This seizure comes as part of an intensified effort by the URA to combat growing illicit trade at the country’s main air transport hub, with smugglers increasingly resorting to bizarre tactics to evade detection.

One of the most shocking incidents involved a woman who, pretending to be heavily pregnant, was stopped for a routine search.

Upon further inspection, customs officers uncovered that the woman’s “baby bump” was, in fact, a cleverly concealed stash of 76 smartphones.

In another attempt to bypass security, a different smuggler feigned suffering from elephantiasis, strapping several phones to her legs with airline baggage tags.

But the ingenuity of the smugglers didn’t stop there. In yet another audacious attempt, a suspect abandoned a bag full of high-end smartphones in a dustbin, likely intending to return later and retrieve it.

However, URA customs officers, tipped off and ever vigilant, were ready and waiting to intercept the illicit goods before they could be reclaimed.

Sylvester Kiwanuka, manager of customs at Entebbe, expressed his satisfaction with his team’s sharp attention to detail and their quick response to the smuggling attempts.

“Smugglers keep getting creative, but so do we,” Kiwanuka said. “Our vigilance ensures that such illegal activities do not go unchecked.”

Customs officials have reported a disturbing surge in inventive concealment methods. These include hiding phones inside traditional wear like ‘sharias’ and tunics, stashing contraband in factory-sealed household appliances such as vacuum cleaners, and even embedding phones within brand-new tablets.

As URA moves forward with the offence management procedures, they have emphasized the importance of stricter border security measures to prevent further loss of revenue through illicit trade.

This latest operation highlights URA’s continued commitment to cracking down on smuggling and protecting Uganda’s vital tax base from exploitation by criminal networks.

Tanzania is now exporting more of its goods to the Democratic Republic of Congo (DRC) compared to the traditional markets of Kenya and Uganda, highlighting the changing trade dynamics occasioned by new entrants into the EAC bloc and persistent trade wars over tariff and non-tariff barriers (NTBs).

Latest data by the Bank of Tanzania (BoT) reveals that Kinshasa has overtaken Nairobi and Kampala as leading export destinations for Tanzania.

DRC and Somalia joined the EAC in 2022 and 2024 respectively bringing the bloc’s membership to eight. Others are Kenya, Uganda, Tanzania, Rwanda, Burundi and South Sudan.

BoT through its latest annual report (2022/2023 fiscal year) shows that in the last three fiscal years (2020/2021-2022/2023) the share of Tanzania’s exports to DRC increased to 4.4 percent from 3.7 percent while that to Kenya and Uganda declined to 4.1 percent from 4.7 percent and 4.6 percent respectively.

Tanzania’s exports to DRC stood at 3.7 percent and 2.6 percent in 2021/2022 and 2020/2021 respectively.

On the other hand, the share of Tanzania’s exports to Kenya declined to 4.1 percent in 2022/2023 from 6.7 percent in 2021/2022 and 4.7 percent in 2020/2021 while the share of exports to Uganda declined to 4.1 percent in 2022/2023 from 4.2 percent in 2021/2022 and 4.6 percent in 2020/2021.

Tanzania’s exports to Burundi, however, remained relatively unchanged at three percent during the period under review.

“South Africa and the Democratic Republic of Congo are the leading export destinations for Tanzania, accounting for 14.8 percent and 4.4 percent of overall exports, respectively,” the report says.

“The proportions (trade proportions) have changed since the entry of DRC into the EAC.”

Tanzania’s exports of goods to EAC countries mainly comprised cereals, particularly rice and maize, iron and steel, fertilisers and cement, while major imports included iron and steel, soap and detergents, pharmaceutical products, and food and beverages for household consumption, largely sugar and sugar confectionery.

According to the report the bulk of Tanzania’s trade was conducted with China, South Africa and the United Arab Emirates (UAE) where the three countries constituted 43.5 percent and 49.1 percent of Tanzania’s exports and imports respectively during the 2022/2023 fiscal year.

Most of Tanzania’s exports went to India, South Africa and United Arab Emirates whose share of exports stood at 18 percent, 14.8 percent and 10.8 percent respectively in the 2022/2023 fiscal year.

