Economy
UBA Partners MasterCard to Boost Uganda’s Financial Services Sector
By Modupe Gbadeyanka
A strategic partnership agreement has been signed between Uganda Bankers Association (UBA) and MasterCard to develop a framework that will strengthen the local financial services sector in support of Uganda’s National Vision 2040.
The deal is geared to support the vision and drive collaboration in order to achieve the development and growth the National Payment Ecosystems.
The National Vision aims to transform the country into a prosperous African economic powerhouse, where businesses can grow and people are able to prosper.
Focus has been placed on anti-fraud and anti-counterfeit initiatives including cyber security; migration of payment cards to EMV; promotion of financial inclusion via capacity building initiatives and financial literacy and awareness programmes.
Additionally the partnership will allow for research and policy development initiatives to further boost the sectors growth.
Vice President and Area Business Head, East Africa at MasterCard, Mr Chris Bwakira, noted that the partnership will help both organisations work towards accelerating the financial inclusion of the unbanked and under-banked in Uganda.
“This partnership is part of our commitment to financially empower 100 million people in Africa by 2020,” said Mr Bwakira. “The collaboration with our partners, such as the Uganda Bankers Association, is key to achieving this vision and to support the country’s growth and sustainable development goals of ending poverty and promoting equality for all.”
One of the fundamental ways to empower people in Uganda is to ensure the seamless movement of their money within the economy. If you consider that over 80 percent of all transactions are still done in cash globally, there is an opportunity for African economies to ensure secure and convenient ways to pay are being delivered.
Cash has its risks and electronic payment solutions are delivering efficiency, transparency and security for the entire economy and includes a variety of solutions to meet the needs of all people. Including: prepaid, debit and credit payment card solutions to mobile driven innovation, such as Masterpass QR and remittance services.
“According to the 2017 African Outlook Report, Uganda has made incredible progress in implementing regulatory reforms, thus positioning itself as one of the easiest markets to do business with in Africa,” said Mr Wilbrod Owor, Executive Director, Uganda Bankers Association.
He went onto add that although Uganda had made great progress to reduce poverty, that much more work was required on this front. Furthermore, he highlighted that a strong financial services sector ensures that the broader economy is able to grow and overcome challenges.
“Our work with MasterCard will ensure that key sectors are supported, including agriculture and micro and small businesses. This partnership will help to establish Uganda as the powerhouse of East Africa and the continent, and provides us the opportunity to have open and transparent dialogue with global experts to ensure we are continuously innovating so we meet the changing needs of our citizens,” said Mr Owor.
Mr Bwakira noted that MasterCard will be one of the key sponsors of the Uganda Bankers Association Conference taking place in July, where leaders from across the economy will come together to discuss solutions and innovations that will deliver Uganda’s goals. He pointed out that this further highlights MasterCard’s commitment to the partnership, but also to the country.
By Dipo Olowookere
Renewed buying interest raised the Nigerian Exchange (NGX) Limited by 0.33 per cent on Monday, with gains recorded in almost all the major sectors of the bourse at the close of transactions.
According to data harvested by Business Post, the insurance counter expanded by 0.62 per cent, the banking index grew by 0.59 per cent, the energy sector appreciated by 0.40 per cent, and the consumer goods space improved by 0.10 per cent, while the industrial goods segment closed flat.
When the closing gong was struck by 4 pm to signify the close of business on Customs Street, the All-Share Index (ASI) was up by 1,113.76 points to 243,707.07 points from 242,593.31 points, and the market capitalisation chalked up N714 billion to close at N156.308 trillion compared with the previous session’s N155.594 trillion.
Interest in Nigerian stocks yesterday resulted in a rise in the activity level, with the trading volume soaring by 17.86 per cent to 717.2 million units from 608.5 million units. The trading value advanced by 77.19 per cent to N56.7 billion from N32.0 billion, and the number of deals surged by 36.22 per cent to 73,321 deals from 53,826 deals.
FCMB was the busiest stock during the trading day, with a turnover of 152.3 million units worth N1.8 billion, Premier Paints exchanged 61.0 million units valued at N135.3 million, Dangote Cement traded 34.7 million units for N29.7 billion, The Initiates sold 32.8 million units worth N1.0 billion, and Jaiz Bank transacted 32.6 million units valued at N293.3 million.
Yesterday, the market breadth index was positive after the exchange closed with 37 price gainers and 28 price losers, representing strong investor sentiment.
