DOCSLIB.ORG

Financial Report 2020

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Financial Report 2020 FINCA Uganda Financial Year 2020 a dedicated Digital lending application, which • digitization and automation of our own Managing will exclusively cater for digital on boarding, and internal processes as well as processing of loans for customers using internal • increased skills development. The Board of Director’s and external sources of information and state- of-the-art machine learning and algorithms. Our The Board of Directors have continuously Directors have Statement alternative delivery channels like Cente-Agency engaged with the management to setup business continuously engaged service to our clients, VISA ATM partnership goals, which benefit all the stakeholders with United Bank of Africa, the mobile banking including the shareholders. Our strategy this with the management services as well as internet banking, have year will be to consolidate the challenges to setup business already resulted in lower turnaround time and and achieve better efficiency parameters better customer experience. while delivering healthy growth in credit and goals, which benefit profitability. In addition, we are conscious of the James Onyutta The pace of change has never been greater. The fact that the way we do business has to change in all the stakeholders digital transition has affected all sectors and the post COVID’19 world. We plan to strategize on including the activities, and, right now, the financial sector these lines so that the adversity is converted into It gives me great pleasure to place before you the in particular. Ease of use, simple and intuitive opportunities. As the Managing Director of FINCA shareholders. highlights of the FINCA Uganda’s performance design, and the ability to connect large amounts Uganda, I am excited to be part of this journey. during the financial year 2020. of data thereby providing a completely new The following are the highlights of the 2020 FINCA Uganda’s 29 years of institutional customer experience in focus. performance in a tough year characterized by excellence, has strategically evolved into a We have reorganized operations into customer the spread of the COVID-19 Pandemic globally; • The Balance sheet size grew by 6% from digitally savy Micro finance Deposit Taking segments as well as changing our way of Ugx.183.5 billion in 2019 to UGX. 194.4 billion Institution and incorporated technology in our working. We have gone from running large • Net Loans and Advances to customers in 2020 on account of growth in Investments every day operations. We have successfully projects to testing prototypes, better versions dropped by 3% (From Ugx. 113.2 billion in with other financial institutions. adopted the mantra of collaboration and co- where much of the development is in tune with 2019 to Ugx. 106.6 billion in 2020) creation with other financial institutions and customers. We are always testing in order to • Deposits volume grew by 17% (From Ugx. 87.5 In regards to regulation, FINCA Uganda remained Fintechs for technology led innovations. meet customer needs in the best way. billion in 2019 to Ugx. 102.4 billion in 2020 compliant with Bank of Uganda regulatory requirements throughout the period. The key We have been investing in technology to Our focus is on the transformation of three main • Profit for the year decreased by 64% (From ratios include the core capital and total capital improve customer experience. Initiatives such components: Ugx. 5.9 billion recorded in 2019 to UGX. 2.16 adequacy which were at 25.19% and 28.27% as digitizing account opening through Digital billion in 2020). This was mainly as a result of • enhance the customer experience through respectively compared to the Bank of Uganda Field Automation tablets. We are expanding drop in the loan book. excellent service requirement of 15% and 20% respectively. our digital focus even further with setting up of Digital is Here Enjoy a world of Convenient Banking with FINCA Mobile Banking