The United States dollar funds were allegedly stolen from the office of Counsel Roberts Fridays Kagoro, while the Ugandan currency was reportedly stolen from the office of his co-managing partner, Counsel Frederick Jeremiah Muwema. Bizarrely, whereas fifteen police officers were present during the impugned exercise, the firm underscores that they did not bother to stop the violence, chaos and, criminal acts and impunity witnessed on that black day.

Instead, the police reportedly actively and directly participated in the commission of those crimes, benefitted from them, and supported, as well as encouraged on their alleged partners in crime.  The law firm explains that a lawyer company called Downtown Investments and its director, Puresh Kumar Ratital Mehta were the principal masterminds of the entire chaos.

They ostensibly acted alongside their lawyers, Rukia Adam, Ahmed Bongo and Fredrick Byatokoreire who are heavily blamed for reportedly abandoning their legal decorum to join armed goons in causing untold havoc, despite being officers of court and vanguards of due process.

Joining this park, the aggrieved law adds, was a security company known as A1 Security Systems. Together with the rest of the actors they allegedly ransacked the premises and dragged to the waiting get-away trucks confidential clients’ files, title documents and, valuable office equipment estimated at close to Ushs200 million.

The plaintiff emphasizes that whereas the actors concealed the impugned operation as merely a re-entry by the Downtown Investments, it was an illegal eviction conducted against the backdrop of a subsisting and ongoing court case. That original case had been filed by the company and it’s directors through their aforementioned lawyers, and it was intended to resolve the tenant-landlord lease-and-buy agreement status quo after the company claimed the tenant( Muwema and Company Advocates) had breached the contract and failed to pay rent.

The law illuminates that the security company was not legally permitted to participate in the operation – let alone considering it’s illegality- and yet the police and Downtown Investments lawyers supposedly simply looked on and just encouraged them as they reportedly broke all of the laws with reckless impunity. For the presumed illegal activities and negligence of the police officers present at the illegal operation, the law firm has joined the learned Attorney General  to the lawsuit to atone for their rogueness and unprofessionalism, crimes, and illegalities in damages.

In a recap, the law firm – now comfortably settled in the leafy Upper Nakasero part of Kampala Capital City- want all of the cited defendants to foot the cost with Ushs12 billion, excluding the legal fees to be quantified following the conclusion of the lawsuit. The defendants are legally expected to file their respective defenses within 15 days of being served with the necessary court process in regards to this lawsuit. We shall keep you posted about all of the breaking developments related to this matter.  Stay well and take care.

Speaking during a farewell engagement with members of the media, Kasi reflected on a journey that has seen Centenary Bank evolve from a largely branch-based institution serving around 850,000 customers into Uganda’s largest commercial bank by customer numbers, serving more than 3.4 million Ugandans.

The occasion was not only a moment of reflection, but also a celebration of succession and institutional continuity.”We are here to celebrate succession because what is most important is not the change of leaders, but rather the continuation of the vision of the institution,” Kasi said. “The bank is here to stay.”

Leadership

His remarks reflected a leadership philosophy that has consistently placed the institution ahead of the individual. Throughout his tenure, the focus remained on building a resilient organization capable of delivering value to customers, communities and the wider economy for generations to come.

When Kasi assumed office in 2010, Centenary Bank operated 37 branches, managed a loan portfolio of approximately UGX 400 billion and served about 850,000 customers. Today, the bank boasts 81 branches across Uganda, more than 9,000 agent banking points and a customer base exceeding 3.4 million people.

The growth has been equally evident in the bank’s financial performance. Customer deposits have grown from approximately UGX 700 billion to over UGX 5.2 trillion, while the loan book has expanded to more than UGX 4.1 trillion. Total assets now exceed UGX 8.6 trillion, while profit after tax reached UGX 424.2 billion in 2025. These figures position Centenary Bank among the most significant financial institutions in the country.

Asked to describe his leadership journey in three words, Kasi chose growth, transformation and impact.

Those words are reflected not only in the bank’s financial results, but also in the deliberate investments made to modernize service delivery and expand access to financial services.”When I joined, the bank was mainly known for long queues,” he recalled.

Addressing that challenge became one of the defining priorities of his leadership. Under his stewardship, Centenary Bank invested heavily in technology and alternative banking channels, enabling customers to access services through mobile banking, internet banking, agency banking and digital platforms.

