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Tag: Anne Juuko

  • Standard Bank Group Appoints Anne Juuko to new role as Global Markets Head for East Africa

    Standard Bank Group Appoints Anne Juuko to new role as Global Markets Head for East Africa

    She will oversee seven countries including Uganda, Kenya, and Tanzania

    New appointment effective April 1, 2024

    Hailed for successfully leading bank through tough operating environment

    Kampala: The Standard Bank Group has appointed Stanbic Bank Uganda Chief Executive Anne Juuko to a new leadership role as Global Markets Regional Head-East Africa.

    The appointment is effective 1 April 2024. A successor will be announced in due course.

    Kayode Solola, the Standard Bank Group Executive Head for Global Markets—Africa Regions said, “I congratulate Anne on this skyward deployment within the Group Africa Regions Global Markets leadership where she will oversee seven markets including Uganda, Kenya, Tanzania, DR Congo, South Sudan, Malawi, and Zambia.”

    Damoni Kitabire, the Board Chairman for Stanbic Bank Uganda said, “We thank Anne and her colleagues in senior management for the collaboration and leading their respective teams to considerable success and delivering for both our customers and shareholders.”
    Patrick Mweheire, the Standard Bank Group Regional Chief Executive for East Africa said, “I congratulate and welcome Anne to the East Africa region—an important growth vector in the Group’s business strategy. I am confident that she will succeed in her new mandate—steering the respective country teams to deliver satisfactorily on the set revenue, profitability, and sustainability goals, given her expertise, market networks, and leadership experience.”

    Anne is not new to Global Markets banking having joined the Standard Bank Group twelve years ago as Head of Global Markets for Stanbic Bank Uganda, before moving on to serve as Head of Corporate and Investment Banking Namibia, until 2020 when she was appointed Chief Executive.

    Management record
    She succeeded Patrick Mweheire to become the first female Chief Executive of Uganda’s largest commercial lender in 2020 and is lauded for sustaining the bank’s profitability through some of the most challenging operating environments including two years of the global COVID-19 pandemic.

    Under her, the bank posted strong prosperity announcing a profit after tax of UGX 365 in 2022, up from UGX 242bn in her first year 2020. Performance results for 2023 are set to be released later this month.

    The Bank also registered considerable success in enabling access to affordable credit for smallholder farmer groups with the launch in 2021 of the SACCO financing and capacity building programme which has since enrolled over 6000 groups with a combined membership of 1.8 million people and deposits of over UGX 200 billion.
    Collectively, the bank has lent over UGX 80 billion at 10% annual interest to SACCO groups which has indirectly benefited nearly 10 million Ugandans, with support from partners such as Abi Trust, Operation Wealth Creation. It also played a critical part in enabling the implementation of the government of Uganda’s led Parish Development Model.
    In 2022, Stanbic Bank in partnership with the International Finance Corporation (IFC) launched Stanbic4Her, a special interest vehicle for capacity building and markets development designed to support access to affordable credit by women led local enterprises in Uganda.

    Through Stanbic4Her, Stanbic has enrolled 19 000 women entrepreneurs of which 14 000 were new to bank and had disbursed over UGX 60 billion in deposits to women led businesses at an annual interest rate of 15.5% as well as extending financial literacy training to over 54,000 women.

    Beyond banking, Anne will, among others, be remembered for championing maternal and neonatal health having launched the Corporate Society for Safe Motherhood alongside other private sector actors, in partnership with the Ministry of Health. Nearly 100, 000 women have benefited from the effort since 2021.

    During her time, the bank also invested in FlexiPay, a digital wallet that enables access to financial services without necessarily having a bank account. The digital channel has seen tremendous growth moving from 390, 000 wallets in 2022 to over 850, 000—nearly a million as of last year.

    Anne Juuko holds a Bachelor of Commerce degree from Makerere University and a master’s degree in strategic planning from the Herriot Watt Business School in Edinburgh, Scotland.

  • Pictorial: Africa Laughs returns with Comedic Masterpiece

    Pictorial: Africa Laughs returns with Comedic Masterpiece

    The Africa Laughs comedy show made a grand return for its sixth edition, which took place on Friday 28th October at the Kololo Ceremonial Grounds sponsored by Uganda Waragi – a product of Uganda Breweries Limited (UBL).