FINCA Digital Sign Up FINCA Internet Banking VISA Card CenteAgent Platform FINCA Uganda is regulated by Bank of Uganda and Customer Deposits are protected by the Deposit Protection Fund of Uganda. Summarised Audited Financial Statements for the year ended 31 December 2020 REPORT OF THE INDEPENDENT AUDITOR ON THE SUMMARY FINANCIAL STATEMENTS TO THE MEMBERS OF FINCA UGANDA LIMITED (MDI) Opinion Summary Financial Statements judgement, were of most significance in our audit of the “Engagements to Report on Summary Financial Statements”. financial statements of the current period. The summary financial statements, which comprise the The summary financial statements do not contain all the summary statement of financial position as at 31 December disclosures required by International Financial Reporting Directors’ Responsibility for the Summary Financial 2020, the summary statement of profit or loss and other Standards, the Microfinance Deposit-Taking Institution (MDI) Statements comprehensive income for the year then ended and other Act, 2003 and the Companies Act, 2012 of Uganda. The directors are responsible for the preparation of the disclosures are derived from the audited financial statements BDO East Africa Reading the summary financial statements and the auditor's summary financial statements in accordance with the Financial of FINCA Uganda Limited (MDI) for the year ended 31 December report thereon, therefore, is not a substitute for reading the Institutions (External Auditors) Regulations, 2010 and the Certified Public Accountants of Uganda 2020. audited financial statements and the auditors report thereon. Microfinance Deposit-Taking Institution (MDI) Act, 2003. 6th Floor, Nakawa Business Park In our opinion, the accompanying summary financial The Audited Financial Statements and Our Report statements are consistent, in all material respects, with the Auditors’ Responsibility Plot 3-5, New Port Bell Road Thereon audited financial statements, in accordance with the Financial Our responsibility is to express an opinion on whether the P O Box 9113, Kampala, Uganda Institutions (External Auditors) Regulations, 2010 and the We expressed an unmodified audit opinion on the audited summary financial statements are consistent, in all material Microfinance Deposit-Taking Institution (MDI) Act, 2003. financial statements in our report dated 28 April 2020. The respects, with the audited financial statements based on Date: 28 April 2021 report also includes communication of key audit matters. our procedures, which were conducted in accordance with Key audit matters are those matters that, in our professional International Standard on Auditing (ISA) 810 (Revised), SUMMARY STATEMENT OF FINANCIAL POSITION SUMMARY STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME 2020 2019 2020 2019 Ushs' 000 Ushs' 000 Ushs’ 000 Ushs’ 000 ASSETS Interest income 41,391,860 46,089,518 Cash on hand 18,056,236 13,034,861 Interest expense (13,305,142) (10,881,282) Deposits and balances due from other financial institutions 36,624,396 29,429,104 Loans and advances to customers 110,303,524 113,266,787 Net interest income 28,086,718 33,365,772 Tax recoverable 212,840 - Other assets 2,336,000 3,547,268 Fees and commission income 6,761,148 8,089,079 Deposit with Bank of Uganda 134,261 124,446 Fees and commission expense (90) (11,066) Government securities 1,955,019 - Property and equipment 20,079,004 21,362,247 Net fee and commission income 6,761,058 8,078,013 Intangible assets 3,668,776 2,756,167 Investment income 3,709,264 1,842,464 Total Assets 193,370,056 183,520,880 Grant income 752,714 416,548 Other income 1,520,204 2,149,418 LIABILITIES AND SHARE HOLDERS' EQUITY LIABILITIES Net operating income 40,829,958 45,852,216 Customer deposits 102,356,666 87,462,411 Other liabilities 15,864,745 8,080,576 Employee benefit expense (16,355,803) (16,643,604) Amounts due to related parties - 285,180 Other operating expenses (15,322,017) (15,188,105) Deferred grants 1,404,685 1,698,197 Grant expenses (376,816) (326,908) Notes