What Uganda needs to attain middle income status by 2020

By Thomas Bwire Uganda’s Gross Domestic Product (GDP), in nominal terms, Uganda needs to meet a per capita income threshold of $1,033 to graduate to middle income status by 2020. Bank of Uganda economist Thomas Bwire looks at two key requirements to accelerate income growth in the country. The 2014 population census puts population growth rate at 3.03 per cent per annum and in the last five years, the exchange rate has depreciated at an annual rate of about 10 per cent. Uganda needs to meet a per capita income…

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Bancassurance will benefit Uganda financial sector

By Lydia Kayonde One of the most significant changes in financial services over the past few decades has been the growth and adoption of Bancassurance. While it may sound like a complex word, it is a simple term coined by combining two words, bank and insurance. The sale and distribution of insurance products through banks is becoming more popular and prevalent across the world. Commercial Banks are adopting it because selling insurance products gives them a new and lucrative revenue stream without high new setup costs. Besides, this fee-based income…

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