Saturday, August 19, 2023

DR. DAN TWEBAZE, THE TWED PROPERTY MAGNATE PLEDGES TO SPONSOR UGANDA'S TRUST LAW REVIEW CONSULTATIVE MEETINGS GEARED AT BENCHMARKING GLOBAL BEST PRACTICES

Property Developer Dan Twebaze To Sponsor Review Of Trusts Law



Courtesy/File Photo: Dr. Dan Twebaze is the Managing Director, Twed Property Development



watchdoguganda.com, August 18, 2023, 11:54AM Dr. Dan Twebaze, the Managing Director, Twed Property Development has volunteered to sponsor three consecutive consultations in the review of Law of trusts, which governs property ownership and development in Uganda. The current law of trusts in Uganda is lacking according to legal experts who recently held a consultative meeting on Tuesday and Wednesday, organized by Uganda Law Reform Commission (ULRC), at Kampala Hotel Africana.


Dr. Twebaze said the Law of trusts is very important to attract investors in the country, calling upon legal experts to expedite the review of the current law, as it lacks both content and substance.


“As Twed Property Development, we are willing to fund the next three consultations on the Law of trusts to create a fair Law of trustees in Uganda,”he said, amidst applause from participants at the consultative meeting.


ULRC defines a trust as a relationship that arises whenever a person called the trustee, holds property for the benefit of some other persons who are termed beneficiaries. Dr. Twebaze argues that; the Law of trusts in Uganda does not protect investors on customary land because it’s not their property.


“The Law of trusts needs to be amended to expand the powers of the trustee if we are to promote investments in Uganda,”he added.


Robert Kirunda, a Legal consultant on the Law of trusts at the meeting, labored to explain the bottlenecks of the Law of trusts in Uganda at the moment. He said trusts Laws are one of the underrated Laws in Uganda because the Law has a lot of what he termed as “Ambiguity”.


He said the Law of trusts does not clearly spell out the powers of an estate administrator, when it comes to transfer of ownership to another person.


“Can an administrator of an estate give powers of Attorney to Another person? The powers are supposed to be given by a competent court,”he said.


Dr. Ronald Kakungulu Mayambala, during panel discussions, said Uganda Law of trusts conflicts with some foreign Laws, which discourages investors.


“For example, traditional courts are also recognized in Uganda to handle matters of trusts, especially on inheritance of property of dead family members, which may contradict with some foreign Laws regarding inheritance,”he said.


Dr. Kakungulu in addition said the Ugandan Law of trusts on inherited property has been invaded by greed, where those entrusted with holding property on behalf of a family end up selling off or grabbing the property fraudulently.


“We have been invaded by a strong culture of greed, especially on land issues. We should come up with a Law to deal with distrust,”he said.


He said there is also a need to ensure the Law of trusts addresses the traditional trustees and allows trustees powers to take decisions, instead of going by the will of the dead people, especially on matters of property inheritance.



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Wednesday, April 19, 2023

UGANDA : PENTAGONAL EXECUTIVE ORDERS DESTINED TO REVAMP EXPORTS, TOURISM AMONG OTHERS IN THE WAKE OF GLOBAL DEPRESSED ECONOMIES

Museveni Issues 5 Orders on Export, Tourism Promotion


State House, Entebbe, chimpreports.com, April 19, 2023, 11:42PM | President Museveni has expressed the need to support the private drive to increase Uganda’s export earnings.



File Photo/Courtesy: President Museveni  meeting private Sector players and Government officials at State House, Entebbe, on Wednesday, April 19, 2023.



In his maiden Quarterly address to the country that focused on supporting the Tourism sector delivered at State House Entebbe on Wednesday, the President issued five directives that will see Uganda’s image presented in a more welcoming way to the world.

These include setting up Uganda Trade Hubs at Airports and aerodromes across the country, tarmacking the four export aero drones, training of staff in the hospitality industry about Uganda’s tourist locations and government institutions to harmonize communications on the matter of tourism.