payable 29,838,354 38,155,437 Impairment losses on loans and advances (5,328,356) (4,146,972) Other provisions 110,000 134,000.00 Finance costs (522,599) (664,776) Income tax payable - 1,243,304 Profit before tax 2,924,367 8,881,850 Deferred tax liability 355,361 1,029,393 Tax charge (759,428) (2,930,153) Total liabilities 149,929,811 138,088,498 Profit for the year 2,164,939 5,951,697 Reserves Share capital 13,893,324 13,893,324 Other comprehensive income - - Share premium 6,795,620 6,795,620 Capital fund 3,449,905 3,449,905 Total comprehensive income 2,164,939 5,951,697 Proposed dividend 1,078,476 4,157,076 Regulatory reserve 2,731,730 3,261,309 Total assets (shs.000) Retained earnings 15,491,190 13,875,148 250,000,000 200,000,000 Total shareholders equity 43,440,245 45,432,382 150,000,000 Total liabilities and shareholders equity 193,370,056 183,520,880 100,000,000 50,000,000 Total Assets 0 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 UGX OTHER DISCLOSURES - CAPITAL ADEQUACY 193.3 billion Net Loans and advances ( shs.000) 2019: Ugx 183.5 billion 2020 2019 120,000,000 Ushs’ 000 Ushs’ 000 100,000,000 80,000,000 Capital Position 60,000,000 Loans & Advances Core Capital 36,199,441 34,564,092 40,000,000 UGX Supplementary capital 4,427,385 4,529,291 20,000,000 110.3 billion 0 Total qualifying capital 40,626,826 39,093,383 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2019: Ugx 113.2billion Total Risk Weighted Assets (RWA) 143,712,183 146,818,291 Core Capital to RWA 25.18% 23.29% Client Deposits Total Qualifying Capital to RWA 28.27% 26.34% UGX 102.3 billion 2019: Ugx 87.4 billion OTHER DISCLOSURES - CREDIT EXPOSURES 2020 2019 Ushs’ 000 Ushs’ 000 Net Profit (shs.000) Profit After Tax Credit Exposures 8,000, 000 UGX 7,000, 000 2.2 billion Non-performing loans and other assets 12,097,879 5,830,612 6,000, 000 5,000, 000 2019: Ugx 5.9billion Interest in suspense 2,192,579 718,169 4,000, 000 3,000, 000 Bad debts written off 2,526,516 4,679,196 2,000, 000 1,000, 000 Insider loan exposures 98,861 72,193 0 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Message from Directors: The directors have the pleasure to share with you the summarized audited financial statements for FINCA Uganda Limited (MDI) for the year ended 31 December 2020.
Load more

Recommended publications
  • Tumusiime Claire.Pdf
    EVALUATION OF CREDIT POLICY MANAGEMENT AND PERFORMANCE OF MICRO-FINANCE INSTITUTIONS IN UGANDA A CASE STUDY OF PRIDE MICROFINANCE BY Tumusiime Clare BBA/6067/ 41/DU SUPERVISED BY: Mr. Naleela Kizito RESEARCH REPORT SUBMITTED IN PARTIAL FULFILLMENT OF THE REQUIREMENTS FOR THE AWARD OF A BACHELOR DEGREE IN BUSINESS ADMINISTRATION AND MANAGEMENT OF KAMP AlA INTERNATIONAL UNIVERSITY • August, 2006 DECLARATION I Tumusiime Clare hereby declare that the following research report under the title "Evaluation of Credit Policy Management and Performance of Micro­ finance Institutions" has never been submitted to any college or university for any award. It is my original work. Signed: ~ ------------------ Tumusiime Clare BBA/ 6067/ 41/DU Date~. ~r.!.~.h .~_gl.U.J] .... ~ .Qh/' APPROVAL This research report on "evaluation of credit policy and performance of Micro- finance Institutions" in Uganda has been carried out by Tumusiime Clare under my supervision and is now ready for submission to Kampala International University. Signed:---~ ------------------------·· Mr. Naleela Kizito S~rvisor Date: ..... ~3 .. l.~ .. r.~.fe................ 11 DEDICATION I dedicate this project to my mum and Dad, Father Bonny, my sisters and brothers. May the Lord God reward them more abundantly. l1l ACKNOWLEDGEMENT With deep pleasure I wish to extend my sincere appreciation to Almighty God for giving me life and blessing my studies. My esteem love goes to my brothers; Francis, Justus, Julius, and my sisters; Rita and Sharon who had to endure a long period of struggles to support me as their sister. My sincere thanks also go to the entire staff of Kampala International University for their love and services rendered.
