For many women, banking is more than opening an account or taking a loan. It is about accessing financial services that understand their realities, support their ambitions, and respond to the responsibilities they carry every day. This is why customer experience has become a critical factor in enabling financial institutions to better serve women and support their participation in the economy.

Women interact with financial services differently depending on their stage in life, profession, and responsibilities. Financial institutions must therefore design solutions that respond to these diverse realities.

A young professional woman, for example, may focus on loans to support education or career growth. A single mother might prioritize flexible loans, savings plans, or healthcare support for her children. A lactating mother visiting a bank may value a private space to breastfeed comfortably, while an expectant mother may prefer quick service to avoid standing for long periods.

Women entrepreneurs—market vendors, micro-entrepreneurs, or small business owners—often need a trusted person who can explain financial products in simple, relatable terms. Many rely on their businesses to support their families and appreciate having someone they can contact for guidance on loan repayments or business challenges.

At the same time, women with demanding careers often prefer fast, reliable digital services. Limited time makes convenient, efficient banking platforms essential, allowing them to complete transactions quickly and confidently. Understanding these varying needs helps financial institutions create services that are accessible, respectful, and genuinely helpful.

Despite progress, many women still face barriers to financial inclusion. Limited financial literacy remains a major challenge, particularly for women in the informal sector. Without clear information about financial products, they struggle to fully leverage available services.

Another obstacle is collateral requirements. Cultural norms often restrict women from inheriting property such as land, which is typically needed for loans. Mobility can also be a barrier for women without easy access to transport to reach financial institutions.

Customer experience teams can help address these challenges in several ways. Financial education, delivered in simple language and, where possible, in local languages, equips women to understand and use financial services effectively. Community workshops and discussions focused on women’s financial empowerment also make a difference.

Equity Bank Uganda, for instance, runs initiatives such as Equi-Mama, designed to support women entrepreneurs and mothers with tailored financial solutions. Platforms like the Abakyala Ku Ntiiko event allow women to share experiences, learn from one another, and gain practical knowledge that strengthens their businesses.

Empathy is central to good customer service. Staff must be trained to treat every customer with dignity, fairness, and respect. Engaging women in product development through surveys, feedback sessions, and focus groups ensures financial products truly respond to their needs. Institutions should also pay attention to women who may require additional support, including expectant mothers, elderly women, or mothers with young children. When customers feel understood, trust in financial institutions grows.

Creating a positive and inclusive customer experience encourages women to participate confidently in the financial system. Supported women are more likely to save, invest, and grow their businesses, strengthening their financial independence while contributing to the growth of families, communities, and national economies. Women entrepreneurs, in particular, play a key role in sustaining households and creating opportunities for others.

As we celebrate Women’s Month, it is vital to recognize the role women play in shaping the future. Every financial decision, whether small or large, contributes to building stronger communities and more inclusive economies. Women should continue investing in themselves, supporting one another, and pursuing their goals with confidence. Their contributions today lay the foundation for a stronger, more equitable future for all.

Jael Christine Wawulira is the Head of Customer Experience at Equity Bank Uganda

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Members of the White House Faith Office during a prayer in the Oval Office. At the centre: Donald Trump. In red at his side: his spiritual advisor, Paula White-Cain.

Donald Trump is often labelled a fascist, and for good reason. However, the religious justifications for the war in Iran, his delusions of grandeur, and his fixations suggest that his true role models are far more ancient.

Consider this quote: “In the name of Jesus, we command that all satanic pregnancies miscarry.”

These words were spoken by Paula White-Cain, the “spiritual advisor” to the current US President. She also heads Donald Trump’s White House Faith Office. White is one of numerous evangelical entrepreneurs who, under the guise of religiosity, not only spread absolute insanity but also amass great wealth through their own churches and television shows. –

Donald Trump discovered his current faith advisor on television: he watched her show and hired her. White’s predecessor is currently imprisoned for the sexual abuse of a twelve-year-old. White positioned herself early on, declaring publicly in 2017 that Trump had been “raised up by God,” adding: “It is God who raises up a king.”

At the Heart of the Priestly Circle

White also appears in a clip that circulated through social media last week. In it, Trump sits at his desk in the Oval Office, surrounded by 18 men and two women—all “pastors.” Most are touching one another; hands raised in blessing.

Trump is the centre of this priestly cluster. Seemingly entranced by his own anointed status, he sits with closed eyes and folded hands. Blessing hands rest on his shoulders and back, including, of course, those of Paula White. As the only person in a room full of dark suits wearing a red blazer, she is impossible to miss.

The Concept of Divine Right

The “Divine Right of Kings” is a historical concept often associated with the 17th and 18th centuries, particularly the era of Absolutism. It suggested that a ruler’s authority was derived directly from a higher power rather than from the will of the people or earthly institutions. Louis XIV of France, known as the “Sun King,” was a primary proponent of this ideology, which placed the monarch above the jurisdiction of ordinary courts.

Observers of modern American politics have noted certain parallels in contemporary rhetoric. The idea that a leader is beyond the reach of “earthly jurisdiction” or that executive power should be absolute mirrors these historical precedents.

Mercantilism and Modern Trade

Parallels also extend to economic policy. Under Louis XIV, France practiced mercantilism, a system designed to increase national wealth by maximizing exports and minimizing imports through high tariffs. The current emphasis on protectionist trade policies and significant import duties reflects a similar approach to national economic management.