    The show featured performances from some of Uganda’s most talented comedians like Agnes Akite, Dr. Hillary Okello, Ronnie McVex, Ehma Napoleon, Madrat and Chiko and others.

    Patrick “Salvado” Idringi – the founder of the show in Uganda – began his set by inviting Bebe Cool to join him and the two performed the classic “Fire Anthem’ by the East African Bashment Crew, and also took a moment to acknowledge and appreciate his father, who was present in the audience – for supporting his journey into comedy.

    The show also featured performances from several African comedians – beginning with Q-Ndube from Zimbabwe, who sent the crowd into uncontrolled laughter with his experience of being offered a “nyanya mbizzi” rolex on the Uganda Airlines flight into the country – thinking it was a watch as opposed to a delicacy.

    Kenya’s Eric Omondi, South Africa’s Celeste Ntuli and the legendary Loyiso Gola also ensured premium laughter during their sets – which had the crowd in stitches for hours.

    The show was attended by the cream of Uganda’s corporate world, including Japheth Kato – Board Chair of Stanbic Bank Uganda and UBL, Jimmy Mugerwa – Dfcu Bank Board Chair and a member of the East African Breweries Ltd board of directors, Anne Juuko – CEO of Stanbic Bank Uganda, Andrew Kilonzo – UBL MD, Stephen Asiimwe – Executive Director of the Private Sector Foundation Uganda and others.

    The show’s sponsors – Uganda Waragi – also delivered a supreme VIP experience, featuring a cocktail bar manned by professional mixologists and a lounge area designed in line with the brand’s coconut and pineapple flavours.

    Hillary Baguma, UBL’s Brand Manager Mainstream Spirits said, “Ugandans are inherently happy people who always see the lighter side of things, and as the spirit of Uganda, Uganda Waragi was proud to be part of Africa Laughs because it was the perfect opportunity for us to further demonstrate this jovial reality through Ugandan comedy.”

    The brand recently announced its sponsorship of Ugandan comedy through several comedy shows that will run across the country for the foreseeable future.

    Baguma added that Uganda Waragi exists to celebrate all the things that make us proud to be Ugandan and is proud of its support towards growing and empowering comedy in Uganda.

    The evening featured live musical performances from Janzi Band, Ykee Benda, Fik Fameica and Azawi.

  • Pictures: Stanbic Bank bids farewell to Executive Head for Consumer & Affluent Banking, Sam Mwogeza

    Pictures: Stanbic Bank bids farewell to Executive Head for Consumer & Affluent Banking, Sam Mwogeza

    It was an emotive affair—one that confirms the saying that ‘goodbye is the saddest word’ as Stanbic Bank Uganda bid farewell, last Friday, to their decorated Executive Head for Consumer and Affluent Banking, Sam Mwogeza, who is leaving after 12 illustrious years with the lender.

    Mwogeza who joined Stanbic Bank, a member of the Standard Bank Group, in 2010, served in different senior managerial roles before being appointed Chief Finance Officer in 2015 until he switched roles in March 2021, becoming Executive Head for Consumer and Affluent Banking.
    In 2019, Mwogeza was awarded CPA of the Year at the Accountancy Service Awards (ASA) in recognition of his role in founding the Accountants Convention at Stanbic Bank, a platform which provides the opportunity for accounting students and members to discuss the latest updates in accountancy and excellence in financial reporting at Stanbic Bank.
    Under his leadership as Executive Head for Consumer and Affluent Banking, the bank won the 2021 and 2022 Platinum Consumer Choice Awards in ‘best commercial and development bank’ category.
    Ride of a lifetimeSpeaking at the farewell party organised by the Bank in his honour, Mwogeza said, “My time at Stanbic has been a ride of a lifetime and I am grateful to everyone who has made it such a worthwhile experience.
    The fantastic leadership of the various Chief Executives over the years, including our current leader, Anne (Juuko), the teams I worked with in different capacities, the entire staff community and our customers, it was an honour working with all of you.”
    In her farewell remarks, Chief Executive Anne Juuko said, “at Stanbic, we say that once a blue, always a blue—Sam is leaving but he will always be a dear member of our blue family and the fruits of his work which was fully dedicated to creating value for our customers and shareholders will always be remembered and honoured by the Bank. On behalf of everyone, I wish you good luck and success in your next undertaking.”
    Mwogeza has not revealed his next career move but reliable sources say he is taking a break from banking but we shall keep you posted.
  • Stanbic PMI: No jobs as input costs soared in June