Growth

Today, agent banking accounts for 49% of all transactions processed by the bank, significantly reducing geographical and cost barriers for customers across the country. The institution’s footprint now stretches from major urban centres to some of Uganda’s most remote communities.

Despite the remarkable growth in numbers, Kasi remains most proud of something less tangible.”The only commodity we sell is trust,” he said. For him, trust has been both the foundation and the measure of success.

The confidence entrusted to Centenary Bank by millions of customers is reflected in the growth of deposits, the expansion of lending and the enduring partnerships forged with government, development agencies, community organizations and private sector stakeholders over the years.

That trust has enabled the bank to deepen its impact among Uganda’s underserved populations. By the close of 2025, more than 2.39 million customers, representing 77.6% of the bank’s customer base, belonged to underserved communities. Through its Mission Critical Portfolio, the bank has extended access to finance for smallholder farmers, women entrepreneurs, youth, refugees and rural businesses across Uganda.

In 2025 alone, the bank supported more than 58,500 smallholder farmers, served over 122,800 microfinance clients and disbursed 118,766 loans to women entrepreneurs. Its agriculture and MSME portfolio has grown to UGX 1.76 trillion, reinforcing Centenary Bank’s position as a key partner in Uganda’s economic development agenda.

Beyond the numbers, Kasi believes leadership is ultimately about people.

One of the greatest lessons from leading a workforce of more than 3,400 employees has been understanding how to inspire, support and lead people from different backgrounds and generations.”It is important to understand people, we have staff from different generations, including the Gen Z, so you must know how to handle everyone accordingly, ” he noted, reflecting on one of the most significant leadership challenges he encountered during his tenure.

That understanding helped shape a leadership approach centered on inclusion, empowerment and shared purpose.

As he left office, Kasi’s advice to young professionals remained grounded in competence and continuous learning. “Be competent, be result-oriented and know what you are talking about,” he said. “Be able to create solutions and give value.”He encouraged young people to embrace curiosity and humility, noting that effective leaders do not have all the answers but must be willing to learn from those around them.

For Centenary Bank, the next chapter will be written by a new generation of leaders. For Fabian Kasi, the legacy is already visible in the institution he leaves behind, stronger, larger and more impactful than when he first walked through its doors sixteen years ago.

It is a legacy built on growth, transformation and impact, but above all, on trust.

Established in 2013 with support from GIZ, the training facility has evolved into a centre of excellence for skills development within the Corporation, currently operating 11 active faculties that provide vocational training and capacity development for staff across various disciplines.

Speaking at a recent event, the NWSC Senior Manager for Training and Capacity Development, Ms Joyce Bakiire, said the inspection comes at a critical time following reforms in Uganda’s vocational training landscape.

“Last year, the Directorate of Industrial Training merged with the Uganda Business and Technical Examinations Board (UBTEB) to form the Uganda Vocational Training and Technical Assessment Board (UVTAB). This transition necessitated the updating of our institutional profile and alignment with the requirements of the new governing body,” she explained.

During the inspection, the TVET team conducted an extensive assessment of the institution’s infrastructure, governance systems and operational capacity. NWSC presented detailed documentation covering institutional governance, training facilities, staff qualifications, proposed training programmes, financial sustainability, strategic partnerships and internal policies.

The Corporation also demonstrated the availability of training materials, equipment, workshop facilities and established training arrangements aimed at ensuring quality vocational education and skills development.

Leading the inspection team from TVET, Eng. Irene Grace Nabagala commended NWSC for the progress made in developing its training infrastructure and institutional systems. During the exit meeting, she encouraged the Corporation to address the remaining requirements ahead of the set deadline of 24 June 2026.

Upon successful accreditation, NWSC will receive a full operating licence from the Uganda Vocational Training and Technical Assessment Board, enabling the Corporation to further strengthen its role as a provider of high-quality vocational skills training.

The accreditation also comes at a time when NWSC is enhancing its Training and Capacity Development (TCD) function. Effective 1 July 2026, vocational skills training operations will be managed under the NWSC Kampala Water, while assessment functions will remain centralised at the Gaba training facility.

Looking ahead, the Corporation plans to establish additional training centres across its regions to expand access to vocational skills development. Staff trainers will also undergo certification by the relevant examining and curriculum-designing bodies to ensure they are fully qualified to deliver industry-standard vocational training programmes.