    [Show full text]
  • Absa Bank 22
    Uganda Bankers’ Association Annual Report 2020 Promoting Partnerships Transforming Banking Uganda Bankers’ Association Annual Report 3 Content About Uganda 6 Bankers' Association UBA Structure and 9 Governance UBA Member 10 Bank CEOs 15 UBA Executive Committee 2020 16 UBA Secretariat Management Team UBA Committee 17 Representatives 2020 Content Message from the 20 UBA Chairman Message from the 40 Executive Director UBA Activities 42 2020 CSR & UBA Member 62 Bank Activities Financial Statements for the Year Ended 31 70 December 2020 5 About Uganda Bankers' Association Commercial 25 banks Development 02 Banks Tier 2 & 3 Financial 09 Institutions ganda Bankers’ Association (UBA) is a membership based organization for financial institutions licensed and supervised by Bank of Uganda. Established in 1981, UBA is currently made up of 25 commercial banks, 2 development Banks (Uganda Development Bank and East African Development Bank) and 9 Tier 2 & Tier 3 Financial Institutions (FINCA, Pride Microfinance Limited, Post Bank, Top Finance , Yako Microfinance, UGAFODE, UEFC, Brac Uganda Bank and Mercantile Credit Bank). 6 • Promote and represent the interests of the The UBA’s member banks, • Develop and maintain a code of ethics and best banking practices among its mandate membership. • Encourage & undertake high quality policy is to; development initiatives and research on the banking sector, including trends, key issues & drivers impacting on or influencing the industry and national development processes therein through partnerships in banking & finance, in collaboration with other agencies (local, regional, international including academia) and research networks to generate new and original policy insights. • Develop and deliver advocacy strategies to influence relevant stakeholders and achieve policy changes at industry and national level.
    [Show full text]
  • Performance Measurement and Improvement at FINCA Uganda Aaron Cowans SIT Study Abroad
    SIT Graduate Institute/SIT Study Abroad SIT Digital Collections Independent Study Project (ISP) Collection SIT Study Abroad Fall 2011 Performance Measurement and Improvement at FINCA Uganda Aaron Cowans SIT Study Abroad Follow this and additional works at: https://digitalcollections.sit.edu/isp_collection Part of the Business Administration, Management, and Operations Commons, Finance and Financial Management Commons, and the International Business Commons Recommended Citation Cowans, Aaron, "Performance Measurement and Improvement at FINCA Uganda" (2011). Independent Study Project (ISP) Collection. 1226. https://digitalcollections.sit.edu/isp_collection/1226 This Unpublished Paper is brought to you for free and open access by the SIT Study Abroad at SIT Digital Collections. It has been accepted for inclusion in Independent Study Project (ISP) Collection by an authorized administrator of SIT Digital Collections. For more information, please contact [email protected]. Performance Measurement and Improvement at FINCA Uganda Aaron Cowans SIT Uganda: Microfinance and Entrepreneurship Academic Advisor: Godfrey Byekwaso Academic Director: Martha Wandera Fall 2011 Dedication This work is dedicated to my family in America and the amazing people I have met here in Uganda, who have all helped me throughout my journey. 2 Acknowledgements While so many people helped me along my way, I want to acknowledge the following people in particular who were instrumental to my experience here. Martha Wandera, Helen Lwemamu and the rest of the SIT staff for putting together such a fantastic program. I have learned so much here and made memories which will last a lifetime. This was all possible because of your constant hard work and dedication. All of the staff at FINCA Uganda and FINCA International who so graciously hosted me as an intern and supported me through the duration of my internship.