    Stanbic PMI: No jobs as input costs soared in June

    Key findings

     Further increases in output and new orders

    Staffing levels decrease

    Input costs continue to rise

    Kampala: The Stanbic Headline Purchasing Managers’ Index (PMI) dropped to 50.9 in June, from 51.5 in May on account of further deterioration of business conditions in the Ugandan private sector.

    Readings above 50.0 signal an improvement in business conditions on the previous month, while readings below 50.0 show a deterioration.

    David Kamugisha, the Head of Trading, Global Markets at Stanbic Bank said, “The end of the second quarter saw a further improvement in business conditions in the Ugandan private sector, with output, new orders and purchasing all continuing to rise. However, employment decreased, while ongoing inflationary pressures featured prominently in the latest survey.”

    Anne Juuko, Stanbic Bank Uganda CEO

    Respondents to the June survey mentioned that price pressures had led new business to wane. In both cases, construction bucked the wider trend and posted declines.

    Ferishka Bharuth, Economist – Africa Regions said, “firms responded to higher new orders by raising purchasing activity, with inventories also up. On the other hand, employment decreased, thereby ending a five-month sequence of job creation.”

    Meanwhile, suppliers continued to speed up deliveries, with lead times shortening for the eleventh month running in June. The survey also noted a persistent increase in input costs with higher prices for electricity, fuel, and water all widely mentioned by respondents.

    Purchase costs were driven higher by rises in price for a range of items such as cement, food products and stationery, while firms also increased staff pay in response to higher living costs—with input prices up, companies also increased their selling prices. Charges were up across all five broad sectors covered.

    Looking ahead, around 72% of respondents expressed optimism about the second half of the year on account expected increases in customer numbers and improving demand.

    The PMI is a composite index, calculated as a weighted average of five individual sub-components including; New Orders (30%), Output (25%), Employment (20%), Suppliers’ Delivery Times (15%) and Stocks of Purchases (10%).PMI, which is sponsored by Stanbic Bank and produced by S&P Global, has been conducted since June 2016 and covers the agriculture, industry, construction, wholesale and retail and service sectors.

  • Stanbic Uganda Profits up 11% to Ugx269b in 2021

    Stanbic Uganda Profits up 11% to Ugx269b in 2021

    Highlights for 2021

    Profit-after-Tax for Stanbic Uganda Holdings Limited (SUHL) representing five subsidiaries rose 11% to Ushs269bn from Ushs242bn in 2020

    SUHL’s anchor subsidiary, Stanbic Bank Uganda posted Ushs275billion in profit after tax from Ushs243bn in 2020, largely driven by growth in trading revenue.

    Loans and advances grew to UGX 3.7 trillion from UGX 3.6 trillion in 2020

    Customer deposits increased from UGX 5.4 trillion (2020) to UGX 5.7 trillion

    Stanbic Uganda Holdings Limited (SUHL) has announced it grew its net profits by 11% in 2021 to earn Ushs.269billion from Ush.242bn in 2020, driven mainly by strong growth in non-interest income earned by mostly Stanbic Bank Uganda Limited, its anchor subsidiary.

    Other subsidiaries of SUHL include SBG Securities Uganda Limited, Stanbic Business Incubator, Stanbic Properties Limited, and FlyHub Uganda; however, these are largely new companies still in their formative stages to support the bank serve its customers beyond offering traditional financial services.

    According to the financial results released today, Stanbic Bank Uganda net profits in 2021 increased to Ushs275bn from the Ushs.243bn registered the previous year, largely driven by growth in trading income.

    Non-interest revenue reported a strong growth of 19.0% seeing earnings of Ushs401billion from UGX 341billion the previous year.