The Evolution of the “Court”

In absolute monarchies, the ruler was surrounded by a loyal court of nobility who provided both financial support and public flattery. In a modern democratic context, some argue that a new form of “neo-feudalism” is emerging, where high-net-worth individuals and influential supporters fill a similar role, funding political movements and reinforcing the leader’s standing.

Historical Context and the Constitution

The authors of the United States Constitution were deeply familiar with the excesses of absolute power in Europe. A central goal of the American experiment was to create a system of checks and balances to ensure that such uncontrolled rule would be impossible. The success of this framework remains a subject of intense scrutiny during pivotal election cycles.

This article has been adapted from Der Spiegel

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By Juliet Muheirwe, Head of Human Resources, Equity Bank Uganda

In today’s evolving workplace, building an inclusive environment is no longer optional—it is essential for sustainable growth, innovation, and social progress. At Equity Bank Uganda, inclusion is not simply a policy statement but a deliberate strategy embedded across recruitment, leadership development, employee wellness, and career advancement.

Each March, as the world commemorates International Women’s Day, organizations are reminded of the importance of empowering women both socially and economically. At Equity Bank Uganda, this moment provides an opportunity to reflect on how intentional workplace practices can unlock women’s potential and, in doing so, transform communities.

Creating an inclusive workplace begins with equitable systems. At Equity Bank, the recruitment process is designed to ensure there is no discrimination based on gender. Talent is recognized for what it is—talent—regardless of who it comes from.

This approach has helped the bank maintain a workforce that is close to gender parity. Yet achieving balance in numbers is only the first step. The real progress lies in creating pathways for growth, leadership, and influence.

Women are encouraged to take up space, share ideas, and actively participate in shaping the future of the organization. Providing such opportunities ensures that women are not only represented but also empowered to contribute meaningfully.

Over the past five years, the bank has implemented targeted programs aimed at strengthening women’s leadership within the organization.

One notable initiative is the Girls for Girls mentorship program, which has seen more than 100 staff members participate. Through this initiative, women receive mentorship, professional guidance, and leadership exposure that prepares them for more senior roles.

The results have been encouraging. More than 30 women from middle management have transitioned into senior leadership positions, while others have taken on expanded responsibilities across the organization.

Progress is also visible at the executive level. In 2019, only three women served on the bank’s Executive Committee (EXCO). Today, gender representation at that level has reached parity.

This transformation demonstrates how deliberate leadership development programs can reshape organizational structures and create pathways for women to lead.

True empowerment, however, requires supporting employees not only professionally but also personally.

Over the years, the bank has introduced several workplace policies aimed at improving the well-being of working mothers. For instance, mothers are entitled to 60 days of maternity leave, which can be combined with 21 days of annual leave to provide additional time to bond with their newborns.

Upon returning to work, mothers are granted two hours within the eight-hour workday to attend to their babies. The workplace also provides dedicated nursing rooms where mothers can breastfeed or express milk in privacy and comfort.

These provisions enable women to meet professional responsibilities while continuing to nurture their children during those critical early months.

Complementing these initiatives is a strengthened medical scheme that ensures mothers and their newborns have access to quality healthcare services during and after childbirth.

Such policies demonstrate that supporting women at work is not only about representation but about building systems that allow them to thrive.

An inclusive workplace benefits both employees and organizations. At Equity Bank, these policies have contributed to high retention rates among female staff, increased recruitment of women, and the steady progression of women into senior management roles.

The organization is also revitalizing employee engagement platforms such as women’s and men’s clubs to equip staff with the skills, tools, and networks needed to grow professionally and personally.

When employees feel supported and valued, they are more productive, more innovative, and more committed to organizational goals.

For organizations seeking to build inclusive workplaces, intentional action is key. Recruitment processes must eliminate bias and provide equal opportunities for both men and women.

Companies should also analyze internal data to identify gaps and design targeted interventions. Mentorship initiatives, leadership training, and professional development opportunities should be widely accessible while also addressing the unique challenges different groups may face.

Equally important is paying attention to broader societal trends that affect employees. Issues such as mental health, workplace stress, and burnout have become increasingly prevalent and require thoughtful responses.

Employers that respond proactively to these realities are better positioned to build resilient and productive workforces.

For young women stepping into professional environments, the journey requires clarity, resilience, and continuous learning.

Understanding your strengths, abilities, and purpose is a crucial first step. Aligning personal goals with professional ambitions helps create a meaningful career path.

Mentorship is equally important. Finding a mentor in a field you admire can provide valuable guidance, insight, and encouragement during moments of uncertainty.

Maintaining balance is just as critical. In a fast-changing world, flexibility and openness to new opportunities are essential for growth.

Above all, young professionals should value themselves, nurture their well-being, and embrace the journey of personal and professional development.

Empowering women in the workplace goes beyond individual success. It creates ripple effects across families, communities, and economies.

When women are supported to grow, lead, and thrive, organizations become stronger and societies more equitable.

At Equity Bank Uganda, the philosophy is simple but powerful: when you invest in people, you transform lives. And when women are given the opportunity to lead, the impact reaches far beyond the workplace.

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CGTN Reporter

For decades, the world has looked at Africa and seen a continent that needs to be fed. But after my recent journey through the heart of China’s agricultural engine, I see a different future.

I see a future where African farmers are not just feeding themselves, but are the key partners in China’s next great economic chapter: the 15^th Five-Year Plan 2026-2030.