The move underscores NWSC’s commitment to investing in human capital development and building a highly skilled workforce capable of supporting the Corporation’s long-term strategic objectives and delivering sustainable water and sanitation services across Uganda.

This growth has been built on strong governance, prudent risk and financial management, customer trust and a clear mission of serving communities across Uganda especially the underserved.

Byekwaso’s appointment reflects the bank’s commitment to continuity, institutional stability and sustainable growth. Having served within the Centenary family since 2012, he brings deep institutional knowledge, proven leadership experience and a strong understanding of the bank’s mission, purpose, culture and strategic priorities.

During his tenure as General Manager Finance and Chief Financial Officer, he played a central role in strengthening the bank’s financial performance, operational resilience and growth strategy. He worked closely with the executive leadership team during a period when the bank expanded its national footprint, strengthened digital banking services and consolidated its position as Uganda’s leading microfinance and retail bank.

In April 2023, Byekwaso was appointed as the Deputy Managing Director, Centenary Bank Malawi following the Group’s acquisition there; the first cross border expansion by a Ugandan bank. He was later in October 2024 elevated to Managing Director where he led the bank through a turnaround to profitability.

His return to Uganda therefore comes with valuable regional experience, broader strategic exposure and tested leadership credentials that position him well to guide Centenary Bank Uganda into the next phase of growth.

One of the most significant aspects of this transition is the long-standing relationship between Kasi and Byekwaso. The two leaders first worked together at FINCA Uganda before reuniting at Centenary Bank. This long-standing professional relationship has helped shape a shared commitment to financial discipline, customer-centric service, innovation and institutional excellence. As a result, the transition has been seamless, preserving the values and strategic focus that have defined the bank’s success over the years.

Byekwaso is recipient of several industry accolades, including the Finance Transformation Award (2018), Strategy Execution Award (2019) and CFO of the Year (2020) at the ACCA Uganda CFO Awards. He holds a Master of Business Administration (Finance) and a Bachelor of Commerce (Accounting) from Makerere University and a Fellow of the Association of Chartered Certified Accountants (FCCA) and a Member of the Institute of Certified Public Accountants of Uganda (ICPAU).

He has served on several Boards and governance committees, including as: Board Member and Chairperson of the Operations Committee, Bankers Association of Malawi, Board Member, National Switch of Malawi, Chairperson of the Audit Committee, Inter-University Council for East Africa, Chairman of the Board, St. Lucia Namagooma Secondary School, Member of the Finance and Investment Committees of the Archdiocese of Lilongwe.

In addition to his executive banking career, he is a Partner at DATIVA & Associates Certified Public Accountants, providing quality assurance, audit, financial review and strategic advisory services.

Beyond the boardroom, Byekwaso is a passionate advocate for ethical leadership and community development, having served on numerous corporate, professional and faith-based boards across the region.

He has provided leadership in professional and community organizations, serving as: Pioneer President, CEO Apprenticeship Program Alumni Association, Pioneer Chairman, Uganda Bankers CFO Forum, District Treasurer, Rotary District 9213 and he is a past President, Rotary Club of Kiwatule.

The story of Centenary Bank over the decades has largely been defined by consistent growth, prudent management and an unwavering focus on financial inclusion. The transition from Fabian Kasi to Godfrey Byekwaso is designed to ensure that that story continues. In many ways, the moment represents not an end of an era, but the evolution of one.

As the Bank enters this new chapter, customers, shareholders, partners, regulators, and staff can remain confident in the institution’s strategic direction, operational strength and long-term commitment to transforming lives through inclusive and innovative financial solutions especially in rural areas sustainably.

Any person who purchases, has purchased, acquired, uses, or occupies any of the above-mentioned land has acted, or is acting, unlawfully and has committed or is committing an offence. Such a person will be taken to the courts of law to face legal proceedings and shall not acquire or claim any valid ownership rights over that land. It has come to our attention that some persons have been fraudulently selling off land. Any such purchase is illegal and invalid.

All concerned persons are hereby notified and warned.