Tanzania also imported more from China, UAE and India with their share of imports standing at 25.5 percent, 12.5 percent and 11.5 percent in the 2022/2023 fiscal year.

The EAC member States are currently working towards reviewing fees, levies and charges imposed by members on essential goods and services in the transport and agriculture sector which have frequently sparked trade wars and choked intra-regional trade in the regional bloc.

Harmonise levies

The streamlining of trading costs in Transport and agriculture sector forms the initial phase of a mega plan by the regional authorities to harmonise some levies and fees and completely remove those which they consider ‘inflated’ and ‘discriminatory’ in seven key sectors in the region including transport, agriculture, environment, trade, finance, energy and tourism.

The plan which started in 2021 targets to review additional costs impacting the trading of among other poultry products, day-old chicks, hatching eggs, table eggs, fish and fish products, dairy, veterinary medicine products, pesticides, human and veterinary drugs in Kenya, Uganda, Rwanda, Burundi, Tanzania, South Sudan, Somalia and the Democratic Republic of Congo (DRC).

Others are road user charges, passenger service fees in air transport, landing charges, parking levies and navigation charges, as well as ports docking fees for cargo vessels.

Under EAC’s revised four-band common External Tariff (CET) structure, the member states agreed 0 (zero) percent import duty for raw materials and capital goods, 10 percent import duty for intermediate products not available in the EAC region ,25 percent import duty for intermediate products available in the EAC region and 35 percent duty on imported finished products.

Total Intra-EAC trade grew by 11.2 percent to $10.91 billion in 2022 from $9.81 billion whereas the percentage share of Intra-EAC trade to EAC total trade stood at 15 percent in 2022, according to the EA trade and investment report (2022).

The major Intra-EAC traded products are cereals, cement, iron and steel, live animals, petroleum products, sugar, foods and beverages.

During 2022/23, Tanzania exported goods worth $ 1.61 billion to the Southern African Development Community (SADC) member countries, slightly up from $1.26 billion in 2021/2022 fiscal, according to BoT.

Out of the total exports to SADC, gold accounted for more than 90 percent, of which a larger share was destined to South Africa.

Other exports to SADC included textiles, fertilizers, iron and steel as well as glassware.

The share of Tanzania’s imports from SADC, continues to remain low, accounting for about 4.1 percent of the total imports in 2022/23. South Africa was the major source of imports within SADC, accounting for 3.6 percent.

Exports of Tanzania to the EAC region fell by 9.4 percent to $ 1.3 billion in 2022/23 while imports from the region decreased by 9.4 percent to $ 545.2 million.

Overall, Tanzania recorded a decline in trade surplus with region of $ 755.2 million in 2022/23 from a surplus of $ 879.6 million in 2021/2022.

Tanzania’s exports to EAC countries mainly comprised cereals, particularly rice and maize, iron and steel, fertilizers and cement, while major imports included iron and steel, soap and detergents, pharmaceutical products, and food and beverages for household consumption, largely sugar and sugar confectionery.

Exports of goods increased at a slower pace, rising by 3.8 percent to $7.36 billion in 2022/23 compared with a growth of 10 percent in the preceding year, with the increase mostly driven by non-traditional exports, especially minerals such as gold and coal.

Strategically located in one of Kampala’s most prime, secure, and sought-after areas, the Pearl Business Park will sprawl across an impressive 20 acres. This masterfully designed complex will integrate commercial, residential, leisure, and shopping facilities, making it a hub for modern living and business.

“We are committed to delivering a world-class development that balances luxury, technology, and sustainability,” Ruparelia said.

He added, “The Pearl Business Park will be a game-changer in Uganda’s real estate sector, setting new standards in design, comfort, and environmental responsibility.”

With over 124,560 square meters of lettable space, the Pearl Business Park offers unprecedented opportunities for businesses looking for prime real estate. The property will provide state-of-the-art office spaces, residential units, and retail outlets, all while upholding a commitment to eco-friendly and sustainable development practices.

“Our focus on sustainability is central to our vision. We are using cutting-edge technology and environmentally responsible design to ensure that this project leaves a positive footprint for future generations,” Ruparelia Group emphasized.