This plan isn’t just a set of rules for China, it is a roadmap for how the world will grow food in an age of climate change. My visits to Henan Province showed me exactly how Africa can fit into this map.

My first stop was Qixian County in Kaifeng City, Henan Province. To stand in Qixian is to stand at the center of the world’s flavor. Henan and Shandong together sustain over seventy percent of the global garlic supply.

I met farmers there who treated garlic not just as a vegetable, but as a high-tech product. I saw rows upon rows of garlic being processed with incredible speed.

One farmer told me, “We don’t just grow garlic; we manage a global supply chain.”

The lesson for me is that in many African countries, we grow excellent garlic and onions, but much of it rots because we lack storage. China’s 15^th Five-Year Plan focuses on digital trade and cold chain logistics. If Africa adopts these Chinese systems for example using solar powered cooling hubs, our farmers could move from selling at local markets to supplying the entire globe.

Next, I travelled to Weishi County, also in Kaifeng. If Qixian is about flavor, Weishi is about survival. This is the land of wheat. As I walked through the golden fields, I saw drones hovering overhead and sensors tucked into the soil.

China’s 15^th Five-Year Plan places a massive emphasis on Seed Sovereignty and Smart Farming. In Weishi, they are using 5G technology to tell a farmer exactly how much water a single wheat stalk need. Now Africa has the most uncultivated arable land in the world. As China moves toward even higher technology, it needs stable, green partners to grow the raw materials for a growing global population. By learning from Weishi’s smart farming, African farmers can increase their wheat yields by three or four times using the same amount of land.

You might ask, why does China’s plan matter to a farmer in Namibia, Malawi or Zambia? The answer is simple, China is currently moving its low-end manufacturing and heavy processing out of its cities to make room for high-tech growth. This creates a huge opportunity for Africa to become the new global processing hub.

Under the 15^th Five-Year Plan, China is looking to share technology, sending the same drones and sensors I saw in Weishi to African cooperatives.

This will make it easier for African specialty crops like our coffee, avocados and yes, garlic to enter Chinese supermarkets.

It will also help African farmers build resilience by making use of Chinese climate-science to survive the droughts we are seeing today in places like Somalia and Northern Kenya.

My time in Henan showed me that farming is no longer about toiling in the dirt, it is about data, technology and good global friendship. If we can bring the Qixian speed and the Weishi Tech back to our home soil, the next Global Food Capital won’t just be in China, it will right here in Africa.

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Let us be clear about what the United States and Israel are pursuing. The US objective is not the security of the American people. The objective is global hegemony. The attempt is to destroy the UN and the international rule of law—an attempt that will fail.

On February 16, 2026, one of us (Jeffrey Sachs) sent a letter to the UN Security Council warning that the United States was on the verge of tearing up the United Nations Charter. That warning has now come to pass. The United States and Israel have launched an unprovoked war against Iran in flagrant violation of Article 2(4) of the Charter, without authorization from the Security Council, and without any legitimate claim of self-defence under Article 51. They are trying to kill the UN Charter and the international rule of law, but they will fail.

At the Security Council on February 28, 2026, the US and its allies directed their condemnation not at the American and Israeli aggression, but at Iran. One US ally after the next condemned Iran for its retaliatory attacks yet absurdly failed to condemn the illegal and unprovoked US-Israeli attack on Iran. This performance by these countries was disgraceful and turned reality completely upside down.

The joint US-Israeli attacks were described by Trump as necessary because Iran “rejected every opportunity to renounce their nuclear ambitions, and we can’t take it anymore.” This is of course a flat lie. As the letter of February 16 recounted, Iran agreed a decade ago to a nuclear deal, the Joint Comprehensive Plan of Action (JCPOA) that was adopted by the UN Security Council in Resolution 2231. It was Trump who ripped up the agreement in 2018. In June 2025, Israel bombed Iran in the midst of US-Iran negotiations. This time too, the Israel-US war plans were set weeks ago when Netanyahu met with Trump, and the negotiations underway between the US and Iran were a charade. This seems to be the new modus operandi of the US: start negotiations and then aim to murder the counterparts.

It is easy to understand why the US allies behave in the embarrassing and self-abasing way they did at the UN Security Council. In addition to the United States, eight of the other fourteen Council members host US military bases or grant the US military access to local bases: Bahrain, Colombia, Denmark, France, Greece, Latvia, Panama, and the United Kingdom. These countries are not fully sovereign. They are partially governed by the US. The US military bases house CIA operations, and the host countries constantly look over their shoulder to try to avoid US subversion in their own countries.

As Henry Kissinger famously said, “It may be dangerous to be America’s enemy, but to be its friend is fatal.” We can add that to host US military bases and CIA operations is to turn your country into a vassal state.

As an absurd but telling example, the Danish ambassador parroted every US talking point, pointing her finger at Iran for its aggression as if Iran had not been attacked by the US and Israel. She completely forgot that such humiliating vassalage to the US will not play well for Denmark if the US occupies Greenland.

Sybil Fares

The truthful voices at the Security Council came from the countries not occupied by the United States. Russia explained correctly that the so-called West (that is, the countries occupied by the US) is engaged in victim-blaming when it points its finger at Iran. China reminded the Council that the crisis began with the US and Israeli attacks on Iran, not with Iran’s retaliation. Somalia’s ambassador, speaking on behalf of several African member states, truthfully portrayed the source of this recent escalation. The UN Representative of the League of Arab States spoke brilliantly about the root cause of Israel’s mad aggression: the denial of rights to Palestinian people, and Israel’s use of mass murder and regional war to prevent the emergence of a State of Palestine.

