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Telecoms losing billions of shillings

With eight operators, Uganda is one of the countries with the highest number of telecom operators across the continent. At least 20 million people using mobile phones in the country. There has been a high attraction of fraudsters to cash in on the returns.

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Think about it, if you were given Ugx. 10 billion today, what would you do with it? Become a multi­millionaire in a matter of time? Well, you could fail as well.

The launch of K2 telecom promised a new era. Being attached to the Buganda Kingdom, with over eight (8) million Baganda, there was no reason for failing to penetrate the market instantly.

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The telecom sector in Uganda is always dynamic. Following several changes and surprises in the sector 2013/14, a lot has changed. MTN brought a new CEO, Brian Goldie, a man who many have said is a result oriented leader and very forthright about facts and figures:

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As Mobile Network Operators (MNOs) looked for ways to diversify from voice and SMS and widen revenues, mobile money emerged as an opportunity and its growth in Uganda has been spectacular.

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Bank of Africa Kenya has appointed Mr.  Ronald Marambi as its new Managing Director. Mr. Marambi who becomes the first Kenyan holder of the position in the bank replaces Mr. Anis Kaddouri whose term expired in September 2015. His appointment took effect on November 1st after certification by Central Bank of Kenya.

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The future of banking is in offering customer convenience and security. This will continue to drive innovation and changes in the banking industry. As Uganda’s largest bank, Stanbic Bank is leading in the innovations arena.

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Despite its importance for economic development, majority of Ugandans have not embraced insurance. For the past ten years, the insurance industry has not picked momentum.

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As Uganda plans to launch a compulsory medical insurance, key issues such medical fraud have not been fully brought to limelight. Scams against government and private healthcare insurers form by far the larg­est type of insurance fraud and increases the premium costs which negatively impacts on the penetration and growth.

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Once upon a time, Sanlam life Assurance and NIKO Insurance where major players in Uganda’s insurance sector. However, leadership challenges almost brought down the two sister companies. For example, NIKO books have been in red for the last two years. When the maverick Zake left Niko, the company entered a slug­gish mode. And it did not recover.

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Let’s set the record straight – you must invest money in order to suc­ceed. Your choice of business and entrepreneurial acumen will determine your profitability and future success.

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Inflation is starting to creep up as the election year comes around the corner. At the same time the shilling is rapidly losing ground against the dollar. The shilling is trading at an average 3,500 against the greenback, its lowest level.

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The tax body’s revenue performance report released at its headquarters in Nakawa, Kampala shows that URA had a net revenue collection of 9.71 trillion surpassing its target of 9.57 trillion in the 2014/2015 financial year.

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Every year, Bill Gates puts out his annual list of the year's best news on his blog GatesNotes.

It's a nice feel good message, especially since 2015 also ushered in so many negative things, like the rise of extremist terrorist groups, the Paris attacks, the ongoing Syrian refugee crises, endless mass shootings in the US and so on.

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Great executives excel at three critical things. These are (i) effective communication, (ii) rely on the people, trust systems and procedures and (iii) continuous learning.

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Uganda Small Scale Industries Association (USSIA) has organized yet another exhibition for four days starting 13th-16th August 2015 at Uganda Manufacturers’ Association (UMA) conference hall.

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