    Much of the growth in the non-interest revenue was attributed to trading income which increased to Ushs233.7bn from Ushs177.3bn the previous year.

    Net interest income for the year grew marginally by 1.5% to Ushs498bn from UGX490bn the previous year attributed to slow growth in customer loans and lower margins as the country underwent a second lockdown in the middle of 2021.

    The low economic activity in the year under review also informed low appetite in credit which saw marginal growth in the loan book to Ushs3.7trillion from Ushs3.6trillion the previous year but maintained a 23.3% market share.

    The bank said lending was guided by the need to avail credit to sectors that are critical to driving growth such as trading and manufacturing.

    According to statistics released today, the bank lent Ushs290 billion to the trade sector, which is the second highest employer in Uganda, Ushs225 billion to household lending, Ushs223bn to building and construction, Ushs218 billion to manufacturing and Ushs150bn to agriculture–the highest employer in Uganda.

    Customer deposit grow

    Customer deposits grew by 5% from UGX 5.4 trillion to UGX 5.7 trillion in 2021, attributed to sustained customer brand loyalty and service experience through offering financial solutions that are appropriate for their needs.

    Stanbic’s financial positioned remained strong in 2021 with the capital adequacy ratio, which measures the ability of a bank to meet its obligations by comparing its capital to its assets, improving from 18% to 21.9%, a rise of 3.9 percent compared to 2020.

    Resilient through the pandemic “As was the case in the previous year, 2021 was equally challenging especially during the first three quarters when the COVID-19 pandemic worsened, forcing the economy into another lengthy lockdown that affected several business activities across the country including our own. Notwithstanding these headwinds, Stanbic managed to post resilient results albeit slower growth in some areas. Our performance remains largely driven by the Bank, but we are confident in the other subsidiaries to registering good return on investment,” said Andrew Mashanda, Chief Executive SUHL.

    Anne Juuko, the Stanbic Bank Uganda Chief Executive said the business focused on sustained management of asset quality through proactive engagement of customers, restructuring loan repayments, and waiving or suspending interest repayment on loans by client businesses in sectors such as education that were most hit by the impact of covid-19 pandemic.

    As a result of this, non-performing loans dropped to 4.6% from 4.7% (IFRS 9 standards) the previous year and saw the provision for the same, reduce to Ushs70 billion from Ushs92 billion in 2020.

    “The economy is now fully open after nearly two years of slow activity due to the pandemic—we are upbeat and ready to support full economic recovery. We shall continue to innovate for the customer and avail digitally disbursed affordable credit through bespoke products for women, youth, farmers and our corporate customers,” said Juuko.

    On dividends, SUHL shareholders will have to wait until a change in stance by Bank of Uganda which in April 2020, put in place enhanced guidelines for all Supervised Financial Institutions, in relation to discretionary payments, including dividends, for purposes of capital preservation.

    “The proposed dividends for 2020 remain under review by Bank of Uganda, the results of which will inform the 2021 dividend recommendation of the Directors,” Juuko added.

  • Stanbic Bank partners with MoH to support COVID-19 hit health workers

    Stanbic Bank partners with MoH to support COVID-19 hit health workers

    Kampala: Stanbic Bank has signed a partnership with the Ministry of Health which will see the bank offer a range of low interest loans to government health workers across the country.

    The loans range from personal unsecured salary loans to secured loans, mortgages, vehicle and asset financing loans (VAF), said Anne Juuko, Stanbic Bank Chief Executive at the launch of the partnership event held at the Ministry of Health Headquarters in Kampala on Oct.18.

    Health workers (government) will be entitled to open an everyday banking account which attracts no monthly charges. However, workers with existing and different accounts in the bank shall have the option to change their accounts to the everyday banking account at no cost.

    The bank will charge zero/ no arrangement/processing fees for all health workers seeking to top up or take new loans with Stanbic Bank.

    Juuko said, the lending rate for all government health workers will be the bank’s prime lending minus 0.5% or 15.5% p.a. on reducing balance.The bank’s prime lending rate is currently at 16%, but can be subject to change in line with prevailing market conditions.This rate will apply to all health workers wishing to top up their existing loans or new clients/health workers who wish to take new loans or transfer their loans to Stanbic Bank.