As the Pearl Business Park takes shape, the Ruparelia Group is also making significant strides in hospitality. Kabira Country Club, another flagship entity under the Ruparelia Group, is expanding its services to reach 5-star excellence.

“We are thrilled to elevate Kabira Country Club’s hospitality services to new heights. Our goal is to offer nothing short of perfection to every guest, providing luxury, comfort, and world-class service,” Ruparelia Group said.

This transformation underlines Dr. Ruparelia’s vision to turn Kabira Country Club into the premier destination for leisure and refinement in Kampala.

“Every detail of the club has been carefully curated to enhance our members’ experiences. Whether it’s our impeccable service or luxurious surroundings, we are committed to exceeding expectations,” the group added.

The Pearl Business Park and the expansion of Kabira Country Club stand as testaments to the Ruparelia Group’s relentless drive for innovation, luxury, and sustainability. As these projects take shape, they will undoubtedly leave an indelible mark on Uganda’s business and hospitality landscapes.

Suddenly, you remember the Housing Finance Bank ATM you saw in the corner of the mall. You rush out irrationally and head to the mall to withdraw some cash, thanks to the advanced technology of Automated Teller Machines (ATMs)

ATMs have tremendously revolutionized banking in Uganda, making cash withdrawals, deposits, balance checks, and other banking services accessible 24/7 without the need for a teller.

Since the early 2000s, ATMs have steadily transformed the banking sector in Uganda. Initially, they served the simple yet critical purpose of dispensing cash at any time of day—24/7. However, over the years, digitization has driven thinkers and innovators to expand the functions that ATMs can offer to customers. This has led to the development of Recycler ATMs, which increase convenience, functionality, accessibility, and cost savings.

Recycler ATMs are making customers’ lives much better with new features such as instant cash withdrawals, account balance checks, cash deposits, funds transfers, and even bill payments for utilities like water, Yaka, and TV, to name a few

The term “Recycler ATM” might sound new to many, but these machines redefining the traditional ATM experience. While a typical ATM dispenses cash and may accept deposits, Recycler ATMs take things further by accepting cash deposits and reusing the same cash for withdrawals. In essence, they “recycle” the money deposited by one customer to another customer, reducing the need for frequent cash refills.

Traditional ATMs, on the other hand, generally have separate processes for dispensing and accepting cash. They don’t reuse deposited cash for withdrawals, meaning banks have to replenish these machines frequently. Recycler ATMs are a more efficient and sustainable solution.

With so many banking channels lately available such as agent banking, mobile money, digital banking, and banking halls. Recycler ATMs provide a more convenient banking solution.

Recycler ATMs have reduced dependency on bank staff, allowing you to handle your transactions quickly and efficiently, which can be a significant time-saver.

Due to the recycling feature, the recycler ATMs are less likely to run out of cash, especially in areas with high transaction volumes because customer deposits become available for other customers to withdraw.

The safety and privacy recycler machines offer is commendable unlike agent banking or a bank hall where others may oversee your transactions.

Speaking to Joan Nakirijja, a resident and businesswoman in Nakawa banking with Housing Finance Bank says she enjoys using the recycler ATMs because they are convenient since she does not have to queue up in the bank or travel far to withdraw or deposit her money. Thus appreciates HFB for the amazing innovation however she requested the bank to set up more ATMs across the country.

“I don’t have to stand in long queues in the banking hall with my large sums of money in the envelope waiting to be attended to by the teller. This machine is time-saving and effective,” says Nakirijja.

Ms. Bridget Nambi, a long-time customer of Housing Finance Bank, says that the recycler ATMs have been a big time saver for her. “I remember the days when I had to rush to the bank before closing time. Now, with the Recycler ATMs, I can deposit money into my account at any time, and it reflects immediately. It has made banking so much easier and more flexible for me, especially when I’m running my business late into the night.”

The evolution of ATMs in Uganda has been a game-changer for both customers and banks. Recycler ATMs, in particular, offer enhanced convenience, efficiency, and cost savings. As they become more widespread, they represent a crucial step in the modernization of Uganda’s banking sector, aligning with the growing demand for digital and real-time financial services.

