How much of the profits do banks reinvest in the economy? Which bank is the most efficient? Why would banks making profits suddenly go belly up? The summitBI® Banking Report 2019 (summitBIR19) (based on the published FY 2018 annual reports by banks as required by section 26 of the Financial Institutions Act, 2016 provides answers to all these questions. The report reflects that international banks control more than 75% of the banking sector, thereby exposing the economy to high risks of capital flight. This risk manifests in terms of increased dependency on foreign service providers for services that would otherwise be available locally at lower costs. In Uganda, the top 10 banks (of…
Why you must get a copy of the “How to get on the board book”…
Are you too good to be great? “You will be the same person 5 years from now except for two things: the books you read and the people you meet.” Who said that powerful statement? When it comes to leadership, which books are you reading? Get a copy of Mustapha B Mugisa’s new book on corporate governance and transform. The book provides practical insights for your career and leadership growth. In the next paragraph, find a review of the book by Paul Busharizi, as published on Amazon, How-Board-Become-Fantastic-Director-ebook, to appreciate the what value you could be missing. “Starting a business is a challenge in itself but believe it or not that is the easy…
IDEA vs ACL (Galvanise) vs Teammate + Audit Analytics: which one?
In today’s VUCA (volatile, uncertain, complex and ambiguous) world driven by the Internet of Things, Robotics, Artificial Intelligence, Machine Learning, and BigData, you need a powerful solution to gain real-time insights to stay ahead of your business. So, which data analytics tools should you invest in and why? By the time you read the last paragraph of this article, you will have information to make the right choice, save money by investing in the right audit and financial data analytics tool. Who needs analytics? Anyone with responsibilities for decision making. To be competitive, all staff at the manager level and above need data analytics to access real-time insights based on the actual data…
BUBU: From talking to action
Policy brief (SC/o1/19) 1. Issue IN A BID TO GROW THE LOCAL content and empower local service providers, the Government of Uganda developed the Buy Uganda, Build Uganda (BUBU) Policy. This policy encourages all organizations operating in Uganda to prioritize local service providers. However, many Ministries, Directorates, and Agencies (MDAs) source and pay for services directly to foreign companies. This practice not only leads to loss of the much needed foreign exchange without any benefit to the local economy, but it also exposes GOU to national security risks specifically cyber risks. The current approach to ‘Open International Bidding’ procurements is strategically unsustainable, exploitative and risky. 1.2 How other countries support local content We…
The Power of Customer Service
As you read this the News of The World (NoW) tabloid is dead. It ‘died’ on 10th July 2011. Ironically, on its last print day, it sold seven million copies. After 168 years of print, the World’s most popular tabloid just folded up on the cusp of a potentially debilitating phone-hacking scandal. The gory details of this scandal are just emerging, but for 168 years, NoW played the part of chief malice cheerleader. With no regard to its readers and the wider society, Rupert Murdoch’s News Corp. International made money while it mocked the rest of the world. And the disease is contagious because the Sunday Times, another publication in the Murdoch stable…
What it takes to become a professional accountant
There are few professions that give one a latitude to excel at different jobs. Accountancy is one of them. A master at numbers and a bedrock of key decision making across the business, there are few fulfilling career options like becoming a professional accountant. You would be right to call me an accidental accountant. Limited career guidance during our secondary school times meant that we drifted our aspirations to professions that were common in our rural communities. When you were sick, you would go to the doctor or nurse at the local dispensary. When the bicycle broke down, you took it to the mechanic. When you needed to repair the leaking roof, the…