    People who qualify for the loans include employees of the Ministry of Health; employees employed as Government medical/health workers and thoseemployees who have been posted and have reported to a health facility as their duty station.

    Given the continuing impact of the Covid-19 pandemic, the bank through a reputable insurance provider, will also provide hospitalisation support for health workers who might be admitted with the disease.

    The partnership also has offering for insurance which will provide some financial relief for those health workers admitted with Covid-19.

    There will be a daily allowance of up to Ugx200,000 per night for a duration 20 nights, however, this specific offer will last until December 2021.In the unfortunate case of death of the health worker, a funeral cash benefit of up to UGX2,000,000 will be paid to the next of kin to support with the funeral arrangements.

    Another benefit for the health workers from the partnership includes financial literacy training and advisory through the Stanbic Bank Incubator.

    They will undergo customized programmes structured to support their financial journey and achieving financial freedom.The trainings cover several aspects such as how to create wealth, to live and enjoy the wealth reasonably (debt management, managing expenditure) and investment.

    Digital solutionsOnce on board, all health workers would access a wide range of banking services on Stanbic’s various digital platforms to get loans, open accounts or seek help by way of the 24-hour contact centre.

    Flexipay – an integrated merchant and wallet solution – will come in handy to help health workers make payments as well as receive cash at various points across the country using their phones.

    It will also facilitate health workers to send and receive money to and from other Flexipay users at no additional cost.Juuko (Stanbic Bank CE) said, this new proposition is in line with the bank’s commitment to serve Ugandans by supporting individuals who have been most adversely affected by coronavirus pandemic.

    “We firmly believe that this is the first among many milestones we shall and can achieve for the health workers across the country,” Juuko said, “We appreciate the opportunity to serve the health workers who from the very beginning, have been at the forefront of fighting this deadly pandemic.”

    The Permanent Secretary for the Ministry of Health Dr Diana Atwine, applauded the bank for coming up with these subsidized financial service offers for health workers who, she said, have tirelessly been on the frontline to save lives during the pandemic.

  • Private Companies Boost National Effort to Plant 40 Million Trees

    Private Companies Boost National Effort to Plant 40 Million Trees

    Kampala: The Ministry of Water and Environment in partnership with Uganda Breweries Limited, American Tower Corporation (ATC) Uganda, Stanbic Bank Uganda and MTN Foundation has for the second year running announced a Running out of Trees (ROOT) Initiative which targets to plant 40 million trees countrywide. The tree planting drive, targeted at the restoration of the indigenous tree and fruit species across the entire landscapes of Uganda will take place on May 17th on the National Tree Planting Day.

    The Ministry of Water and Environment launched a National Tree Planting Campaign in 2020 built around engaging local stakeholders in attaining national restoration goals with the aim to rally Ugandans into action through increased public awareness and participation, especially the private sector in the conservation and protection of indigenous tree species to address ongoing loss and conversion of primary and secondary natural forest. The campaign approach also involves adopting restoration strategies to fit local social, economic and ecological contexts and a wide range of eligible technical strategies for restoring a mosaic canopy of trees on the national landscape. In addition, we aim at fast tracking national restoration goals and commitments that include but not limited to;

    – The pledge to restore 2.5million hectares of degraded landscapes by 2030 under the Bonn Challenge
    – Vision 2040 aimed at restoring forest cover of total land area to 24%
    – Uganda’s Green Growth Strategy
    – Uganda’s Nationally Determined Contributions to the United Nations Framework Convention on Climate Change
    – The National Biodiversity Strategy and Action Plan.

    According to The Minister of Water and Environment, Sam Cheptoris, 65% of forest degradation takes place on private land and on several occasions the land owners choose land use change from forestry to agriculture, industry or settlement over biodiversity conservation. “Current national deforestation rates stand at 2% annually with an average of 122,000 hectares lost every year yet 6% of the GDP of Uganda and more than 90% of the population depends directly on forest for their energy needs.  It is imperative therefore that we restore these forests faster than they are being degraded by human activity”

    The ROOT Campaign was launched in February 2020 as a 5-year project geared towards soliciting commitments from the private sector to support Government’s initiative to restore forest cover. Last year, the campaign managed to attract the support of various corporate companies who came together and supported financially and also by physically taking part in a relay run that started in Kampala and ended in Gulu. This year, the corporate companies joining Uganda Breweries Limited include, Stanbic Bank Uganda, ATC Uganda and the MTN Foundation.