In Uganda, banks like Housing Finance Bank, KCB Bank, Post Bank, and Stanbic Bank among others, have installed these recycler ATMs in strategic areas such as Kampala Road, Nakawa, Kireka, Entebbe, Mukono, Kololo, Arua, Lira, Tororo, and Fort Portal.

Business executives remain positive and optimistic about the current business environment.

The report also noted a 1.1% appreciation of the Ugandan shilling against the US dollar, with the average mid-rate improving to Shs3,705.85/USD in July 2024 from Shs3,747.19/USD in June. This appreciation was primarily driven by an increased supply of dollars that exceeded demand.

Interestingly, while the Ugandan shilling appreciated, all other East African Community (EAC) currencies depreciated against the US dollar during the same period. The Tanzanian and Kenyan shillings saw declines of 1.2% and 0.5%, respectively, while the Rwandan and Burundian francs weakened by 0.5% and 0.2%.

In the financial sector, the Bank of Uganda maintained the Central Bank Rate at 10.25% in July 2024. However, in early August, the policy rate was revised downwards by 25 basis points to 10.0%. Lending rates for shilling-denominated credit decreased from 18.85% in May to 17.64% in June 2024, largely due to increased lending to prime borrowers, who secured loans at more favorable rates.

July 2024 saw the government raise Shs1,576.33 billion through the issuance of treasury instruments, with Shs823.00 billion from T-Bills and Shs753.33 billion from T-Bonds.

Yields on treasury bills generally declined, except for the 364-day tenor, which remained unchanged at 13.6%. The 91-day and 182-day tenors saw reductions to 9.9% and 12.9%, respectively, from 10.7% and 13.1% in June.

The stock of outstanding Private Sector Credit increased by 1.3% in June 2024, reaching Shs 21,919.51 billion, up from Shs 21,634.92 billion in May. This growth was driven by higher credit extensions due to the lower lending rates.

In trade, Uganda registered a surplus of USD 45.26 million with EAC partner states in June 2024, a significant shift from the USD 72.20 million deficit recorded in May.

However, Uganda’s overall export earnings fell by 23.6% to USD 718.60 million in June, down from USD 940.93 million in May. This decline was mainly due to lower export earnings from mineral products. Excluding mineral products, total exports increased by 5.1% to USD 469.72 million, with coffee leading the gains.

The import bill also declined by 6.5%, from USD 1,033.50 million in May to USD 966.53 million in June 2024. This reduction was driven by lower volumes of formal private sector non-oil imports, particularly in vegetable products, animal products, beverages, fats & oils, and mineral products (excluding petroleum).

As a result, the merchandise trade deficit widened from USD 92.58 million in May to USD 247.93 million in June 2024, as the decline in export earnings outpaced the reduction in imports.

In the fiscal sector, a net borrowing (fiscal deficit) of Shs 29.95 billion was recorded in July 2024, far below the target of Shs975.55 billion. This was due to higher-than-expected tax revenues and lower-than-projected expenditures.

Total revenue in July amounted to Shs 2,233.73 billion, exceeding the target of Shs 2,181.48 billion, largely driven by improved tax performance across various categories.

Expenses for July 2024 were Shs2,198.50 billion, below the program target of Shs2,846.59 billion. The lower spending was due to delays in procurement processes and lower-than-expected external disbursements.

Inflation trends varied across the EAC in July 2024, with Uganda and Rwanda experiencing slight increases in annual headline inflation, rising to 4.0% and 1.5%, respectively, from 3.9% and 1.1% in June.

Overall, the report indicates a continued improvement in economic activity, with positive business sentiment prevailing.

GD Experts Ltd was honored for its groundbreaking work in advancing MTN’s technological capabilities, leading to significant improvements in operational efficiency and service delivery. “We are thrilled to recognize GD Experts Ltd for their remarkable ingenuity and expertise,” said Michael Sekadde, MTN Uganda’s Human Resources General Manager. “Their dedication to innovation and excellence has solidified their position as a valuable partner in our mission to deliver world-class services.”