When Iran retaliates against US military bases in the Gulf, it is exercising its inherent right of self-defense under Article 51 of the Charter. We must remember that the US and Israel are openly and repeatedly assassinating Iran’s leaders, with the aim of overthrowing its government. When states murder a foreign head of state and attempt to destroy the government, the target of those threats is entitled under international law to defend itself.

The US-Israeli bombing murdered not only Iran’s Supreme Leader and several top government officials, but also more than 140 young girls in their school in Minab. These young children are the victims of a horrific war crime. The countries today that gave a pass to the United States and Israel for these killings—notably Denmark, France, Latvia, the United Kingdom, and of course the US —are also complicit in this war crime.

This UN Security Council emergency meeting will likely be remembered as the day the United Nations ceased to function from its headquarters on American soil. An international organization dedicated to the peaceful settlement of disputes cannot credibly operate from a country that wages illegal wars, threatens member states with annihilation, and treats UN Security Council resolutions as disposable instruments of convenience. For the UN to survive, and we need it to survive, it will need several homes around the world—in Brazil, China, India, South Africa, and others—honouring the true multipolarity of our world.

Let us be clear about what the United States and Israel are pursuing. The US objective is not the security of the American people. The objective is global hegemony. The attempt is to destroy the UN and the international rule of law—an attempt that will fail. Israel’s objective is to establish a Greater Israel, destroy the Palestinian people, and assert its hegemony over hundreds of millions of Arabs across the Middle East (from the Nile to the Euphrates, as US Ambassador Mike Huckabee recently asserted).

The United States’ delusional efforts at global hegemony are proceeding region by region. The US has recently claimed, in a wholly twisted supposed revival of the Monroe Doctrine, that it controls the Western Hemisphere and can dictate how Latin American countries conduct their economic and political affairs. The US kidnapped the sitting Venezuelan president to prove the point, and it now threatens to overthrow the Cuban government as well.

Today’s war against Iran aims to prove that the US similarly owns the Middle East. The war is part of a 30-year campaign, initiated by the Clean Break doctrine, to overthrow all governments that oppose US and Israeli hegemony in the region. Those joint Israel-US wars have included the genocide in Gaza, the occupation of the West Bank and the decades of wars and regime-change operations in Iran, Iraq, Lebanon, Libya, Somalia, Sudan, Syria, and Yemen.

One part of the US global plan is to commandeer the world’s oil exports and to weaken China and Russia in the process. The US seizure of Venezuela was designed to ensure American control of that country’s oil exports, especially to control the flow of oil to China. US sanctions on Russia aim to prevent Russian oil from reaching India and China. Now the US aims to stop the flow of Iran’s oil to China. More broadly, the US aims to control the entire Gulf region plus Iran to maintain its imperial dominance.

The international order that Franklin and Eleanor Roosevelt helped to build after the catastrophe of WWII was founded on a simple and profound idea – that law and respect, not force, should govern relations among states. That idea is now being destroyed by the very nation that did most to promote it in founding the UN. The irony is bitter beyond measure.

The truth is that the devastation of the war will not directly affect the so-called West: their children will not suffer traumas or death, and their countries will not be set ablaze. The victims of this attack are the people of the Middle East. They are the expendable ones who suffer from Western arrogance, abuse of power, and addiction to war.

We close with two observations. First, the United States will not achieve global hegemony or kill the UN. The world is too large, too diverse, and too determined to resist domination by any single power, much less one with 4 percent of the world’s population. The world outside of the US and the countries it occupies want the UN to live and thrive. The US attempt will surely fail, but it may cause immense suffering before it does.

Second, if Israel continues its addiction to war and occupation, it too will not survive. That addiction represents a mix of theocracy and post-traumatic stress. Part of Israel believes that it is the biblical kingdom of the 5th century BC. The other part lives in the traumatic memory of the Holocaust, and so is determined to kill any perceived adversary rather than learn to live together with it in peace. The Israeli Ambassador’s twisted defence of Israel’s brazen attack on Iran, as usual, cited the Bible and Auschwitz as the two justifications. These are Israel’s two perennial references, but not the real world of today.

A state that depends on permanent war, permanent occupation and slaughter of the Palestinians, and the indefinite subjugation of millions of people has no viable future, and the policies that the United States is now pursuing on Israel’s behalf will accelerate rather than prevent that outcome.

The two-state solution, which the Council has endorsed repeatedly, offers Israel a path to peace. Tragically Israel rejects that. The result, eventually, will be the end of Israel itself in its current form, especially as the US population is rapidly turning against Israel’s violent theocracy and towards the cause of Palestine. Perhaps there will be one democratic state for both Arabs and Jews living in peace, together, with an end of apartheid rule.

These are harsh truths, but emergencies demand honesty. The UN is being murdered by Israel and the United States. The Security Council must rouse itself from their military occupation by the US, and remember that they are the stewards of the UN Charter’s promise to maintain international peace and security.

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By Pamela Ankunda

This year marks thirty years of existence for Threeways Shipping company (Group) ltd — a milestone that speaks not just to corporate longevity, but to endurance, adaptation, and belief in Uganda’s economic promise.