    Speaking at the launch of this year’s ROOT, Alvin Mbugua, the Managing Director of Uganda Breweries Limited affirmed the company’s continued support to the Ministry of Water and Environment. “The Ministry’s bid to restore forest cover and reduce on the country’s Green House Emissions ties well with UBL’s Spirit of Progress which is our 10-year action plan to help create a more sustainable world. We do this by playing a significant part in preserving the natural resources on which we all depend by regenerating and restoring the landscapes and resources we rely on.” he said.

    Anne Juuko the CEO of Stanbic Bank, another annual sponsor of the event reiterated the importance of the private sector coming together to play a role in this important initiative “Our world is changing and we as corporate companies and our customers are completely dependent on this changing world. It is our shared responsibility as companies who benefit a lot from it, to protect it, to nurture it and as evidenced by the current need, to replenish it. On behalf of all the corporate sponsors, I would like to say that we take this responsibility seriously and that is why every year we do what we can to pitch in to Government efforts on environmental protection”,she said.

    The other main sponsors of the event ATC Uganda attributed their participation in the event to being a key corporate responsibility purpose for the company, saying “The environment is one of ATC’s five core pillars of corporate responsibility. As a key player in the telecommunications industry, we strive to conduct our operations in an environmentally friendly manner. The ROOTS initiative therefore provides a unique platform for us to contribute towards greening our environment and contributing towards the national reforestation effort” concluded CEO Michael Magambo.

    As part of the launch activities this year, the organizers have included a mechanic for the public to participate through a mobile phone app called ROOTs. Using this app, participants will “run” by downloading the app and purchasing a tree seedling at Ush 1,500 each using MTN/Airtel/Africel Mobile Money, Visa or Mastercard. What this means is that the Tree Planting this year will mainly be a virtual exercise where the 40 Million will be achieved through Virtual donations on the day but the actual physical planting of trees will happen over a period of 3 months.

    Between March 21st and the end of May, a team from Tree Adoption Uganda which has been designated by the Ministry will support the planting and mapping the seedlings in the designated bulk planting areas.

    The Running out of Trees initiative is an annual initiative that will be held over a 5-year period to end in 2025 with the planting of over 200 million Trees and sequester an estimated 15million tons of carbon.

  • Stanbic Uganda announces 2020 Half Year Results

    Stanbic Uganda announces 2020 Half Year Results

    Highlights:

    • The Bank recorded Profit After Tax of UGX 127.7 Billion as at June 2020 from UGX 134.1 Billion the previous year, due to the impact of Covid-19 Pandemic on client businesses.
    • Customer deposits grew by UGX 1.1 Trillion a 27.3% year on year growth.
    • Loans and advances increased by UGX 661 billion ,24% year on year

    Stanbic Bank Uganda (SBU) demonstrated resilience during the first half of 2020, despite a difficult operating environment brought on by the Covid-19 pandemic and the resulting global economic downturn.

    Patrick Mweheire, the Chief Executive, Stanbic Uganda Holdings Limited (SUHL) to which SBU is a subsidiary said, “Despite a challenging first half, Stanbic Uganda has demonstrated resilience as highlighted by the first six months performance.  We have also made significant strides towards achieving the strategic objectives as set out in 2018 of creating the opportunity for Stanbic to venture into other non-banking services that would enhance value of products and services provided to our different stakeholders and ultimately increased shareholder value.”

    “Among the key achievements, SUHL successfully established two new subsidiaries: Stanbic Properties Uganda Limited, that will hold and manage the real estate portfolio and Stanbic Business Incubator Limited, which will manage enterprise development on behalf of the holding company and its subsidiaries. This brings the total of subsidiaries under the holding company to three, in addition to the Bank which was its first subsidiary,” he said.