    [Show full text]
  • New Company Profile
    PadrePio INSURANCE BROKERS Risk Management Solutions COMPANY PROFILE +256 393 2294682 www.padrepioinsurance.com @ [email protected] Plot 12A, Tufnell Drive, P.O.Box 7446, Kampala PadrePio INSURANCE BROKERS ABOUT US Padre Pio Insurance Brokers Ltd is an indigenous firm incorporated in 2005 owned by Ugandans. We are licensed by both the Insurance Regulatory Authority of Uganda (IRA) and Uganda Retirement Benefit Regulatory Authority (URBRA) to carry out Insurance Brokerage services and Retirement Benefit schemes Third party Administration Services. The company understands the Insurance markets in which our clients operate and offer a service built on personalized and specialized solutions. We are committed to building long- term relationships through the development of creative solutions to day to day challenges. We further pride in partnering with our clients on the road to business excellence through the provision of tailor made insurance services OUR PURPOSE To be recognized as the leading insurance brokerage firm and pension administrator, dedicated to risk management solution of individuals and organizations through the provision of excellent products, efficient services for better customer satisfaction. OUR VISION To be the symbol of excellence in the provision of insurance brokerage and pension administration services. OUR MISSION To provide innovative customer oriented risk management solutions with the highest degree of professionalism. CORE VALUES Customer centrism Innovation Integrity Professionalis Reliability MANAGEMENT Padre Pio has experienced staff who has worked in both local and international insurance organizations. The management has technical expertise in Insurance underwriting, claims management and customer care. We have a number of control measures in place that ensure that clients’ assets are properly secured as we vet all insurers on an annual basis and take into consideration professionalism, financial status, management ethics, claims handling and reinsurance arrangement.
    [Show full text]
  • Financial Report 2018
    Summarised Audited Financial Statements for the year ended 31 December 2018 REPORT OF THE INDEPENDENT AUDITORS ON THE SUMMARY FINANCIAL STATEMENTS TO THE MEMBERS OF FINCA UGANDA LIMITED (MDI) Opinion Summary Financial Statements communication of key audit matters. Key audit the audited financial statements based on our The summary financial statements, which comprise The summary financial statements do not contain matters are those matters that, in our professional procedures, which were conducted in accordance the summary statement of financial position all the disclosures required by International judgement, were of most significance in our audit with International Standard on Auditing (ISA) 810 as at 31 December 2018, the summary Income Financial Reporting Standards, the Microfinance of the financial statements of the current period. (Revised), Engagements to Report on Summary statement for the year then ended and other Deposit-Taking Institutions (MDI) Act, 2003 and the Financial Statements”. disclosures are derived from the audited financial Companies Act of Uganda. Directors’ Responsibility for the Summary statements of FINCA Uganda Limited (MDI) for the Financial Statements year ended 31 December 2018. Reading the summary financial statements and our The directors are responsible for the preparation of report thereon, therefore, is not a substitute for the summary financial statements in accordance In our opinion, the accompanying summary reading the audited financial statements and our with the Microfinance Deposit-Taking Institutions financial statements are consistent, in all material report thereon. (MDI) Act, 2003 and Financial Institutions (External KPMG respects, with the audited financial statements in Auditors) Regulation, 2010. Certified Public Accountants accordance with the Microfinance Deposit-Taking The Audited Financial Statements and Our 3rd Floor, Rwenzori Courts, Institutions (MDI) Act, 2003 and the Financial Report Thereon Auditors’ Responsibility Plot 2 & 4A, Nakasero Road Institutions (External Auditors) Regulation, 2010.