Unfortunately, not many indigenous companies can celebrate 30 years, which is why I choose to celebrate the grit and perseverance of a logistics firm that makes this milestone.

Three decades ago, Uganda was a very different country to operate in — especially for a logistics company. Beyond logistics, Uganda had hope that it could not possibly renew, and dreams that were a miracle to come alive.

The mid-1990s period was one of transition. Infrastructure networks were still recovering from years of instability. Key transport corridors were underdeveloped, fleet financing was scarce, and cross-border trade systems were largely manual. The private sector was finding its footing in a country rebuilding from disease burden, debt pressure, and fragile institutional systems — yet alive with hope for renewal.

It was within this environment that Threeways Shipping was born. The company’s early years were shaped by grit rather than convenience. Moving cargo across Uganda and the wider region required more than trucks — it demanded resilience, mechanical ingenuity, patience at border points, and trust built shipment by shipment. Logistics then, was less about technology and more about human reliability.

Over time, as Uganda’s road networks expanded, even if in bare minimum, regional trade blocs strengthened, and customs systems modernized, logistics companies had to evolve. Fleet sizes grew. Compliance standards tightened. Client expectations shifted from basic delivery to integrated supply chain solutions. Still, it was no silver bullet, no magic wind.

But with changes, Threeways Shipping grew, turning so many tides of change, disruption, debts, etc, to make a mark on the logistics sector today.

Its story mirrors the steady rise of Uganda’s transport— from recovery to regional competitiveness. The company has supported the movement of essential goods, construction materials, agricultural produce, petroleum products, and humanitarian supplies, quietly enabling sectors that power daily life.

Logistics companies rarely occupy headlines, yet they form the bloodstream of an economy. Every factory input, supermarket shelf item, hospital supply, and infrastructure project depends on transport reliability.

Thirty years in logistics, therefore, is not just a business anniversary — it is participation in nation-building.

A Story of Perseverance and Motion

The story of Threeways Shipping is ultimately one of perseverance.

From operating in an era of limited infrastructure to navigating fuel price volatility, regional trade shifts, regulatory reforms, and fleet modernization — survival required foresight and discipline.

Many logistics firms that began in the 1990s no longer exist today. Market consolidation, capital constraints, and operational risks have reshaped the industry.

Reaching thirty years signals institutional memory, trusted partnerships, and operational credibility.

It speaks to drivers who covered millions of kilometres, mechanics who kept fleets roadworthy against odds, operations teams who planned routes before GPS systems, and clients who entrusted cargo through uncertain terrain.

Growth did not happen overnight — it moved load by load.

Linking Past, Present, and the Road Ahead

Anniversaries invite reflection, but they also demand forward vision.

Uganda’s logistics future is being shaped by oil and gas development, railway revitalization, digital cargo tracking, regional export expansion, and green transport transitions. Threeways Shipping is there, deep in every corner. Companies with deep operational roots are best positioned to lead this next phase.

It demonstrates that after thirty years, the company is still moving — not just on highways, but alongside the growth currents that define Uganda’s progress.

In many ways, the company’s journey has unfolded like a long-distance walk — steady and purposeful, at times uphill, yet always pressing forward. Three decades on, it stands not as a destination reached, but as a milestone passed. The road ahead remains open, stretching toward new horizons and fresh tests of endurance. And as it marks thirty years, the question lingers with quiet confidence: could Threeways Shipping one day walk its way to a century?

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By Dr. Macharia Kihuro

In a recent public statement, the African Export-Import Bank (Afreximbank) announced that it would terminate its credit rating relationship with Fitch Ratings. The reasoning was unusually direct. The bank said it no longer believed the credit rating exercise reflected a proper understanding of its Establishment Agreement, its mandate, or its mission. It underscored that its business profile remains robust, supported by strong shareholder relationships and the legal protections embedded in its founding treaty, which has been signed and ratified by member states.

At the heart of the disagreement lies a long-running debate in global finance: should rating agencies apply a uniform methodology to all banks, or should their frameworks be adapted to reflect institutional differences? More specifically, should a commercial bank be assessed under the same criteria as a multilateral development bank (MDB)? Afreximbank argues that this distinction was not adequately reflected in Fitch’s assessment, resulting in what it considers a mischaracterisation of its credit standing.

Fitch’s “Bank Rating Criteria” relies on a two-part structure for both commercial banks and MDBs. The first component is a Core Quantitative Model (CQM), which calculates a Viability Rating based on financial metrics such as asset quality and capital adequacy. This forms the initial rating anchor. The second element is a Support Rating framework, which evaluates external backing. For MDBs, this theoretically considers the contractual commitments of member states under the institution’s Establishment Agreement. In certain cases, Fitch employs a “credit substitution” approach, linking an MDB’s rating to the creditworthiness of its strongest shareholders.

The rupture became public on January 28, 2026, when Fitch downgraded Afreximbank from ‘BBB-’ to ‘BB+’ before subsequently withdrawing all ratings. The downgrade moved the bank’s long-term issuer default rating into non-investment grade territory. Afreximbank responded by ending the relationship, arguing that the methodology was flawed, damaging to its mission and reflective of a broader pattern affecting African financial institutions.

The confrontation raises fundamental questions. Are global rating methodologies structurally biased against African institutions? Or did Afreximbank misinterpret the framework and react disproportionately? Beyond the immediate dispute lies a more consequential issue: what are the practical implications for the bank, the continent’s financial architecture and the credibility of international rating standards?

