Finance (523)

NSSF Campaign To Inspire Savings Culture

The National Social Security Fund (NSSF) has launched a savings campaign dubbed “Friends with Benefits” aimed at educating its members and the general public about a savings culture and better usage of benefits. The campaign will run as a TV show programme profiling retired workers who invested or used their NSSF benefits to transform their lives, and those of the communities around them.

Richard Byarugaba, the Managing Director NSSF Uganda, said, the campaign aims at showcasing inspiration success stories from members who have received and used their benefits to change their lives. The programme will also look at how the retirees’ success stories have benefitted the communities they live in so as to motivate existing and potential members to invest in retirement savings.

“Over the last 30 years, NSSF has paid Ushs1.1 trillion to 250,000 members who have claimed their benefits on retirement. This is a significant amount we have put into the economy of Uganda and is in line with the Funds’ commitment to deliver a better life to our members,” Byarugaba said.  

The “Friends with Benefits” campaign we are launching today will bring those stories to life to give hints into various ventures that one can undertake with their benefits packages for a better life.”


Beneficiaries will be required to submit a short real and compelling story (100 words) on how their lives have been transformed as a result of the benefits they received. In addition, relatives and friends can also share stories of beneficiaries they know whose lives have been transformed because they put their benefits to excellent use.

The Top 20 successful stories will be aired in a compelling TV show where winners will be selected through voting by the public.

According to Byarugaba, the campaign will run for a period of 4 months and the winner will be rewarded with shs30 million in prize money. Participants will submit their stories until June 7, 2016 and these shall be vetted by a selected panel of judges that will be announced at a later date. 

The campaign is expected to ignite national conversations about the need for every single Ugandan, regardless of their background or salary level, to save and invest for a better life hence cultivating a savings and investment culture among Ugandans.

Goldstar Insurance Donates To Needy Children


When you walk into Katalemwa Cheshire Home, a facility that has been taking care of disabled children since 1970, your mood changes to sombre.  This sad change of mood is caused by the vicinity of children struggling to live.

Many of these children are born with disabilities while some are disabled by accidents and diseases. Their parents bring them to Katalemwa for correctional therapy and medical rehabilitation. And as it is well documented, Katalemwa is doing a good job however they are strained by their insufficient resources.

Katalemwa receives about 20, 000 children every year brought in from different parts of the country yet the facility is ill equipped. For example it has only 200 beds which means it struggles to host all patients brought in. So they only retain serious cases and other cases are attended to at home.

To continue offering services Katalemwa solicits for funding from donors, corporate organizations and well-wishers. On Tuesday, 12 April, 2016, Goldstar Insurance, one of the leading insurance services providers in Uganda, visited the home and delivered 25 wheelchairs to benefit some of the needy children and adults.

According to Paul Kavuma, the deputy managing director of Goldstar Insurance, the wheelchairs contribution is one of the many activities the insurance company is going to carry out as they celebrate making 20 years in business. Goldstar started operating in Uganda in 1996. And for that matter, they are carrying out a series of CSR activites and give back to community.

Samali Matovu, the executive director of Katalemwa Cheshire Children’s Home acknowledged that the donation will help them rehabilitate children. She lamented that many parents cannot afford to buy equipment for their children hence the need for support from organizations like Goldstar.

“With the new wheelchairs from Goldstar, children will be able to access social services like education because they can now move to school. Mobility had hampered them.” Matovu, who revealed that sustaining the home’s activities is a challenge, said.

Katalemwa offers services like occupational therapy, physiotherapy, counselling, measurement and fitting of assistive devices, construction of therapy equipment at home using locally available raw materials and empowering caregivers with basic rehabilitation skills to children suffering from spina bifida, hydrocephalous, cerebral pulse, intellectual disabilities, and bone deformities among other complications.

Olive Nabiryo, an occupational therapist at the home explained that children go through stages when recovering. She said that many of the children have weak limbs therefore they can support their bodies. “We go through stages, after one stage, we go to another, sometimes the child takes a lot of time to learn a stage. We work with parents and we teach them how to rehabilitate their children. Parents learn from what we do.” She said.

Hussein Lukwago, also an occupational therapist, said that because of weak limbs children cannot control their muscles. But through physiotherapy, these children are taught how to walk, eat, use toilet and move their bodies.

The home also has a playground which is used by children to play and relax. It is fitted with learning materials and play tools. Barbara Namudope, the programmee officer at the home, explained that playing is part of the therapy. The home also has a learning center which according to Berna Namujuzi said is used to teach these children daily living skills that help them to be independent.

Through donations, the home managed to construct their own workshop from where they make eqipments used by the children. From the workshop, they make wheelchairs, standing flames, walkers, CP chairs, crunches, beds, toilelts.

William Semuyamba, an orthopedic technician said sometime they make an equipment according to the need of the patient. “We try to suit the needs of the user.” He said.

Sharifah Nansumba, another orthopedic technician, said they use local material to make these equipments because their suitable for the environment, readily available, easy to repair while the imported equipment are expensive and hard to repair because spare parts are not available.