    [Show full text]
  • Court Case Administration System
    Court Case Administration System https://ccas.judicature.go.ug/ccas/causelistmaker3.php?todate=05-03-20... THE REPUBLIC OF UGANDA IN THE HIGH COURT OF UGANDA(HCT) AT KAMPALA COMMERCIAL REGISTRY CAUSELIST FOR THE SITTINGS OF : 01-03-2021 to 05-03-2021 MONDAY, 01-MAR-2021 HON. DR. JUSTICE HENRY P. BEFORE:: COURT ROOM :: COURT NO. 4 ADONYO Case Time Case number Par�es Claim Si�ng Type Posi�on Category STANDARD CHARTERED BANK HCT-00-CC- PENDING 1. 09:00 Civil Suits UGANDA LIMITED VS TADEO RECOVERY OF 9,041,275,875 AND COSTS Men�on CS-0925-2020 DIRECTIONS MUKONYEZI & ANOTHER ALEWI JANYARE DONATUS VS HCT-00-CC- SHS 213,626,234, G/DAMAGES, Scheduling PENDING 2. 09:00 Civil Suits UGANDA DEVELOPMENT CS-0629-2017 A/DAMAGES, INTEREST & COSTS conference HEARING BANK LTD M/S SILVER DRAGON GROUP HCT-00-CC- Miscellaneous TECHNOLOGY & TRADING ORDERS DISMISSING CIVIL SUIT BE SET PENDING 3. 09:00 Ruling MA-1018-2020 Applica�on GROUP VS JOSE MUKASA & 3 ASIDE RULING OTHERS IBRAHIM SSEBAGALA VS DECLARATIONS, PERMANENT INJUNCTION, HCT-00-CC- PENDING 4. 09:00 Civil Suits CENTENARY RURAL PUNITIVE & GENERAL DAMAGES, MESNE Men�on CS-0980-2020 DIRECTIONS DEVELOPMENT BANK PROFITS, COSTS MUGUNDHO HERBERT VS HCT-00-CC- Origina�ng UNDER 5. 09:00 OWOR MIKE AKWOYO & 3 MORTGAGE Men�on OS-0004-2019 Summons HEARING OTHERS AGRICULTURAL BUSSINESS HCT-00-CC- UG X 342,917,532 DECLARATION, GENERAL PENDING 6. 11:00 Civil Suits INITIATIVE TRUST VS EL Men�on CS-0379-2018 DAMAGES, INTEREST AND COSTS DIRECTIONS CAFINO UGANDA LTD ENG.
    [Show full text]
  • Housing Finance in Kampala, Uganda: to Borrow Or Not to Borrow
    Housing Finance in Kampala, Uganda: To Borrow or Not to Borrow ANNIKA NILSSON Doctoral Thesis Stockholm, Sweden 2017 KTH Centre for Banking and Finance Dept. of Real Estate and Construction Management TRITA FOB-DT-2017:2 SE-100 44 Stockholm ISBN 978-91-85783-75-5 SWEDEN Akademisk avhandling som med tillstånd av Kungl Tekniska högskolan framlägges till offentlig granskning för avläggande av teknologie doktorsexamen i Fastigheter och byggande tisdagen den 28:e mars 2017 kl 13:00 i rum F3, Lindstedtsvägen 26, Kungliga Tekniska högskolan, Stockholm. © Annika Nilsson, februari 2017 Tryck: Universitetsservice US AB Abstract Housing is an important part of development processes and typically re- quires long-term finance. Without long-term financial instruments, it is difficult for households to smooth income over time by investing in housing. However, in developing countries the use of long-term loans is limited, particularly among the middle-class and lower income individuals. Most people in developing coun- tries build their houses incrementally over time without long-term loans. The limited use of long-term loans is generally seen as a symptom of market failures and policy distortions. This thesis empirically explores constraints to increase housing loans and factors that determinate the demand for different types of loans for investment in land and residential housing. The study is conducted in Kampala, the capital of Uganda. The thesis looks at supply and demand of loans. Most of the data on the supply side is collected through interviews and literature studies. The demand side is investigated through questionnaires to household where data is collected in four surveys targeting different household groups.
    [Show full text]
  • Pragmatic Policy Recommendations to the Challenges of Micro Finance Institutions in Uganda: a Case of Selected Districts in Uganda
    ACTA UNIVERSITATIS DANUBIUS Vol. 17, No. 3, 2021 Pragmatic Policy Recommendations to the Challenges of Micro Finance Institutions in Uganda: A Case of Selected Districts in Uganda Ben Ssembajjwe1 Abstract: The study was set to investigate the challenges facing microfinance institution with a case of four districts and propose policy recommendations in Uganda. These included Mpigi, Wakiso, Luwero and Mukono. The study was guided by two specific objectives; to examine the major challenges facing the Microfinance institutions and to propose policy recommendations. The study used both qualitative and quantitative method of analysis. Data was collected using a structured questionnaire from a total of 136 respondents who included credit officers, top management officers Responses were categorized based on likert scale and means were generated using SPSS as package for interpretation of findings. The views of the officials were qualitatively analyzed and conclusions were made. The results of the study indicated; lack of collateral security, high bank rates, less government support, lack of information about clients, limited management capacity, high default rates, inadequate loan funds and microfinance institution have turned out to be profit oriented, poor management capacity and loan diversion as challenges. The study recommended an increase in loan funds by mobilizing more saving and obtaining loans on lower interest rates, employment of qualified personnel and training the existing staff, encouragement of group lending, credit insurance and increased monitoring and supervision. Further study can be carried out in other areas of Uganda especially in a rural seeing. Keywords. Microfinance; Challenges; Uganda JEL Classification: G21; M21; I32 1. Introduction MFIs came in response to failure by formal financial institutions to extend financial services to the poor because of high transaction costs involved.