The FY 2026/27 budget is sized at Shs84.391 trillion. It must be noted that just months ago, the Budget Framework Paper had projected it to be sized at Shs69.399 trillion. The figure was later revised upwards to Shs78.2 trillion in February before being increased further to its current size. This budget is quite expansionary by anyone’s benchmark and begs to wonder how genuine government’s fiscal consolidation agenda really is. Nevertheless, the budget has both some hits and some misses. I will start by highlighting what I think are its positive aspects.

The recent economic performance and outlook are positive. The economy is doing well, growing at 6.4% and nominal GDP is estimated to increase to USD $69.3 billion. The projected GDP growth of 10.2% in FY 2026/27 is good, however, might be overly ambitious. This is considering the conflict in the Middle East which has resulted in significantly higher global oil and prices, coupled with the recent Ebola outbreak which has been a public relations and communications crisis for the country, negatively impacting our tourism sector and economic activity in general.

This is irrespective of whether commercial oil production commences during this period, which will almost certainly strengthen economic growth.

Under its FY 2026/27 financing strategy, government plans on expanding alternative sources of financing, including Public-Private Partnerships, venture capital, innovative instruments such as SUKUK, and listing of commercially viable public enterprises on the stock exchange. If implemented, this will go a long way in reducing the pressure from government’s traditional funding sources such as government securities (treasury bills & treasury bonds), which could lead to lower interest rates in these instruments and have a knock-on effect on interest rates in the economy as a whole.

It could simultaneously deepen our financial and capital markets by expanding the fixed income instrument menu and diversifying the investor pool as well as increasing the counters on the Uganda Securities Exchange (USE), which hasn’t had an Initial Public Offering (IPO) in years. Capital markets can provide a platform to raise large-scale, long-term capital, a necessity if government is to achieve its Tenfold Growth Strategy.

I now want to highlight some of the misses in the FY 2026/27 budget. On top of the list is percentage of the budget that debt servicing is going to consume. At Shs33.4 trillion, this is 39.6% of the total budget, a massive increase from Shs27.5 trillion in the current fiscal year. Of this total amount, interest payments alone equate to Shs12.35 trillion. Interest payments as a percentage of government revenues are 26.87%, up from roughly 25% in the current fiscal year. So, this means that for every Shs1,000 that government earns, Shs269 goes towards paying interest on loans.

This is a worrying trend, as these statistics present a more realistic picture about how sustainable our national debt is, rather than the more commonly referenced debt to GDP ratio, now at a reported 53%.

Under the new tax policy measures, government has introduced a 5% withholding tax on interest payments made by Ugandan companies to foreign financial institutions whom they have borrowed from. This is a major “own goal” for several reasons. It will either discourage capital inflows or increase the cost of doing business, or both. Financial institutions such as commercial banks are the largest recipients of such foreign funding, most of which is used for on lending to Ugandan companies and individuals. Financial institutions are likely to reduce such borrowings because of the additional costs or pass on these costs to these customers, making borrowing more expensive.

It must be noted that these capital inflows have played a part in the stability of the Uganda Shilling, as they are typically disbursed in foreign currency.

When it comes to the budget allocations, the amounts provided for the Tourism Sector and Mineral development, Mining, Oil and Gas, are relatively small, considering they are key pillars of government’s “ATMS” Tenfold Growth Strategy.

Tourism receipts increased to USD $1.86 billion in 2025, putting it in the top 3 net-foreign exchange earner for the country. However, it is only with a more intentional approach that the sector will grow, as it has the potential to be the top foreign exchange earner for the country. Uganda is naturally endowed but adequate funding, focus and promotion is what will help it will realize its full Tourism potential. This is over and above the “enablers” that government has put in place.

When you analyze the amount allocated to Mineral development, Mining, Oil and Gas, most of it goes towards oil and gas. And yet Uganda’s mineral potential far exceeds its oil and gas sector potential, being blessed with deposits of precious metals, iron ore, rare earth elements, uranium, base metals, 3Ts and industrial minerals. Mining is capital-intensive, so it is imperative that government allocates enough funding for geo-data generation, exploration and development.

Lastly, I want to highlight our general budget planning and the consistent use of supplementary budgets. Supplementary budgets are not merely financial adjustments. They are a test of how credible the original budget was, how well government institutions planned for predictable obligations, and whether additional resources are resolving avoidable planning gaps.

History shows that they repeatedly cater for predictable expenditures such as wages and institutional arrears. Further to this, the associated additional funding requirements for supplementary budgets also contribute to the constant increase in domestic borrowing. Which now raises the issue around the domestic borrowing target that is articulated in the budget, as it has always been exceeded in the past several years.