Ericsson was also praised for its commitment to excellence and innovation, which has been instrumental in helping MTN Uganda achieve its strategic objectives. “Ericsson has consistently demonstrated a forward-thinking approach, pushing the boundaries of what’s possible,” said Nicholas Beijuka, MTN Uganda’s General Manager Capital Projects. “Their deep understanding of our needs has enhanced our network infrastructure, ensuring reliable, high-quality connectivity in a competitive industry.”

The recognition of these outstanding suppliers was a highlight of the forum, which focused on “Building Tomorrow’s Supply Chain Today.” The event emphasized the importance of innovation, collaboration, and adaptability in creating resilient, future-ready supply chains. It also highlighted the need to harness emerging technologies and financial solutions to enhance operational efficiency and sustainability in the supply chain ecosystem.

The organization aims to promote better trade links between the UK and Uganda. It will act as a collective voice and use the business community’s influence to engage on trade policy, reduce barriers to entry and increase trade and investment, ultimately fostering economic growth.

The British Chamber of Commerce, which is currently operational in a number of other African countries, will be a catalyst for business success by providing a range of business support and trade promotion services.

From networking opportunities, business advocacy, educational seminars and exclusive members benefits, the Chamber is dedicated to helping UK businesses in Uganda of all sizes to prosper.

The Chamber of Commerce’s main objective is to promote better trade links between the UK and Uganda and increase trade and investment.

The UK private sector is a major investor in Uganda’s development and has the knowledge, experience to help drive Uganda’s economic growth.

The British Chamber of Commerce will be a powerful tool that will drive relationship forward and build a better future for both countries.

The launch event was held at the British High Commissioner’s residence and brought together business leaders, government officials and community members to witness the start of an exciting journey.

“As the economy and investment environment became more difficult, we need to strengthen our community in order to succeed. That is why I am delighted to be launching the British Chamber of Commerce Uganda, which will help all of us,” Kate Airey OBE, the British High Commissioner to Uganda said.

“Individually our voice is small, but collectively, we can partner to support Uganda’s growth. The UK private sector has invested billions into Uganda’s economy, but our collective brand should be stronger. Having a chamber will give us the platform to strengthen the relationship between the UK and Uganda.”

Sanjay Rughani, CEO of Standard Chartered Bank and Founding Member of the BCCU expressed excitement at the launch of the organization.

“We want to be the trusted voice of British business in Uganda, advocating for our members’ interests, facilitating networking and collaboration, and contributing to economic prosperity of both nations.”

The State Minister for Finance, Henry Musasizi said the British Chamber of Commerce provides an excellent business eco-system that provides a unique opportunity for connecting several businesses and brands in both Uganda and the UK.

“Our Government, under the steadfast stewardship of  President Museveni has consistently, both in terms policy direction and action, emphasized the importance of attracting both trade and investment as key drivers for advancing socio-economic transformation in Uganda. The UK as a Development partner will play a critical role in terms of trade, investment and technical expertise.”

Members of the British Chamber of Commerce will have access to exclusive benefits including connections to government and private sector organizations in the UK and Uganda, invitations to networking events, briefings and forums on topical issues, access to trade delegations supported by the Chamber, access to information released by the other British Chambers of Commerce around the world, invitations to events in London hosted by the British Chambers of Commerce Headquarters.

Membership fees start at $650 per annum.

There are three tiers of membership, plus an additional higher tier only available in the first year.

The criteria for membership includes British companies, a company with British directors or shareholders, any Ugandan company doing business with or in partnership with a UK company.

Any other companies that do not fit these criteria but are interested in membership can express an interest in joining.

The move focuses on streamlining financing for the generation and distribution of renewable energy as a quick of transitioning from fossil fuels.

This was disclosed at the Atanbic bank leadership Forum and breakfast themed building a resilient energy supply mix for Uganda.

Uganda is facing multidimensional energy challenges such as the lack of affordable clean energy, reliable energy infrastructure and failure to attract investment into the energy sector.