International Energy Insurance gained 9.92 per cent to settle at N7.98, the Initiates added 9.91 per cent to its share price to quote at N32.15, ABC Transport garnered 9.68 per cent to trade at N6.80, Abbey Mortgage Bank grew by 9.63 per cent to close at N10.25, and Linkage Assurance soared by 9.36 per cent to N1.87.
On the flip side, Fidson Healthcare gave up 10.00 per cent to finish at N122.85, Academy Press crashed by 9.70 per cent to N7.45, RT Briscoe depreciated by 9.43 per cent to N13.45, SUNU Assurances tumbled by 9.37 per cent to N4.06, and Learn Africa decreased by 8.70 per cent to N10.50.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange recorded a marginal 0.05 per cent drop on Monday, June 8, depleting the market capitalisation by N1.27 billion to N2.606 trillion from N2.607 trillion, and cutting the Unlisted Security Index (NSI) by 2.12 points to 4,356.20 points from the previous 4,358.32 points.
The contraction witnessed during the session was triggered by a price loser, which overpowered that gains recorded by two securities on the trading platform.
Data indicated that MRS Oil Plc lost N6 at the close of business to settle at N165.00 per share compared with last Friday’s price of N171.00 per share.
Conversely, Lighthouse Financial Services Plc added 9 Kobo to sell at N1.03 per unit versus 94 Kobo per unit, and Central Securities Clearing System (CSCS) Plc appreciated by 8 Kobo to N78.48 per share from N78.40 per share.
The volume of securities traded by investors yesterday soared by 51.9 per cent to 213,188 units from 140,345 units, and the value of securities increased by 12.6 per cent to N20.2 million from N17.9 million, while the number of deals executed fell by 7.4 per cent to 25 deals from 27 deals.
Great Nigeria Insurance (GNI) Plc remained the most traded stock by value on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units valued at N6.5 billion, and CSCS Plc with 64.8 million units exchanged for N4.4 billion.
GNI Plc also remained as the most traded stock by volume on a year-to-date basis, with 3.4 billion units worth N8.4 billion, trailed by Infracredit Plc with 2.3 billion units transacted for N6.5 billion, and Resourcery Plc with 1.1 billion units traded for N415.7 million.
By Adedapo Adesanya
The Naira opened the new trading week on a negative note on Monday at the Nigerian Autonomous Foreign Exchange Market (NAFEX) and the black market.
At the parallel market, the Nigerian currency weakened against the US Dollar by N5 to sell for N1,380/$1 compared with the preceding session’s rate of N1,375/$1, and at the GTBank FX desk, it shed N1 to trade at N1,373/$1 versus N1,372/$1.
At the official market, it lost 63 Kobo or 0.05 per cent against the Dollar during the session to close at N1,362.84/$1, in contrast to last Friday’s value of N1,362.21/$1.
However, the Nigerian Naira gained N2.30 against the Pound Sterling at the spot market yesterday, quoting at N1,821.29/£1 compared with the previous rate of N1,823.59/£1, and improved against the Euro by 23 Kobo to settle at N1,574.35/€1 versus N1,574.58/€1.
Data from the Central Bank of Nigeria (CBN) showed that interbank forex turnover increased to $92.248 million across 90 deals, from $73.565 million last Friday.
On the policy front, participants believed that the application of the fourth edition of the Foreign Exchange Manual of the central bank, which introduces updated guidelines for foreign exchange transactions and tightening compliance requirements for authorised dealers and market participants, will enhance market flexibility and ease previous restrictions.
Meanwhile, the cryptocurrency market snapped from recent declines, jolted by Strategy’s purchase of 1,550 Bitcoin for approximately $101 million, increasing its total holdings to 845,256 BTC. The company raised $181 million through common stock sales, using the proceeds to fund the bitcoin purchase and increase its cash reserves to $1 billion, pushing the price of the coin higher by 3.2 per cent to $63,731.69.
Cardano (ADA) appreciated by 8.4 per cent to $0.1738, Ethereum (ETH) rose by 5.2 per cent to $1,711.54, Solana (SOL) expanded by 5.1 per cent to $67.82, and Ripple (XRP) improved by 4.9 per cent to $1.18.
Further, Dogecoin (DOGE) jumped by 4.3 per cent to $0.0873, Binance Coin (BNB) soared by 2.7 per cent to $609.50, and TRON (TRX) increased by 0.7 per cent to $0.3274, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $0.9997 and $0.9998, respectively.
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