    Speaking to the Bank’s performance as the largest subsidiary of Stanbic Uganda Holdings Ltd, Anne Juuko, Stanbic Bank Uganda’s Chief Executive said, “Stanbic’s performance in this first half has shown the banks resilience and commitment to implementing a robust strategy in the current economic conditions. Customer deposits grew by UGX 1.1 Trillion a 27.3% year on year growth. This growth was enabled by our strong client ecosystem engagement and simplifying client on-boarding. Loans and advances increased by UGX 661 billion, 24% year on year growth registered across our varied client segments on working capital and term financing. We reported Profit After Tax of UGX 127.7 Billion 4.9% down from UGX 134.1 Billion the previous year, due to the impact of Covid-19 Pandemic on client business.

    The first Covid-19 case was reported in Uganda towards the end of March. The government subsequently announced a series of national lockdowns and other counter measures to limit the spread of the disease. The economy was adversely affected by the restrictions on movement and closure of businesses up untilthe end of May when the most recent lockdown was lifted.

    Referring to Stanbic’s response to the situation, Ms. Juuko said, “Amongst our priorities, we offered credit relief programmes to business and personal customers tailored to meet their needs and their businesses are sustained and the impact on the economy is minimised. In addition, we waived all charges on our digital banking platforms so that customers could transact free of charge on our platforms. We also continued to provide banking services and kept 80% of our branches open to ensure our customers had access to our services.”

    She said the Bank kept a promise to lower its prime lending rate (PLR) each time Bank of Uganda lowered its CBR. “We lowered our PLR twice during the period to 16% which is one of the lowest PLRs of all active retail financial institutions in Uganda. Our aim was to ensure our customers can benefit from more affordable lending rates,” Juuko said.

    She added that Stanbic doubled their investment in Corporate Social Responsibility. “We increased our investment in CSI and doubled our spend to provide the much-needed support in communities and to the Government through the provision of Protective Gear and fuel for front line workers complimented by our partnership with the Uganda Bankers Association.” She said

    Looking ahead, Ms Juuko said, “Stanbic will focus its efforts on implementing initiatives to support the recovery of key sectors that were heavily impacted by the pandemic, especially the SME sector.

    Our customers remain our core focus and our ability to reshape our strategy and continue to innovate solutions that meet their needs will be our priority. We are committed to our purpose, to drive Uganda’s growth and continue to take the necessary actions to support our clients and contribute to the growth of Uganda’s economy.

  • Stanbic Bank Uganda unveils New Brand Promise

    Stanbic Bank Uganda unveils New Brand Promise

    Stanbic Bank Uganda has launched a new brand campaign with a fresh, bold and captivating brand promise and pay–offline that aims to deepen connections with clients and reaffirm the bank’s commitment to help clients realise their dreams.

    Launched today, the campaign will run for the next six months and will unpack the Bank’s new aspirations and client solutions which have been customized and speak to the current needs and demands.

    Anne Juuko, Stanbic Bank Uganda CEO

    Explaining the new campaign, Stanbic Bank’s Chief Executive,Anne Juuko said, “This is a new chapter for our brand as we evolve with our customers and walk the journey to help them achieve their dreams. Today’s customers want more than just a service, they are looking for a brand that believes in them, inspires them, and walks with them – a brand that tells them that their hopes and dreams matter. Therefore, Today marks a significant milestone and I am pleased to announce our new brand promise: “Finding New Ways To Make Dreams Possible”.

    “The new age Customer yearns for connection. We want to be the brand that is in sync with what our customers believe and aspire for so that we are a part their journey to help make their dreams possible.” She said.

    Ms. Juuko further announced, “I am also pleased to unveil our new brand payoff line that underpins our aspirations; It Can Be.” It Can Be is about being courageous, innovative, authentic and bold in everything we do. We want to engage with our clients by asking the deep questions and thinking of the unconventional and create unique solutions. It’s also about attitude and having a positive approach to achieving goals as we help our clients realise their vision of a brighter future.

    No more than ever is a critical time for our us to reaffirm how our brand will support our clients through this difficult time. As we go through this period, we want to remain the anchor that uplifts our clients and helps them sustain the future success of businesses.