“When you bring stakeholders from different sources of energy together to dialogue on energy mix and sustainability it helps in exchanging ideas on how we can address energy challenges, support structural reforms, coordinate and streamline financing for the generation and distribution of energy. We are having meaningful shifts in energy transition and we are going to support this through investing cumulative 250-300 million rands by 2026 in our three year project focusing on renewal energy,” Paul Muganwa, Head, corporate and investment banking, Stanbic Bank said.

Climate and environmental issues associated with deforestation for charcoal and firewood add to the complexity.

Anne Aliker, the head of client coverage, corporate and investment banking at Standard Bank, says Uganda needs to support multisectoral power producers to adapt to modern energy systems like natural gas, hydro, geothermal, wind and solar energy for home application to accelerate the transition to renewable energy, a crucial step in mitigating climate change.

Eng. Irene Batebe, the permanent secretary of the ministry of Energy and mineral development, is optimistic that these efforts are expected to play a pivotal role in shaping the future of energy, ensuring that the transition to renewables is both swift and inclusive.

According to Africa Energy Futures, government set in motion an ambitious target to increase Uganda’s installed capacity from 1274 Megawatts to 41738 Megawatts by 2040.

The government also earmarked the exploitation of Uganda’s mineral and oil and gas endowment as a major source of growth in the medium term.

Due the the need to diversify Uganda’s energy mix and fulfill the country’s climate change commitments , the government’s emphasis will be on renewable forms o energy such as wind, solar and biogas.

Electricity accounts for only 2% of Uganda’s total energy consumption.

Electricity grid is already 99% renewable with only a small amount of oil based generation used in critical situations.

By aligning financial incentives with long-term sustainability objectives, stakeholders believe it is possible to unlock significant private sector investment in renewable energy infrastructure.

The telecom company’s voice revenues rose by 15.1% to UGX 626.7 billion, while data and fintech services saw impressive increases of 28.6% and 23.5%, reaching UGX 373.3 billion and UGX 442.3 billion respectively during the same period.

Overall, MTN Uganda’s service revenue surged by 20.4% to UGX 1.5 trillion, supported by a 14.6% growth in mobile subscriber numbers, which now stands at 20.7 million.

Earnings before interest, tax, depreciation, and amortization (EBITDA) grew by 22.4% to UGX 784.7 billion. In light of this performance, the company has proposed an interim dividend payout of UGX 6.6 per share, equivalent to UGX 147.8 billion, to be paid on September 20.

“MTN Uganda’s performance in the first half of the year continued on a positive trend, supported by the overall momentum in economic growth,” said MTN Uganda CEO Sylvia Mulinge.

“The Ugandan economy grew by 6.0% for the 2023/24 financial year with macro-economic indicators trending favorably in the six-month period.”

Mulinge highlighted the company’s investment of UGX 219.1 billion to enhance the quality, capacity, and resilience of the MTN network, with a focus on 4G and 5G technologies. The 4G LTE population coverage increased to 87.8%, up 4.4 percentage points, while the 5G rollout extended to 538 strategic sites, achieving full coverage of the capital, Kampala.

“Our 2G and 3G population coverage also rose to 98.9% (+0.5pp) and 93.2% (+0.8pp) respectively as we extended connectivity across the country to ensure that all Ugandans enjoy the benefits of a modern connected life,” she said.

In the fintech space, Mulinge noted that MTN’s investment in the past six months was geared towards advancing the ecosystem with a focus on enhancing appreciation of its advanced services and expanding core services.

“During Q1, we addressed our customers’ credit requirements by establishing a comprehensive loan suite, Wesotinge, in partnership with five financial institutions to meet both short and long-term liquidity needs,” she said. The company also introduced a short-term credit facility, Merchant Xtra Stock, and increased the number of cash points for agent top-ups to reduce float gaps, resulting in a 25.2% year-on-year increase in transaction volumes to 2.0 billion.

Looking ahead, Chief Finance Officer, Andrew Bugembe reaffirmed the company’s medium-term guidance framework of delivering mid-teen service revenue growth, maintaining stable EBITDA margins above 50%, and keeping capital expenditure (excluding leases) intensity at mid-teen levels.