The other directive was for Kampala Capital City Authority (KCCA) to give monthly updates on the clean-up, repair and maintenance of roads in the city.


YouTube Video │ Ben ─ Live : Museveni's fresh directives for Entebbe International Airport and Kampala City. For immediate Action.







The President directed KCCA to follow the Parish model approach and have at least one Garbage truck for each of the 99 parishes, 10 garbage skips per parish and four skip-loaders per division.

He directed the ministry of Finance to urgently release the quarterly contribution to KCCA of Shs 6bn for pot-hole filling, repairs and maintenance of roads.

“I have been told only 30% of this money has been released this financial year causing roads outside the AFDB project to fall into bad disrepair with attendant problems of traffic jams. The 41 African Development Bank (AFDB) city roads project will continue for the next four years to improve the city transport,” said Museveni , adding that all cities, starting with Kampala, should have ‘lost and found’ locations and accessible places of conveniences for tourists and this should be replicated in the districts of Kabarole, Gulu, Mbarara, Soroti, Arua, Masindi, Mubende, Kabale and other locations usually frequented by tourists.

Trade Hubs


On setting up of Uganda Trade Hubs, the Head of State directed the Civil Aviation Authority (CAA) and the Ministry of Works to work with the private sector and set up these Hubs starting at Entebbe International Airport.

The Hubs will be composed of coffee, chocolate, Uganda leather products, sugar, fruits, vegetables, dairy, beef, poultry, etc., and will be places for content about Ugandan on Tourism and hospitality.

“The Trade Hubs will be ran by the private sector and they will be the basis for mapping more than 10,000 tourist attractions in Uganda. Many of you know, our country has the best weather, holds the world’s most powerful waterfalls, it has some 54% of all existing mountain Gorillas and has the highest block of mountain ranges on the continent,” Museveni noted.

He emphasized that the Trade Hub and private sector will work with Uganda Airlines, internet and other media channels to produce and provide content on these sites and more in collaboration with the ministry of Tourism and its institutions of Uganda Tourism Board (UTB) and Uganda Wildlife Authority (UWA).

According to the President, the Hub idea will be replicated at all aerodromes across the country wherever tourists land, including the border points.

The President added that the Trade hubs will also be in Belgrade, Serbia, the Uganda UN mission in New York, Uganda High commission in London, Uganda High Commission in Kinshasa, Uganda missions in Brussels and South Africa, Uganda mission in Beijing, Uganda mission in the UAE and Uganda mission in India.

On tarmacking the four export aerodromes of Pakuba, Kasese, Kidepo and Kisoro with hard surfaces and other appropriate facilities to allow arrivals that don’t need to first get to Entebbe airport, the President also directed that aerodromes should have international codes to allow tourists booked directly to the game parks.

“The CAA should work with the private sector and the ICAO and IATA, where necessary, to gazette and improve safety standards so that these aerodromes can be given international codes,” the President said.

He also directed the Uganda Communications Commission (UCC) to work with telecom operators to provide broadband internet in the game lodges and in the aerodromes including 5G networks for places like Hospitals, hotels and educational institutions.

All the border points according to President Museveni, starting with Malaba, Mpondwe, Elegu, Mutukula should be treated as export and tourism points and have the private sector involved in the design and set up of the Hubs.

He directed the ministry of Works and Transport to have information points, Automated Teller Machines (ATMs) for those who need to change or withdraw money to pay at the road tolls.

“When visitors arrive after midnight and are unable to exchange money at the airport, how will they use your road toll if you don’t provide facilities for them?”  Museveni wondered.

The President wants every high category visitor who comes to Uganda for a week to at least spend USD10,000 in Uganda after providing them with better information.

He said the Non-Aligned Movement international Conference that Uganda will be hosting in January 2024 will attract visitors from over 100 member countries meaning, hotels and booking agents should be preparing to take advantage of this opportunity to attract more arrivals.