Afreximbank is not alone in raising concerns. Across Africa, there is a persistent belief that the methodologies of the “Big Three” agencies — Fitch, Moody’s and S&P — fail to sufficiently account for regional context and therefore produce unduly punitive outcomes. The agencies dispute this, pointing to consistent global standards and risk-based metrics. The result is a familiar impasse.

Several African sovereigns have publicly challenged ratings decisions. Ghana suspended formal engagement with the three major agencies in 2022 following successive downgrades to non-investment grade, arguing that pro-cyclical actions deepened its debt crisis. Kenya, Rwanda, Nigeria and South Africa have also lodged formal appeals in the past. The African Development Bank, under its former president Akinwumi Adesina, mounted a sustained campaign describing certain credit assessments as arbitrary and insufficiently contextualised.

The Afreximbank episode therefore reflects a broader structural tension rather than an isolated dispute. It highlights a persistent gap between agency assessments and institutional self-perception, compounded by strained communication and diverging interpretations of risk.

The way forward requires more than rhetorical exchanges. Stakeholders must engage in structured dialogue aimed at ensuring both credible risk assessment and contextual fairness. Through platforms such as the African Union and other pan-African institutions, a coordinated approach could seek greater transparency in rating methodologies, clearer treatment of qualitative factors and tailored frameworks for African MDBs and sovereigns with strong governance structures.

Ultimately, the break between Afreximbank and Fitch underscores a deeper rift in the global financial architecture. If unresolved, it risks entrenching mistrust. If addressed constructively, however, it could catalyse reforms that strengthen both rating credibility and Africa’s integration into global capital markets.

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From Washington to Beijing, the global economic weather is turning unpredictable. Trade rules that once anchored international commerce are fraying under the strain of protectionism, geopolitical rivalry and economic nationalism.

For a small, open economy like Uganda’s—deeply plugged into global commodity markets, capital flows and donor financing—these global tremours are not abstract. They shape growth prospects, currency stability and fiscal choices at home.

The world economy is slowing. Global growth is projected at just 2.7 percent in 2026, weighed down by weak investment and long-running structural constraints.

The International Monetary Fund offers a more sanguine view, forecasting growth of 3.3 percent in 2026 and 3.2 percent in 2027, arguing that technology investment—particularly artificial intelligence—alongside supportive fiscal and monetary policies and private-sector adaptability, could offset the drag from trade fragmentation.

Implication for Uganda

Uganda, for now, appears to be defying the gloom. Economic growth is running above six percent, supported by strong coffee demand, rising diaspora remittances, elevated gold prices and sustained investment in the oil and gas sector.

This resilience has been reinforced by disciplined macroeconomic management. The Bank of Uganda has maintained price stability, keeping inflation among the lowest in Africa while limiting excessive foreign-exchange volatility. But resilience should not be confused with immunity.

Against a backdrop of intensifying geopolitical tensions and a retreat from multilateralism, the more relevant question is not whether Uganda is performing well today—but how durable this performance will be, and what policy choices will determine the outcome.

The risks are evident. Uganda remains exposed to sudden US dollar volatility and global supply-chain disruptions. Compliance with the European Union’s new coffee traceability regulations poses near-term challenges for exporters. Structural constraints persist infrastructure gaps, a relatively high public-debt burden, climate-sensitive rain-fed agriculture, a high-cost business environment and stubbornly high youth unemployment.

All these factors will be up for discussion at the Stanbic Bank Uganda annual Economic Forum scheduled for February 12, 2026. This year’s theme—Uganda’s Inflection Point: Competing in a Rewired Economy—reflects a recognition that global shifts are no longer cyclical but structural.

In 2022, aggressive US Federal Reserve tightening strengthened the dollar and strained African sovereign balance sheets. Ghana defaulted. Uganda did not, underscoring the importance of debt composition and prudence.

In 2023, Western trade restrictions on Chinese exports triggered retaliatory controls on rare-earth minerals, revealing the fragility of global supply chains critical to technology, green energy and defence.

By 2024, Uganda was grappling with suspension from AGOA as the global system tilted decisively away from multilateralism toward unilateral and bloc-based arrangements—an emerging paradigm likely to define 2026 and beyond.

Oil factor

Yet even then, analysts forecast that rising coffee output could support a multi-year strengthening of the Uganda shilling. The 2025 forum sharpened this narrative further, highlighting the fragmentation of the “global village” into competing regional blocs. For Uganda, this shift is not purely a threat.

Exporters are already exploiting opportunities under the African Continental Free Trade Area, underscoring the strategic importance of regional integration to achieve scale, lower costs and reduce vulnerability to distant markets.

Discussions at the summit will be enriched by insights from experts such as Jibran Qureishi, Head of Africa Research at Standard Bank Group, who will situate Uganda’s experience within broader continental and global trends—helping policymakers and businesses alike navigate uncertainty while identifying opportunity.

One clear trend is the decline in Official Development Assistance, as traditional donors redirect resources to domestic priorities, including the protracted war in Ukraine. The implication is greater reliance on domestic borrowing.

To its credit, government has avoided costly Eurobond issuances, favouring concessional financing. Looking ahead, anticipated oil revenues could help narrow the fiscal deficit, which has widened to 7.5 percent of GDP from five percent three years ago.