“Leveraging on our network investment, we commit to deliver reliable and affordable voice and data services to empower our loyal customer base,” he said.

“To sustain our commercial momentum in the second half, we will continue to partner, innovate, and provide solutions to meet an ever-evolving market as technology advances.”

Bugembe said investments, particularly in 5G and 4G LTE, should enhance customer experience and sustain the momentum achieved.

Richard Yego, Managing Director of MTN Mobile Money Uganda Ltd, MTN Uganda’s fintech arm, said the company would continue to focus on enhancing liquidity requirements for its merchants and agents as well as solutions for the customers to encourage cashless transactions

He said the Bank of Uganda’s directive for mandatory verification of customers conducting mobile money transactions above UGX. 1 Million has not negatively impacted the fintech services.

A handful of domestic companies operated alongside a few foreign firms.

The general populace had limited awareness of insurance products, which were seen as luxuries rather than necessities. However, in the face of economic challenges and political upheaval, the need for financial security began to dawn on the Ugandan people.

In the late 1980s, following years of turmoil, Uganda embarked on a path of recovery. The government, under President Yoweri Museveni, implemented economic reforms that opened up the market and encouraged private sector growth.

This shift marked the beginning of a more robust insurance sector building trust and awareness into the 1990s, a new wave of insurance firms emerged, both local and international.  Companies like NIKO Insurance and Uganda Insurance Company began educating the public about the benefits of insurance.

They launched campaigns that not only highlighted products like life, health, and property insurance but also emphasized the importance of risk management in everyday life. Innovative community programs began to take root.

For example, micro-insurance initiatives targeted rural farmers, providing them with affordable policies to protect against crop failures, pests, and natural disasters. This grassroots approach was critical in building trust among Ugandans who had been skeptical of financial products.

Regulatory backbone as the industry expanded, so did the need for regulation. In 1996, the Insurance Regulatory Authority (IRA) was established to oversee the sector, ensuring consumer protection and fostering a competitive environment.

Under its watchful eye, the quality of services improved, and compliance with global best practices became a priority.

The IRA also initiated measures to promote insurance literacy, launching public awareness campaigns through schools and community programs. Slowly but surely, the perception of insurance began to change—from an obscure financial apparatus to an essential safety net.

Embracing technology the 2000s brought with them a technological revolution. The advent of mobile phones and digital banking transformed not just the insurance landscape but the entire economy.

Insurance companies began leveraging technology to reach a broader audience. Digital platforms allowed for the introduction of mobile insurance products making it easier for individuals to acquire policies directly from their phones.

For instance, the introduction of mobile-based micro insurance by companies like Bima and MTN’s Mobile Insurance was a game changer. It provided accessible options for low-income earners, allowing them to secure coverage without the need for complex forms or lengthy procedures.

Responding to Challenges as Uganda’s economy diversified and urbanized, the insurance sector faced new challenges. The rise in road traffic accidents and natural disasters such as floods in Kampala underscored the need for comprehensive coverage.

In response, insurers developed tailor-made policies and increased investments in technology for data analytics to better assess risks. Moreover, the COVID-19 pandemic in 2020 further tested the resilience of the sector.

Insurers quickly adapted to the crisis, launching health-related products and sanitary measures while maintaining an uninterrupted service through digital platforms. This adaptability played a crucial role in sustaining customer confidence during uncertain times.

The Future Ahead Today, the insurance industry in Uganda is thriving, with an array of products catering to various demographics, from individual health plans to corporate insurance solutions.

The penetration rate, which hovered around 0.8% in the early 2000s, has steadily risen, reflecting a growing understanding of the value of insurance.

As Uganda continues to develop, the industry is poised for exponential growth. Local companies are exploring new realms of coverage, such as environmental and cyber insurance, in line with global trends.

Moreover, collaborations with fintech companies promise to streamline claims processes and enhance customer experiences.

The growth of Uganda’s insurance industry is a story of resilience, innovation, and transformation. From its humble beginnings to a sector recognized for its vital role in economic stability, it has come a long way.

As Ugandans embrace the culture of risk management, the future of insurance in Uganda shines bright, holding the promise of greater security and peace of mind for all its citizens.