As an example, the current fiscal year’s domestic borrowing target is Shs11.38 trillion, but by the end of April 2026, government had already borrowed Shs13.38 trillion. It is estimated that by the end of this fiscal year the domestic borrowing outturn could potentially be upwards of Shs15 trillion. Again, this speaks directly to budget planning.

The writer Benoni Okwenje is the General Manager Financial Markets, Centenary Bank. He is also the Chairman Treasurers’ Forum, Uganda Bankers Association.

The digital wallet marks another important milestone in the Bank’s digital transformation journey reflecting its continued commitment to delivering innovative solutions that respond to the evolving needs of customers and communities across Uganda. GonzaPay is open to everyone, regardless of whether they have a Centenary Bank account or not.

Speaking at the launch, Joseph Balikuddembe, Executive Director Business at Centenary Bank, said the platform reflects the Bank’s vision of creating inclusive financial solutions that empower individuals, businesses, and communities.

He said, “As a bank, we are actively pursuing a SMART Bank transformation. Our trajectory involves transitioning from traditional, branch-heavy banking to a digitally led model that leverages technology to enhance customer experience, financial inclusion, and operational efficiency, particularly for rural and underserved customers.”

According to data from the Bank of Uganda, the value of electronic money transactions rose by 28% in 2025, increasing from $75 billion (UGX 285.9 trillion) to $100.3 billion (UGX 366 trillion). Additionally, the volume of transactions grew by 17.3%, reaching a total of 9.1 billion transactions. This is an indication of the high adoption of financial digital services, with customers today expecting financial services that are accessible, convenient, and available wherever they are.

Despite significant progress in financial inclusion, many Ugandans continue to face barriers when accessing financial services. Rural populations often incur transport costs to make transactions. Business owners and informal traders largely operate in cash, limiting access to financial records that can support future borrowing and business growth. Cash transactions also present security risks and create inefficiencies for individuals and organizations alike.

Gonza Pay has been developed to address these challenges by providing a simple, secure, and accessible digital platform that enables users to transact conveniently from wherever they are.During his remarks at the launch, Dr. Tumubweine Twinemanzi, Executive Director National Payments Systems, representing Prof. Augustus Nuwagaba, the Deputy Governor of the Bank of Uganda highlighted the importance of innovations in realizing economic development.

He said, “By providing a digital wallet that supports convenient payments and financial transactions, Centenary Bank is contributing to the broader national agenda of increasing access to digital financial services and accelerating participation in the formal economy.” He added that “Using technology creates value when it improves convenience, enhances efficiency, strengthens trust, and expands economic opportunity.”

The platform is expected to create value for a wide range of users, including salaried individuals, entrepreneurs, informal traders, farmers, savings groups, and community organizations. The wallet also provides a secure alternative to carrying physical cash, helping users safeguard their money while maintaining immediate access to funds when needed.

As Uganda continues to embrace digital solutions across sectors, digital wallets are playing an increasingly important role in expanding financial inclusion, improving transaction efficiency, and supporting economic participation. Through Gonza Pay, Centenary Bank is helping bridge gaps in access while enabling more individuals and businesses to participate confidently in the formal digital economy.

The launch builds on Centenary Bank’s long-standing mission of transforming lives through inclusive and sustainable financial services. By combining technology, accessibility, and customer-centred innovation, the Bank continues to create solutions that respond to the realities of modern banking and support the country’s social and economic development goals.

Customers can download Gonza Pay from major app stores or dial USSD *211#, and begin transacting immediately.

Beatrice Lugalambi

General Manager Corporate Communications and Marketing, Centenary Bank,

P.O BOX 1892 Kampala, UGANDA

Tel: 0800200555/0800335344/0317202002

Email: [email protected] 

Website: www.centenarybank.co.ug     

The project, which has a production capacity of 4,000 cubic metres of water per day, is expected to significantly improve access to clean and safe water in Kalungu District and surrounding areas that have long faced supply challenges.In a statement, NWSC said its teams are implementing critical interventions to ensure water reaches households and businesses.

“Following the successful completion of the new 4,000m³/day Kalungu Water Supply Project, our teams are currently implementing several key interventions to evacuate and distribute water to the community,” the utility said.The corporation added that ongoing works are aimed at strengthening the distribution system and enhancing the reliability of water services across the district.