    Through the new brand campaign, Stanbic Bank will show case its role in creating new opportunities for clients and how it will revolutionise the customer experience by making it different, exceptional and unforgettable. As such the Bank will unpack itsvalues and offerings; Through being people focused, offering smart solutions for entrepreneurship, being at the forefront of useful innovation, doing the right business the right way, partnering with the right people and maintaining a courageous spirit to find new ways to make dreams possible.

  • COVID-19 Business Info Hub: The Small and Medium Enterprise (SME) sector remains the engine of growth for economic development, innovation and wealth creation

    COVID-19 Business Info Hub: The Small and Medium Enterprise (SME) sector remains the engine of growth for economic development, innovation and wealth creation

    By Anne Juuko, the Chief Executive, Stanbic Bank Uganda

    Amongst all the sectors in Uganda, the Small and Medium Enterprise (SME) sector remains the engine of growth for economic development, innovation and wealth creation. In recent reports by the Uganda Investment Authority, SMEs are spread across all sectors with 49% in the service sector, 33% in the commerce and trade, 10% in manufacturing and 8% in other fields.

    An amazing fact is that over 2.5 million people are employed by SMEs in Uganda. They account for approximately 90% of the entire private sector, generating over 80% of manufactured output that contributes 20% of the gross domestic product (GDP).
    However, despite this significant contribution to GDP, SMEs remain constrained by lack of financing, skills, business records, poor corporate governance, limited ability to adhere to terms and conditions of business contracts, and fierce local and international competition. These limitations lead to the high mortality rate of SMEs and limited growth for those that survive.

    Anne Juuko

    With that in mind, Stanbic Bank has been deliberate in its efforts to support the SME’s sector. We continue to put in place key interventions through collaboration with key partners to enable sustainable SME growth and longevity.
    Stanbic’s support in the wake of COVID 19
    The world today is facing a wave of uncertainty and a tough business climate brought about by the Corona Virus pandemic COVID19. As a financial institution at the heart of the economy, we feel these shocks and understand the impact the pandemic is causing not only to your day to day lives, but also your business operations. We are therefore proud to be a part of the COVID-19 Business Info Hub, a one-stop-shop for all the information that you will need to be able to overcome these challenges and see how Stanbic can support you during this time.

    SME loan holidays
    Stanbic is offering relief programmes such as loan holiday packages for business and personal clients as measures against the economic impact caused by the COVID19 global pandemic.
    We are encouraging all our SME customers whose incomes have been impacted as a result of COVID19 to apply for a payment holiday of up to 90 days based on their unique circumstances. We are encouraging our clients to reach out to our business bankers, relationship managers or contact our customer care centre.

    Our Enterprise Banking solution has been uniquely tailored to serve the needs of SME clients in Uganda. We are embarking on a journey to broaden our operating model while building a digital bank for our SME clients. Enterprise Banking speaks to our clients’ real needs and ambitions to grow beyond being small or medium sized businesses.
    Stanbic support to SME development
    Uganda as nation cannot grow without growing the SME’s and supporting their growth and development is a priority for Stanbic Bank.

    Stanbic established a Business Incubator in 2018, aimed to provide training and capacity development for SME’s in Uganda. The trainings are free charge for SME’s and more importantly – you do not have to be a Stanbic client to apply and participate.
    We have also expanded this programme and successfully launched regional incubator centres in Hoima, Mbarara and Gulu in order to avail training and development opportunities to SME’s upcountry.

    Stanbic digital banking platforms
    Stanbic offers Digital solutions for business owners make it possible to bank remotely and our relationship managers are available via phone and email to assist wherever possible.

    For SME Clients:
    Enterprise Online: You can enjoy this free service to manage all your business needs on the go. For more information contact the team at enterprisedirectug@stanbic.com
    Enterprise Direct: This a dedicated call centre, a call away to speak with a business banker for all your business needs. Call us on MTN- 0312 222 660 or Airtel -0200 546 600 or UTL-0417 266 600.
    We remain committed to supporting all our clients during this time. Together let’s take action to ensure we keep each other safe and we shall do all we can to see your businesses thrive now and in the future.
    Thank you.
    Regards,
    Anne Juuko
    Chief Executive, Stanbic Bank Uganda.