Bank Uganda approaches 35 years in 2026 as part of Uganda’s growth journey, guided by its purpose: ‘Uganda is our home, we drive her growth’.

Crops like coffee remain a backbone of Uganda’s rural economy, supporting thousands of families whose livelihoods have increasingly been threatened by climate change, pests, diseases, and limited access to affordable financing.

Through Ssemaduuka, Stanbic Bank and the Buganda Kingdom aim to transform coffee farming from a vulnerable subsistence activity into a resilient, commercially viable enterprise offering farmers like Nyanzi a more secure and profitable future.

Emmanuel Naigombe, Head of Agribusiness at Stanbic Bank said under the new model, BUCADEF will recommend qualifying SACCOs for banking support, after which the bank will assess and extend structured credit facilities.

“Farmers will access inputs through Masaza stores, and produce will be aggregated and linked to organised buyers,” Naigombe said. He said transactions will be digitized via Stanbic’s One Farm platform to enable trade finance solutions that support export flows.

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Michael Wakabi

Kenya’s poultry giant Kenchic has formally taken over Uganda’s Yo Kuku, completing a regional merger that signals rising consolidation in East Africa’s fast-growing poultry industry. The rebranding of Yo Kuku outlets across Uganda began late last year following regulatory approval by the COMESA Competition Commission (CCC), which authorised the deal after an extensive 11-month review.

Mauritius-based Africa Poultry Development Limited (APDL), Kenchic’s parent company, is now the full owner of the Ugandan operation — previously HMH-KUKU Limited. The transaction brings Yo Kuku into APDL’s expanding regional portfolio, which includes subsidiaries in Kenya, Zambia and Uganda, and strengthens Kenchic’s position as one of the largest integrated poultry producers in the COMESA region.

Regulators Clear a Complex, High-Stakes Merger

The CCC’s decision marked the conclusion of a detailed merger examination that stretched far beyond the Commission’s statutory 120-day timeline. Citing potential competition concerns, the Committee Responsible for Initial Determinations (CID) extended the assessment period by a further 240 days to engage member states, study market overlaps and analyse risks in feed, day-old chicks and processed broiler supply chains.

The Commission issued a formal Statement of Concerns to the parties in February 2025, identifying overlaps in key markets where both APDL and Yo Kuku are active, including broiler feed production and processed chicken supply. The acquirer also produces broiler and layer day-old chicks (DOCs), a critical input for poultry operations across the region.

Ultimately, the CID found that although the two entities shared horizontal and vertical linkages — including APDL’s supply of DOCs (Day-Old-Chicks) to the Ugandan target company — the merger would not substantially lessen competition or harm public interest in the Common Market.

The CCC anchored its findings in broader economic dynamics shaping Africa’s poultry sector. Rapid urbanisation, rising protein demand and strong backward linkages to maize and soya production have made poultry one of the most critical agro-processing industries in COMESA.

Consumption has expanded steadily across the region, with countries in southern Africa seeing per-capita poultry intake rise from 23kg in 2003 to nearly 40kg by 2015. The CID noted that this rapid growth has spurred significant investment in feed mills, hatcheries and processing facilities — making cross-border transactions like the Kenchic–Yo Kuku merger increasingly common.

Regulators dissected the transaction across several distinct markets:

• Broiler feed supply
• Broiler day-old chicks
• Layer day-old chicks
• Coloured day-old chicks
• Broiler processed meat
• Breeder production for DOCs 

The CID concluded that farmers cannot easily substitute between feed types or chicken categories, validating a narrow product-market definition. However, it also found that while APDL and Yo Kuku both operate in some of these segments, competition remains sufficiently robust in Uganda and the wider region.

The review also examined APDL’s minority shareholding links to Aviagen East Africa — a breeder operation supplying Ross 308 parent stock — and Seaboard Corporation’s non-controlling interests in feed producers across COMESA. These relationships, the Commission found, did not amount to preferential pricing or coordinated market control.

With regulatory hurdles cleared, APDL has moved quickly to integrate Yo Kuku into its regional network. The rebranding of outlets, production lines and distribution channels is now complete, marking a major consolidation move in the Ugandan poultry market.

Industry analysts say the merger could improve supply chain efficiency, expand access to improved genetics and feed, and enhance product consistency — though its long-term implications for smaller producers will be closely watched.

The acquisition strengthens APDL’s presence across COMESA, aligning operations in Kenya, Zambia and Uganda around a single brand identity and production model. With strong demand fundamentals and increasing formalisation of the poultry value chain, the company is positioning itself as a central player in one of Africa’s most dynamic food sectors.

Although the value of the deal has not been disclosed, for Uganda, the merger marks one of the largest  transactions in agro-processing in recent times, and underscores the strategic importance of poultry in household protein consumption, farmer livelihoods and rural supply chains.

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