At the same meeting, the President launched the Trade Frontier Fund (TFF) which will help exporters to underwrite their invoices and provide them with working capital.

He thanked the committee on exports for finding ways to leverage and match the funds given to them and for connecting with scientists to commercialize their findings with the private sector.

“I thank the Private sector Foundation, the UNDP and others who have joined the effort to increase our exports, drive manufacturing and industry and to support the private companies,” said Museveni.

At the same meeting, President Museveni welcomed a delegation from the Republic of Serbia led by their Minister of Trade Hon. Tonislav Momirovic and thanked them for choosing Uganda as a partner to improve trade relations.

Mr Tonislav delivered a message from the President of Serbia Aleksandar Vučić to President Museveni.

“I thank them for bringing us processors of pineapples and buyers of our products,” Museveni said.

The meeting was attended by among others the Prime Minister Robinah NabbanjaHon. Martin Mugara the Minister of State for Tourism , Hon. Harriet Ntabazi the Minister of State for Trade, the Deputy Attorney General Hon Jackson Kafuzi, Hon David BahatiDr Monica Musenero and private sector exporters in the key 13 products.

It should be noted that on March 28, 2023, President Museveni met exporters in the 13 product categories that the advisory committee on exports is targeting to raise USD6bn in the next five years.

These were coffee, fruits, vegetables, flowers, bananas, dairy, beef, sugar, cement, steel, tourism, poultry, fish and grains.

Monday, March 27, 2023

WITH EQUITY GROUP BACKING , JENGA PAYMENT GATEWAY BEYOND REPROACH

Equity ranked 3rd strongest bank in Africa


Nairobi, Kenya | THE INDEPENDENT |  Equity Group, East and Central Africa’s largest financial institution, has enhanced  its position as one of the strongest banking brands globally by scoring highly, in the 2023 Brand Finance’s Brand Strength and Brand Value rankings.



File Photo/Courtesy : Equity Group Executives upbeat upon securing coveted ranking as bestowed upon them by Brand Finance.


In its second consecutive appearance in the Brand Finance Banking 500 rankings, Equity climbed one place to 4th position in the World’s Top 10 Strongest Banking Brands with a Brand Strength Index score of 92.4 out of 100 and an elite AAA+ brand strength rating. This marks a 1.6 points BSI improvement on its 2022 debut ranking.


The Bank also climbed an impressive 47 places in its brand value ranking to position 291 from last year’s 338 after recording a significant growth in brand value to USD 531.7 million from USD 338 million in 2022.


Every year, leading brand valuation consultancy Brand Finance puts 5,000 of the biggest brands to the test, and publishes nearly 100 reports, ranking brands across all sectors and countries. The World’s Top 500 most valuable and strongest banking brands are included in the annual Brand Finance Banking 500 ranking.


Speaking on the ranking released last week, Equity Group Managing Director and CEO, Dr James Mwangi said “We are delighted to see that Equity has once again been recognized as one of the strongest banking brands in the world by Brand Finance. We are excited that 4 of the top 10 banks are from the African continent and that in a span of 1 year the Bank’s brand value has ascended by 37% and improved its ranking inching one step closer to position 1 globally.”


In addition to sustainability perceptions, Brand Finance’s research has found that trust is a dominant driver of customer choice when it comes to banking services.


“Customers are looking for guarantees that they can proceed with full reassurance. Other key drivers include ease of use, excellent website and apps, and great customer service,” says the report.


Regarded as the industry’s most authoritative report of its kind, the Brand Finance Banking 500 report gauges the brand value of the world’s financial institutions through quantitative and qualitative metrics, including brand strength, brand loyalty rate and revenue forecasts.


Equity has been at the forefront of championing sustainability through its twin-engine socio-economic business model that has seen the lender invest over USD 585 million in various social impact projects in education, women and youth empowerment, social protection and environmental conservation among others.