Experts will weigh-in on what must fill the gap left by retreating donor funds: higher domestic savings, deeper capital markets, and stronger manufacturing and industrial capacity. When businesses thrive, tax revenues follow—creating a virtuous cycle of investment and growth.

Crucially, growth must be inclusive. Supporting women, youth and farmers—the bank’s favoured constituencies, and expanding formal entrepreneurship, is not social policy alone; it is economic strategy. Strong domestic linkages raise productivity, create jobs and anchor value addition.

Uganda’s Tenfold Growth Strategy—to build a $500 billion economy through agro-industrialisation—sets an ambitious direction. The harder task lies in execution.

Conversations that bring policymakers, financiers and producers into the same room help translate strategy into implementable action. As a subsidiary of Standard Bank Group, Africa’s largest lender by assets, Stanbic Bank believes that effective public-private partnerships will be central to unlocking Uganda’s next phase of growth.

In a world of fractured trade and heightened risk, coordination—not complacency—will determine whether Uganda merely weathers global chaos or converts it into opportunity.

Bethuel Karanja is Head, Global Markets at Stanbic Bank Uganda

The post How Uganda’s economy can withstand global turmoil appeared first on 256 Business News.

By Thomas Reynaert, IATA Senior Vice President, External Affairs

Imagine running a business where you sell your products in certain markets but access to your revenue was not guaranteed. Would you keep operating there? For many airlines, this isn’t hypothetical – it’s a reality. Despite selling tickets and providing services, millions of dollars in airline revenue remain trapped in countries for extended periods of time. In aviation, this problem is known as blocked funds, and it’s a serious threat to global connectivity and economic growth.

Blocked funds are revenues earned by international airlines in local currencies that cannot be repatriated in US dollars due to government-imposed restrictions or foreign exchange shortages. Why does this happen?

Airlines have a unique business structure. They earn revenue in many countries, but most of their major costs—aircraft, maintenance, and people—are centralized at their home base and are paid in US dollars.

To make this system work, when countries sign air services agreements, they also agree that airlines should be able to repatriate the funds earned from sales in those countries back to their base. That ensures airlines can pay their bills and keep operations running safely and reliably.

But countries do not always abide by what they have agreed. Sometimes they place restrictions on currency leaving their borders or limit access to foreign exchange. That puts airlines in a very difficult position: it’s hard to sustain operations if you can’t use the revenues you’ve earned to pay the bills.

As of October 2025, airlines had a staggering USD $1.2 billion in blocked funds globally. Timely repatriation in US dollars is essential for airlines to meet dollar-denominated expenses like leasing, fuel, maintenance, and salaries.

Beyond the immediate cash flow impact, these restrictions carry hidden costs that compound the problem.

Connectivity Risk Premium

When funds remain trapped, airlines are exposed to currency depreciation. If a local currency loses 20% of its value during the delay, the airline suffers a direct financial loss when converting back to dollars. At the same time, carriers often borrow to cover operational expenses while waiting for blocked funds to be released, and rising interest rates can add hundreds of thousands in unplanned costs. Or there could be opportunity cost: capital tied up in blocked funds cannot be invested in fleet upgrades, route expansion, or sustainability initiatives, slowing growth and competitiveness.

This is what we can call the ‘connectivity risk premium’. Airlines must factor this risk into their network and financial planning, which often leads to reduced flight frequencies, higher fares, or even the suspension of routes altogether. In effect, blocked funds make a country more expensive and less attractive to serve.

Nigeria is a case in point. At one stage, blocked funds hit $850 million. Economy tickets soared into the thousands of dollars, limiting access both to and from Nigeria. Some airlines suspended flights to Nigeria while others reduced frequencies or restricted ticket sales.

Economic Trade-offs

For countries with limited foreign exchange, deciding how to allocate hard currency is a tough economic policy choice. Every dollar matters. Should reserves go toward importing fuel and medicine—essentials for daily life—or toward clearing blocked airline funds to maintain vital connectivity, tourism, and trade? These are not easy decisions. Yet blocking airline funds comes at a steep price. Over time, these restrictions ripple through the economy, affecting jobs, investment, and growth.

The longer funds remain trapped, the greater the damage to confidence. International airlines and investors see blocked funds as a warning sign of financial instability. Currency controls, while sometimes necessary during crises, can tarnish a country’s reputation and strain relationships with global institutions, making recovery harder and slower.

Protecting hard currency may offer short-term relief, but the long-term costs—lost competitiveness, weakened investor trust, and strained diplomacy—often outweigh the immediate gains.

It is worth remembering that aviation is not just about moving people from point A to point B. It is a powerful economic engine. It connects markets, drives trade and tourism, and supports millions of jobs worldwide. Every dollar spent on air transport multiplies across the economy. In 2023, aviation supported 86.5 million jobs globally and contributed USD 4.1 trillion to GDP—3.9% of the world’s total. It also carried 33% of global trade by value, moving goods worth USD 8 trillion.

Resolving the Blocked Funds Conundrum

The good news is that solutions exist. With political will, open dialogue, and a commitment to transparency, governments can resolve blocked fund challenges in ways that support economic and aviation growth.

Prioritizing aviation in foreign exchange allocation is the first step toward clearing blocked funds. From there, authorities can streamline administrative processes and eliminate unnecessary bureaucratic hurdles that slow repatriation. Enforcing the provisions of bilateral air service agreements within regulatory frameworks is equally critical to remove ambiguity and ensure compliance.