    [Show full text]
  • Uganda Section 2020
    PRESIDENT OF UGANDA UGANDA UGANDA SECTION 2020 EDITION PRESIDENT OF THE REPUBLIC OF UGANDA H.E. YOWERI KAGUTA MUSEVENI East African Manufacturers & Investors Directory East African Manufacturers & Investors Directory 129 UGANDA PROFILE UGANDA UGANDA Uganda Profile ganda officially the Republic of Uganda, is a landlocked country in East Africa. Uganda is bordered to the east by Kenya, to the north by South Sudan, to the west by the Democratic Republic of the Congo, to the southwest Uby Rwanda, and to the south by Tanzania. Uganda is the world’s second most populous landlocked country after Ethiopia. The southern part of the country includes a substantial portion of Lake Victoria, shared with Kenya and Tanzania. Uganda is in the African Great Lakes region. Uganda also lies within the Nile basin, and has a varied but generally a modified equatorial type of climate. Uganda takes its name from the Buganda kingdom, which encompasses a large portion of the south of the country, including the capital Kampala. The people of Uganda were hunter-gatherers until 1,700 to 2,300 years ago, when Bantu- speaking populations migrated to the southern parts of the country. Environment and conservation The Crested crane is the national bird. Conservation in Uganda Uganda has 60 protected areas, including ten national parks: Bwindi Impenetrable National Park and Rwenzori Mountains National Park (both UNESCO World Heritage Sites[43]), Kibale National Park, Kidepo Valley National Park, Lake Mburo National Park, Mgahinga Gorilla National Park, Mount Elgon National Park, Murchison Falls National Park, Queen Elizabeth National Park, and Semuliki National Park. Economy and infrastructure The Bank of Uganda is the central bank of Uganda and handles monetary policy along with the printing of the Ugandan shilling.
    [Show full text]
  • UBA Member Bankers Association Bank Ceos
    Uganda Bankers’ Association Annual Report 20 18 Uganda Bankers’ Association Annual Report 3 Content. 6 10 About Uganda UBA Member Bankers Association Bank CEOs 8 14 UBA Structure and UBA Executive Governance Committee 2018 9 15 UBA Members as at UBA Secretariat 31st December 2018 Management Team Content. 16 31 UBA Committee Key Developments in the Representatives Uganda Banking Space 24 35 UBA Chairman’s UBA’s new Message Strategy 2019-2021 30 37 Message from the UBA Executive Director Activities 2018 68 Financial Statements for the Year Ended 31 December 2018 About Uganda Bankers Association ganda Bankers’ Association (UBA) is an umbrella organization for licensed commercial banks supervised by Bank of Uganda. UBA was established in 1981 and is currently made up of 32 UFinancial Institutions comprising Commercial Banks, Tier 2 Financial Institutions. Made up of Established in 1981 32Members 6 The objectives of UBA include; • To develop and maintain a code of ethics and best banking practices among its membership. • To encourage & undertake high quality pol- icy development initiatives and research on the banking sector, including trends, key issues & drivers impacting on or influ- UBA Vision encing the industry and national develop- ment processes therein through partner- A strong vibrant and ships in banking & finance, in collaboration respected financial with other agencies (local, regional, inter- services industry in national including academia) and research networks to generate new and original pol- the East African region icy insights. • To develop and deliver advocacy strate- gies to influence relevant stakeholders and achieve policy changes at industry and na- tional level. • To work closely with the regulator BOU and other non-bank financial institutions &- or ganizations in promoting financial sector growth, through training, development of UBA Mission products, technologies & initiatives to pro- mote financial sector growth.