“We are working diligently to finalise these works and significantly improve water supply reliability to Kalungu and the surrounding areas,” NWSC said.The development forms part of NWSC’s broader investment programme to expand access to potable water and support socio-economic growth in fast-growing urban and rural centres across Uganda. Uganda Business Directory“NWSC remains committed to delivering clean, safe water for all in every area of operation,” the corporation added.

Once the remaining distribution infrastructure is completed, the project is expected to boost water coverage, reduce dependence on unsafe water sources and improve public health outcomes in Kalungu and neighbouring communities.

The latest Performance of the Economy Report released by the Ministry of Finance, Planning and Economic Development paints the picture of an economy that is expanding steadily, supported by strong consumer demand, improving business confidence and resilient private sector activity. While challenges remain, particularly in energy costs and the depreciation of the Uganda Shilling, the overall macroeconomic outlook remains positive.

BUSINESSES CONTINUE TO EXPAND

One of the strongest indicators of economic health remains the Purchasing Managers’ Index (PMI), which stood at 54.1 in May 2026. Any reading above the 50-point mark signals expansion in business activity, while anything below indicates contraction.

Although the May reading was slightly lower than previous months, it remained comfortably above the threshold, suggesting that businesses continued to experience higher output, stronger sales and improved operating conditions.The sustained expansion reflects growing domestic demand, increased customer orders and continued recovery across sectors including manufacturing, construction, trade and services.

High-frequency indicators such as the PMI are closely watched because they provide one of the earliest signals about the direction of the economy before official GDP figures are released. The latest figures suggest Uganda’s economy remains on a solid growth trajectory.

BUSINESS CONFIDENCE CLIMBS

Equally encouraging was the improvement in business sentiment. The Business Tendency Index (BTI), which measures expectations among businesses about future economic conditions, rose to 56.7 in May from 55.2 in April.The increase suggests that firms are becoming more optimistic about sales, investment opportunities and profitability in the coming months.

According to the report, the optimism was largely driven by robust consumer demand, indicating that household spending continues to support economic activity despite modest increases in living costs.

Strong business confidence often translates into increased investment, job creation and expansion plans, all of which contribute to sustained economic growth.The continued improvement in both the PMI and BTI indicates that Uganda’s private sector remains confident in the country’s economic prospects.

INFLATION REMAINS UNDER CONTROL

While inflation edged upwards during May, economists are unlikely to view the increase as alarming. Annual headline inflation rose to 3.2 percent from 3.0 percent recorded in April.The increase was primarily attributed to higher transport costs and rising energy prices following increases in domestic fuel prices.

Fuel costs affect almost every sector of the economy. Transporting goods becomes more expensive, production costs increase and businesses often pass part of these costs on to consumers.However, despite the increase, inflation remains significantly below the government’s medium-term target of 5 percent.

Maintaining inflation within the target range is important because it preserves consumers’ purchasing power while providing a stable environment for businesses to invest and plan ahead.The relatively low inflation rate also gives monetary authorities greater flexibility should additional economic support become necessary.

FUEL PRICES REFLECT GLOBAL PRESSURES

The increase in fuel prices was not caused solely by domestic factors. According to the report, continued geopolitical tensions in the Middle East contributed to higher international energy prices and increased freight costs.

As Uganda imports all its petroleum products, international oil market developments quickly affect domestic pump prices. The result has been increased transport costs, which in turn contributed to the modest rise in inflation during May. The current average domestic pump price is Shs6,500 reflecting a sharp rise from Shs4,000 early in the year.

This demonstrates how external shocks continue to influence Uganda’s economy despite its improving domestic fundamentals.

UGANDA SHILLING WEAKENS SLIGHTLY

The Uganda Shilling experienced a modest depreciation during May.The average exchange rate moved from Shs3,716.70 per US dollar in April to Shs3,764.11 in May, representing a depreciation of approximately 1.3 percent.

According to the Ministry of Finance, the weakening was mainly driven by increased demand for dollars from importers paying for higher fuel imports and rising freight charges.

Demand for foreign currency generally rises when import costs increase. Although a weaker shilling raises the cost of imported goods, it can also make Uganda’s exports more competitive in international markets by making them relatively cheaper for foreign buyers. The depreciation remains relatively modest compared to the exchange rate volatility experienced by many emerging economies over the past year.