Total Announces Lukewarm Q3 2015 Dividends


Oil and gas exploration giants Total SA has said it will offer an interim dividend of €0.61 per share to its shareholders for the third quarter of 2015. A board of directors meeting that sat on March 15, 2016 said the dividend will be available in cash or in discounted new shares.  

The share price for the new shares is set by the Board of Directors at €36.24. This price is the minimum price set by the fourth resolution at the Ordinary General Meeting of May 29, 2015.

This price is equal to the average opening price on the Euronext Paris for the twenty trading days preceding March 15, 2016, reduced by the amount of the interim dividend, with a 10% discount, rounded up to the nearest cent.

Shares issued in this way will carry immediate dividend rights and will accordingly give the right to any distribution decided from the date they are issued. An application will be made to admit the new shares for trading on the Euronext Paris market.

The ex-dividend date for the third quarter 2015 interim dividend is set for March 21, 2016. The period for exercising the option will begin on March 21, 2016, and will end on April 4, 2016, both dates inclusive. The option may be exercised on request with authorized financial brokers.  

For Total’s American Depositary Shares (ADS), the ex-dividend date for the third quarter 2015 interim dividend is set for March 16, 2016. The period for exercising the option will begin on March 21, 2016, and will end on March 30, 2016, both dates inclusive. The option may be exercised on request with authorized financial brokers.

Any shareholder who does not exercise this option within the specified time period will receive the whole of the interim dividend due to them in cash. The date for the payment in cash is set for April 12, 2016.  

For shareholders who elect to receive the third quarter 2015 interim dividend in shares, the date for the delivery of shares is set for April 12, 2016. For Total’s American Depositary Receipts, the delivery of ADSs is set for April 19, 2016.

If the amount of the third quarter 2015 interim dividend for which the option of payment in shares is exercised does not correspond to a whole number of shares, the shareholder will receive the number of shares immediately below, plus a balancing cash adjustment.


Crane Bank Supports Masaka Nursing Home


Crane Bank donated an assortment of medical supplies to Tender Hands Nursing Home in Lukaya, Masaka district. This philanthropic venture came as part of Crane Bank’s corporate social responsibilities activities.

The bank has held similar CSR activities like the Free Eye Screening and treatment for everyone, blood donation campaigns, Save The Environment drive by planting trees with the Indian High commission, sponsorship of the KCCA Carnival, school fees sponsorship, supporting the Fistula Repair Program with Nakasero Hospital, and sponsorships of various marathons among others.

Tender Hands Nursing Home is a registered Non-Governmental Health Project and offers nursing services to all the People who have illness in Lukaya Town Council and its neighboring villages. Tender Hands Nursing Home has an in-Patient and out-Patient Clinic.

Mrs. Juliet Nakidde, the director of the nursing home said, "We are always looking to extend medical and clinical facilities in the Masaka region; especially towards pregnant women.”

Crane Bank also exercises its corporate responsibility beyond its core business. More than 10,000 people benefit from the different initiatives as part of its commitment to society.

“Agriculture Financing”, the bank's education program, has reached over 500 schools countrywide. Over 5,000 people have benefited from the bank's financial literacy programs. Out of Uganda’s 112 districts, Crane Bank has a direct outreach to 70 districts through 23 upcountry branches. They range from microfinance to impact investments and aim to promote entrepreneurship, improve people's local environment and help people in emergency situations.

Crane Bank commenced operations in August 1995 and survived the banking crisis of the late 1990s to become the largest indigenous bank in country today. The bank now boosts of 46 branches across the country.

Crane Bank provides a full range of financial products and services, each tailored to meet the individual needs of its customers, through its nationwide branches and ATMs spread across Uganda and a subsidiary, Crane Bank in Rwanda.

Crane Bank has won several awards including the prestigious “The Best Bank Uganda” of Euro money and “Banker of the Year” award from The Banker Magazine, publication of the Financial Times for the 9th time in 10 years. Crane Bank has won the “Deutsch Bank USD STP Award” four times in a row.

Simba Energy Raises $2.1 Million To Fund Exploration In Kenya


Simba Energy Inc., a listed oil and gas exploration junior, has closed its previously announced non-brokered private placement to raise gross proceeds of $2.1m. 

 The Company issued 42,014,975 units at a price of $0.05 per Unit, each Unit consisting of one share and one-half of one warrant, with each whole warrant entitling the holder to purchase one Warrant Share at an exercise price of $0.075 per Warrant Share for a period of two years.

The Company plans to use the proceeds of the Private Placement to fund exploration commitments associated with the Company’s Production Sharing Contracts in Kenya, and general working capital purposes.

All securities issued pursuant to the Private Placement are subject to a four month hold period expiring on May 22, 2016. Simba Energy Inc. provides investors with well positioned exposure to oil and gas exploration in key areas of Africa with active onshore production sharing contracts in Kenya and Guinea.

The Company is under continuing negotiation in Chad, Liberia and Ghana to acquire more production sharing contracts. Simba’s mission is to focus on onshore oil and gas potential in areas that are under-developed or not previously exploited.


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