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KAMPALA, UGANDA —Chairman of the MTN Uganda Board, Charles Mbiire, has urged banks to optimize opportunities in the informal sector, identifying it as key to economic growth.
Speaking at NCBA Bank’s customer appreciation dinner at the Kampala Serena Hotel, Mbiire drew from MTN’s experience as the largest taxpayer in Uganda, sharing how the telecom giant succeeded by recognizing the informal economy’s potential.
“When MTN was starting, we convinced South Africa to bring a base station here, despite initial resistance based on World Bank and IMF figures at the time. We reminded them that the Ugandan economy is 70% informal. On the first day, we registered more customers than anticipated for five years,” Mbiire said.
“The informal sector represents a substantial, yet largely untapped market that could significantly enhance financial inclusion and economic wellbeing for millions of Ugandans,” he added.
Mbiire advised banks to invest in projects that empower people to increase their income and well-being, urging stronger collaboration between banks and telecoms. “Technology empowers us to become a global network. Telecoms are progressively becoming banks, and banks are progressively becoming telecoms. We are not optimizing that advantage and instead overlapping their duplicated functions,” he noted.
“With advancements in Artificial Intelligence, we need to optimize the opportunities presented by telecoms,” he emphasized.
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Mark Muyobo, CEO of NCBA Uganda, expressed gratitude to customers for their continued support and trust. “We are deeply thankful for your continued support and trust. We eagerly anticipate achieving even greater milestones together,” he said.
The NCBA Group executive team from Kenya, led by Group Managing Director John Gachora, attended the event. Gachora expressed appreciation for clients’ support, stating, “Our customers are the bedrock of our operations, and this evening serves as a testament to their loyalty, resilience, and trust in our services.”
![left to right) Joseline Kateeba and Gladys Kavuma Independent Non-Executive Directors at NCBA Bank Uganda.](https://i0.wp.com/www.pmldaily.com/wp-content/uploads/2024/05/IMG-20240529-WA0148.jpg?resize=1080%2C720&ssl=1)
NCBA Bank reported a net profit of UGX27 billion in 2023, marking a significant 17% increase from the previous year’s performance. This growth was supported by a surge in customer deposits, which rose to UGX567 billion from UGX491 billion in the preceding year.