Alongside advocacy for full clearance of blocked funds, we also help airlines manage short-term pressures. This includes negotiating with commercial banks for competitive foreign exchange rates and identifying opportunities to use local currency for local expenses—such as airport fees, air traffic control charges, ground handling, and catering.

Experience shows that with the right approach, blocked funds can be released without destabilizing local economies. Nigeria offers a clear example: through constructive engagement and phased repatriation, the backlog was successfully cleared.

IATA continues to work closely with governments, central banks, and airline partners to resolve currency repatriation challenges on behalf of our members. Our message is simple: unblocking funds is not just about improving cash flow. It is about safeguarding connectivity, protecting livelihoods, and unlocking economic potential. Together, we can ensure aviation continues to deliver prosperity for all.

The post The hidden cost of blocked airline funds appeared first on 256 Business News.

By Pedro Alves, Senior Vice President of SITA Borders

Africa holds enormous potential for aviation expansion. To meet the rising demand, countries across Africa are investing heavily in new airport infrastructure to support Africa’s growth in passenger numbers and ever-expanding airline fleet.

But with rapid growth comes the added challenge of not compromising on security. The answer to this challenge lies with tech, making it possible to grow safely while keeping borders secure.

The macro perspective and challenge

According to the International Air Transport Association’s (IATA) latest analysis, last year, Africa’s airline passenger numbers rose nearly 15% with an 11% capacity expansion. IATA estimates traffic will have increased by 6.0% year-on-year by year-end 2025, rising to 180 million travellers in 2026 to 280 million in 2034 and 411 million by 2044.

Governments of dynamic and ambitious countries are backing this growth and recognise aviation’s economic benefit, which, in 2023, was assessed to contribute US$75 billion to Africa’s combined GDP and to support over eight million direct and indirect jobs continent-wide, in travel and tourism.

Travel and tourism are clearly critical to national prosperity. The World Travel & Tourism Council’s report ‘Better Borders’ says that better collaboration between tourism, commerce and governments on border efficiency could add US$401 billion to global GDP and 14 million new jobs by 2035. A successful aviation industry in Africa means more jobs, more trade and tourism, and broad social and economic benefits.

The existential threat

But that growth must come without compromising secure, safe and easy travel. So how do resource-strapped immigration, intelligence and border agencies handle rising demand without compromising security? The answer is technology.

Today, immigration, intelligence and border agencies must confront organized international crime, terrorism and even the spread of contagious diseases. And as border engagement evolves, mass migration and population displacement adds yet another lever of complexity.

Addressing the challenge

Balancing security with freedom of movement is essential.

Governments are collecting more traveller data than ever, but what truly matters is how information is used. Intelligence-led risk-assessments and targeting systems can now deliver actionable intelligence, helping border teams detect suspicious activity and take targeted steps to protect their borders.

Data can be assessed from multiple sources:

• API (Advanced Passenger Information) collected from official government-issued travel documents (e.g. passport details)
• PNR (Passenger Name Record) information collected from the passenger’s travel bookings
• DCS (Departure Control Systems) data from the traveller’s airport journey, boarding and baggage information.
• Digital travel apps, supporting bookings and trip management.

While privacy and data protection remain essential, modern systems can safely identify patterns, trends, and links between events and identities – giving governments powerful tools to secure their borders.

Today’s digital platforms bring together travel authorizations, biometrics watchlists, and real-time risk checks to keep air, land, and sea borders both secure and fast-moving. To advance on this global priority, the UN Security Council has called on member states to strengthen their ability to track potential terrorist movements. With the right approach, even small steps can unlock major improvements.

Africa is well-positioned to lead this challenge. Although adoption of traveller data systems is still limited to a handful of nations, successes in South Africa and Angola show what is possible. Many other African countries are now evaluating how to build or upgrade these capabilities.

From static systems to dynamic responses

Security must remain a priority alongside infrastructure expansion. But borders cannot become bottlenecks. Interoperability, speed, coordination and adaptability are fundamental.

Dynamic, digitalised tech-driven borders let governments adjust rules, policies and procedures in real-time, strengthening security while making their countries more attractive for travel, trade, tourism and investment. With a shift in mindset, borders can become an integrated, connected system rather than simple checkpoints.

Today’s connected approach to border security involves immigration, customs, public health, intelligence and law enforcement agencies. A siloed approach fuels fragmentation, inefficiencies and serious security gaps.

The integrated model brings together data and decision-making across agencies, providing a single-window view of each traveller or item entering a country. Assessments become simpler, responses faster, and resources go where they’re needed most.

Because many African countries aren’t weighed down by outdated legacy systems, they have the chance to overtake other regions by adopting a fully integrated border concept.

A unique opportunity for Africa

Africa has a unique opportunity to lead the way in modern border management. By rethinking how people, goods, and information move across borders, countries can strike the right balance between security and economic growth. Even small, modular changes, applied consistently and collaboratively by border agencies, can improve national security while at the same time dramatically improving processing times.

The key to simplifying the border transformation journey is to start small, think big. By implementing digital solutions gradually, governments can achieve quick wins, manage change effectively, and create a clear path to a fully digital border. The momentum is here, and Africa has the chance to set the standard for the future of global mobility.

 Pedro Alves is Senior Vice President of SITA Borders, the air transport industry’s tech engine that works with over 75 governments— including every G20 nation — to modernise airport and border operations.

The post Digital Borders: Boosting security, thriving Economies appeared first on 256 Business News.