Equity has also continued to deliver efficiency, convenience and flexibility to its customers by investing in the development of innovative digital solutions and products that meet the customers’ evolving lifestyles. Key among them is the enhanced digital banking suite on its Equity Mobile and Equity Online platforms, which offers a seamless experience – simplified customer journeys and enhanced security.


Declan Ahern, Director of Brand Finance says that banking brands across the globe have continued to recover significantly post Covid-19. “There has been an improvement in digital banking services, government stimulus measures have been relatively successful, and the rise of mobile banking and online platforms have contributed to the sector’s positive performance,” comments Ahern.


“The rankings are a reflection of the strong brand positioning that Equity continues to hold within the local markets that we operate in and globally as well. Our commitment is that we will continue to invest in innovation and continuous self-advancement to enhance value creation for all our stakeholders,” added Dr. Mwangi


The consultancy defines brand value as the net economic benefit that a brand owner would achieve by licensing the brand in the open market. This is however different from the valuation of a company’s assets. They also define brand strength as the efficacy of a brand’s performance on intangible measures relative to its competitors.


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Tuesday, January 31, 2023

WOMEN IN FINTECH SHEPHERDING THE FOURTH INDUSTRIAL REVOLUTION BY INVOKING THEIR CHERISHED SOFT SKILLS

AMBASSADOR DAMALI SSALI ─ RANKED NUMBER 1 BY HIPIPO WOMEN IN FINTECH MAGAZINE 2023



Photo Credit/HiPiPo: Socialization of the HiPiPo Women in FinTech Magazine – 2023 that attests to the HiPiPo ranking of 100 prominent women shepherding the Fourth Industrial Revolution in Uganda and Beyond.



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THE FINTECH AGENDA QUOTES ─ 2023


“Women belong in all places where decisions are being made. It shouldn't be that women are the exception.”

― Ruth Bader Ginsburg


“The thing that all these businesses [Amazon, Facebook and Google] have in common is they are disruptors. The foundations of their businesses are not unique. They have identified a problem that a large number of people were experiencing with an existing business or service and then found a way to make it more accessible / fast / cheap / efficient. If they pitch it right, in a short space of time, the disruptors become successful enough to replace, or at least displace, the conventional product or service in the sector they've made their own.”

― Anne Boden, Banking On It: How I Disrupted an Industry and Changed the Way We Manage our Money Forever


“What is more, by being able to call upon a truly global contributor base, we not only stayed true to the spirit of FinTech, making use of technological channels of communication in reaching out to, selecting, and reviewing our would-be contributors, we also made sure that every corner of the globe had the chance to have its say. Thus, we aimed to fulfill one of the most important purposes of The FinTech Book, namely to give a voice to those that would remain unheard, those that did not belong to a true FinTech community in their local areas, and spread that voice to an international audience. We”

― Susanne Chishti, The FINTECH Book: The Financial Technology Handbook for Investors, Entrepreneurs and Visionaries 

 

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Monday, January 23, 2023

UGANDA: STANBIC BANK TORPEDOES COMPETITION IN ITS MEGA BOUQUET OFFER FOR THE BENEFIT OF THE EDUCATION ECOSYSTEM DUBBED "WUMULA KA STRESS"

 

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File Photo/Courtesy: Ann Juuko, Chief Executive, Stanbic Bank and Don Wanyama, Chief Executive Officer, New Vision, displaying UgShs.15,000,000/= Dummy Cheque being Stanbic Bank committed contribution towards the New Vision Education Expo slated for 27th to 29th January 2023 at UICT Grounds Nakawa near MUBS opposite Capital Shoppers (Nakawa Division) │ #WumulakaStress  #NVEduExpo2023





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UGANDA: SOROTI DISTRICT HOSTS THE INTERNATIONAL YOUTH DAY CELEBRATIONS – 2024

Corruption: You Don’t Have to Go on the Streets and Riot,  Museveni Tells Activists Theme: “Skills Development for enhancement of youth opp...