Martin Luther Oketch

Africa, Uganda

Journalist at Daily Monitor

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Articles

How digital innovation has boosted service delivery in banking

1 week ago | monitor.co.ug | Martin Luther Oketch

What you need to know:Uganda’s young population, with over 75 percent under the age of 30 (Uganda Bureau of Statistics, 2024 Mid-Year Projection), is powering this digital shift. Their preference for mobile-led solutions is accelerating the demand for flexible, accessible financial tools that match their fast-paced, digital lifestyles.
NPA: Benefits of the shift in budgeting approach elusive

1 week ago | monitor.co.ug | Martin Luther Oketch

What you need to know:The National Planning Authority says many entities do not fully align their work plans and budgets with PIAPs, undermining the coherence of the planning-to-implementation chain. Nearly five years after it was implemented with the sole purpose of solving problems with output-based budgeting, a number of rough edges around Uganda’s programme-based budgeting approach remain a cause for concern.
Pride Microfinanace becomes bank, promises better services

2 weeks ago | monitor.co.ug | Martin Luther Oketch

What you need to know:Pride Bank officials say the financial institution has 47 branches and its loan book as of December 31, 2024, was Shs258 billion Pride Microfinance has transitioned to tier two, classified as a credit institution with an equity capital base of Shs174 billion. This amount exceeds the required capital for institutions in this class, as well as the capital requirements for tier institutions (commercial banks).
Economic growth in Sub-Saharan Africa not strong enough to reduce poverty - WB

2 weeks ago | monitor.co.ug | Martin Luther Oketch

What you need to know:Conflicts, such as a prolonged escalation of the conflict in the Middle East, could substantially disrupt oil and natural gas supplies, thereby adversely affecting economic activity. The World Bank has said in its Africa Pulse report that Economic growth in Sub-Saharan African countries, including Uganda, is showing some resilience despite uncertainty in the global economy and restricted fiscal space.
Financial sector anti-fraud consortium launched to boost public trust

3 weeks ago | monitor.co.ug | Martin Luther Oketch

The Uganda Bankers Association (UBA) has expressed optimism that the launch of the Financial Sector Anti-Fraud Consortium (AFC) will lead to a reduction in financial frauds and their negative impacts on Uganda's financial system. The AFC aims to strengthen regulations against fraud, enhance collaboration among financial institutions, and increase public trust in the financial sector.
How retail banking continues to anchor financial sector incomes

3 weeks ago | monitor.co.ug | Martin Luther Oketch

When Standard Chartered Group announced in November last year that it was “exploring the potential sale of its wealth and retail banking businesses”, particularly in Uganda, Botswana, and Zambia, the conversation in public was, retail banking had become a drain on on banking operations.
How Quarter 4 money will be shared

1 month ago | monitor.co.ug | Martin Luther Oketch

The quarter four expenditure of Shs19.79 trillion for the Financial Year 2024/2025 released yesterday indicates that the Agro Industrialization, Tourism, Minerals, Science, Technology and Innovation (ATMS) are the main winners of the public expenditures because of their potential to drive Uganda’s Ten Fold Growth Strategy.
Why Uganda’s economy grew by 5.3 per cent

1 month ago | monitor.co.ug | Martin Luther Oketch

The growth in Uganda’s economy during the second quarter of the 2024/25 Financial Year can be attributed to the combined performance of key sectors: agriculture, services, manufacturing, and taxes, according to the Uganda Bureau of Statistics (Ubos). The country’s Gross Domestic Product (GDP) expanded to Shs39.535 trillion, a slight increase from Shs37.604 trillion in the same period of the previous year (2023/24).
A leadership change that has delivered dfcu out of the ‘woods’

1 month ago | monitor.co.ug | Martin Luther Oketch

On Tuesday, dfcu managing director Charles Mudiwa referenced a line that was hard to ignore. Dfcu, he said, had come out of the woods and had now regained its high growth trajectory, which would soon deliver it back into Uganda’s top five most profitable banks. He was responding to a question from a journalist who wondered whether dfcu had now regained its growth momentum. "Yes, we (dfcu) have come out of the woods, and we are now focusing on driving the growth of the bank.
Uganda’s debt now rises to Shs107 trillion

1 month ago | monitor.co.ug | Martin Luther Oketch

Uganda’s ever-growing public debt has now soared to a staggering Shs106 trillion, the Ministry of Finance has said. The ministry’s quarterly debt statistical bulletin released yesterday in Kampala showed that public debt has over the past year grown by nine percent (by Shs9 trillion). Last year, the public debt stood at $26.56 billion, which was equivalent to Shs96.6 trillion. The ministry attributed this substantial growth in the public debt to increased domestic borrowing in the past year.