    [Show full text]
  • Business in Uganda Country Profile Visas
    Business in Uganda Grant Thornton is one of the world's leading organisations of accounting and consulting firms providing assurance, tax and specialist advice to fast-growing, entrepreneurial people and businesses. We focus on helping individuals who own the businesses they manage, to reach their personal and business goals by providing practical, customised solutions and identifying and pursuing business opportunities, domestically and internationally. The strength of each local firm is reflected in the quality of our organisation. We operate in over 110 countries, bringing together 21,500 personnel in 585 offices worldwide. All Grant Thornton firms share a commitment to providing the same high quality service to their clients wherever they choose to do business. Experienced professionals combine invaluable local market knowledge with technically advanced systems to help businesses prosper in today's highly competitive international markets. If you require any further information, please do not hesitate to contact your nearest Grant Thornton International office. Country Profile Uganda is a land-locked country lying on the equator in central Africa. It shares borders with Sudan, DRCongo, Rwanda, Tanzania and Kenya. 20% of the country is covered by inland lakes. The rest ranges through tropical rain forest to savannah with mountains on the western border. The climate is tropical. Visas Immigration Information Visa/Entry (Work) Permit. A visitor is given a single journey visa to Uganda and on arrival he/she is issued with a visitor's pass for purposes of either spending a holiday, traveling, or investigating the possibilities of carrying on any business, trade or profession in Uganda. Please bring spare passport photographs.
    [Show full text]
  • Annual Report Table of Contents I List of Acronyms Iv Company Information 01 02 03 02 About the Fund 12 Our Business 46 Financial Review
    Annual Report Table Of Contents i List Of Acronyms iv Company Information 01 02 03 02 About The Fund 12 Our Business 46 Financial Review 02 30 Years of NSSF 13 Financial and Operational 48 Financial Performance Highlights 04 Our Locations 51 Business Review 19 Board Of Directors 05 Mission, Vision, Values 21 Senior Management Team 09 Why Save with NSSF 26 Chairman’s Statement 32 Managing Director’s Statement 37 Business Strategy 04 05 06 74 Corporate Governance and 102 Directors’ Report and Risk Management Financial Statements 170 Sustainability Report 75 Risk Management and Control 103 Statement of Directors’ 173 Responsible Business 85 Corporate Governance and Responsibility 185 Contributing to Sustainable Remuneration Report 104 Report of Auditor General on Economic Growth Financial Statements 189 Environmental Management 106 Financial Statements 193 Corporate Social Responsibility 110 Notes to the Financial Statements i ii List Of Acronyms ACCA Association of Chartered Certified Accountants NOTU National Organisation of Trade Unions AMM Annual Members’ Meeting NSE Nairobi Stock Exchange BA. Bachelor of Arts NSSF National Social Security Fund Bn. Billion PDL Premier Developments Limited BSc. Bachelor of Sciences Rd. Road CCW Customer Connect Week RSE Rwanda Stock Exchange COFTU Central Organisation Of Free Trade Unions SAA Strategic Asset Allocation CSR Corporate Social Responsibility SACA Staff Administration and Corporate Affairs Committee DSE Dar-Es-Salam Stock Exchange VPDL Victoria Properties Development Limited EIA Environmental Impact Assessment WHT Witholding Tax ExCo Executive Committee FCCA Fellow of the Chartered Certified Accountants IAS International Accounting Standards IASB International Accounting Standards Board ICPAU Institute of Certified Public Accountants of Uganda IFRS International Financial Reporting Standards K Thousand KCCA Kampala City Council Authority KPI Key Performance Indicator Kshs.
    [Show full text]