STRONG DOMESTIC DEMAND DRIVING GROWTH

Perhaps the most encouraging feature of the report is that domestic demand continues to underpin economic expansion.Consumers continue spending, businesses continue investing and firms remain optimistic about future growth. The resilience of domestic consumption has become an increasingly important source of stability amid uncertainty in global markets.

The government’s broader economic assessments released earlier this year projected economic growth of around 6.6 percent, supported by strong performance in agriculture, industry and services, together with rising export earnings and continued inflows from tourism, remittances and foreign direct investment.

CHALLENGES STILL LIE AHEAD

Despite the encouraging indicators, several risks remain. Global geopolitical tensions continue to threaten international energy markets, meaning fuel prices could remain elevated for longer.Higher transport and logistics costs may continue feeding into inflation if international crude oil prices remain high.

Currency pressures could also persist should import demand continue rising faster than export earnings. Businesses are equally watching global interest rates, international trade developments and commodity prices, all of which have the potential to influence Uganda’s economic outlook.

OVERALL ASSESSMENT

Taken together, the May 2026 Performance of the Economy Report presents a cautiously optimistic picture.Economic activity continues expanding, business confidence remains strong and inflation is still well below the government’s target despite temporary increases in fuel-related costs.

The modest depreciation of the Uganda Shilling reflects external pressures rather than fundamental weaknesses within the domestic economy.For policymakers, the challenge will be sustaining growth while managing imported inflation and shielding the economy from global shocks.

If domestic demand remains robust, inflation stays contained and businesses maintain their current level of optimism, Uganda appears well positioned to maintain one of the stronger growth performances in the region.The latest data therefore suggests an economy that remains resilient—growing steadily, adapting to external challenges and continuing to build momentum despite an uncertain global environment.

When pricing matters

Affordability begins with timing. In Uganda, income is rarely predictable or evenly distributed. Consumers earn and spend in cycles, which means rigid monthly commitments can feel inaccessible even when the total cost is reasonable.

Flexible timing models make a critical difference. Weekly subscriptions, pay-as-you-go options, or staggered payment structures allow customers to align spending with cash flow. This transforms affordability from a fixed price point into something more practical: a product that fits the rhythm of everyday life.

If pricing does not match when people can pay, it will not feel affordable, regardless of how low it is.

Where pricing matters

Affordability is also determined by access. It is not just about how much something costs, but how easily a customer can pay for and use it.

In Uganda, mobile money has fundamentally changed this equation. By embedding payments into platforms that people already trust and use daily, brands remove friction and expand reach across income segments. Affordability, in this context, becomes a distribution advantage.

Products feel more accessible and therefore more affordable when they meet customers where they already are. Brands that fail to integrate into these ecosystems often remain out of reach, even if their pricing is competitive.

How affordability works

Affordability is ultimately experienced through interaction. Flexibility plays a central role: the ability to upgrade or downgrade, control usage, or pause and resume services gives customers a sense of control.These are not just operational features; they are signals of empathy. They show that a brand understands the realities customers face.

Equally important is perceived value. Consumers are not looking for the cheapest option; they are looking for the option that makes the most sense. Strong brands position themselves as attainable without appearing compromised.

The experience around a product also defines its affordability. Transparent pricing, simple onboarding, and consistent service reinforce value. By contrast, hidden fees, complexity, or unreliability quickly erode it.

How long affordability matters

Affordability must be sustained over time. Short-term price cuts can drive uptake, but they rarely build lasting relationships. In fact, constant discounting weakens brand positioning and trains customers to delay purchases in anticipation of promotions.

True affordability is designed into the product and its delivery. It ensures that customers can continue to engage without strain, while the brand maintains its value and viability.The goal is not just to attract customers through affordability, but to retain them through consistent, dependable value.

Beyond price cuts

Price reductions alone are not a strategy. Affordability is a system one that must align timing, access, experience and sustainability.

Brands that get this right do more than lower barriers to entry. They expand participation, build loyalty, and remain relevant in a dynamic market.

Affordability, then, is not about being the cheapest option. It is about being the most practical and meaningful choice in the lives of consumers.

The writer is the Head of Marketing at MultiChoice Uganda.

By Colin Asiimwe