IOC announces Worldwide Olympic Partnership with TCL

Feb 23, 2025

The International Olympic Committee (IOC) has announced a Worldwide Olympic Partnership with global technology company TCL through to 2032.

TCL will be the official Worldwide Olympic and Paralympic Partner in the Home Audiovisual Equipment and Home Appliances category.

TCL products will drive new experiences for fans and athletes, from digital displays at the Olympic and Paralympic to household appliances in the Olympic Village.

Through this new partnership, the organisations will also work together to bring the magic of the Olympic and Paralympic to billions of fans around the world through innovative marketing campaigns.

TCL will play an important role as the IOC progresses its Olympic AI Agenda – including supporting fan and athlete experiences on site and at home.

TCL will also support the “Athlete Moments” initiative at the Olympic Games, which allows athletes to connect with loved ones around the world immediately after their competition.

As a result of the agreement, the IOC will redistribute the revenue it receives to provide financial support to sports organisations around the world, including every National Olympic Committee and their athletes, plus the Organising Committees for the Olympic Games and Youth Olympic Games until 2032.

At an announcement ceremony held in Beijing, China, in the iconic “Water Cube” (Beijing 2008) “Ice Cube” (Beijing 2022) venue, IOC President Thomas Bach said: “The IOC is excited to announce its new partnership with TCL, a world leader in the television and household goods industries. TCL has a long history of supporting sport around the world, and is now taking its ambition to inspire greatness to new heights, as the Olympic Games are the greatest, most inspirational global sporting stage.”

Li Dongsheng, Founder and Chairman of TCL, said: “We are honoured to become a Worldwide Olympic and Paralympic Partner. As a leading global technology brand, TCL has always striven to ‘Inspire Greatness’, which aligns with the Olympic spirit.”

“The Olympic Games inspire billions of people around the world, and through this partnership TCL’s diverse innovations will empower the Olympic Games and deliver exceptional experiences to a global audience. TCL will continue to fulfil its corporate social responsibility, support the Olympic sustainable development goals, and create a better future.”

TCL has supported sports around the world for decades through multiple partnerships. At the Olympic and Paralympic, TCL will enable new visual and lifestyle experiences by providing a range of intelligent innovations, including smart displays, air conditioners, refrigerators, washing machines, door locks, audio systems, projectors and TCL RayNeo smart glasses.

Founded in 1981, TCL is committed to “Building a Sustainable and Connected Future with Advanced Technology”, dedicated to empowering a smart, healthy lifestyle by enabling next-generation intelligent experiences. With 46 R&D centres and 38 manufacturing bases around the world, TCL operates in over 160 countries and regions, cementing its position as a globally competitive technology brand.

Jiří Kejval, Chair of the IOC Revenues and Commercial Partnerships Commission, said: “TCL is a global leader in its industry and is one of the world’s fastest growing brands.

The TOP Programme continues to offer the world’s leading brands and marketeers an unparalleled marketing platform built on the global reach and values of the Olympic Games. Testament to this is today’s announcement, as we bring TCL to the family of TOP Partners.”

xAI Unveils Grok-3 With Advanced Reasoning Capabilities

Davis Kawalya

Feb 18, 2025

Elon Musk’s artificial intelligence company, xAI, has introduced Grok-3, its latest AI model designed with advanced reasoning capabilities. According to the company, Grok-3 has more than ten times the compute power of its predecessor and outperforms competing models such as OpenAI’s GPT-4o, Google’s Gemini, and DeepSeek’s V3 in early testing.

One of the key updates in Grok-3 is the introduction of enhanced reasoning, a feature aimed at improving the chatbot’s ability to handle complex queries. By breaking down tasks into smaller steps and self-evaluating its responses, the model aims to provide more accurate and reliable answers.

New Features: Big Brain Mode and Deep Search

The model introduces two distinct reasoning modes for different types of queries. The “Think” mode allows users to see Grok’s reasoning process as it formulates responses, while “Big Brain” mode is designed for more computationally demanding tasks that require deeper analysis.

Alongside these reasoning updates, xAI is launching a new AI-powered search engine called Deep Search. The company describes it as a next-generation approach to online search, potentially positioning Grok-3 as a competitor to traditional search engines such as Google.

Subscription Plans and Pricing Changes

Grok-3’s new reasoning capabilities will be available through the Grok app for subscribers to X Premium Plus, which now costs $40 per month following a recent price increase. This marks the second price adjustment in two months, up from $22 in December.

xAI is also introducing a new premium tier called SuperGrok, priced at $30 per month. This plan will offer early access to the most advanced AI features, though it remains unclear whether the cost is in addition to the X Premium Plus subscription.

Challenges and Future Developments

Despite its advancements, previous versions of Grok have faced criticism for spreading election misinformation and having fewer content safeguards than competing AI models. While Musk has described Grok-3 as a “maximally truth-seeking AI,” companies such as OpenAI and Google have been working on similar truth-seeking models while maintaining more structured safety measures.

Looking ahead, xAI plans to introduce a synthesized voice feature for Grok, similar to OpenAI’s Advanced Voice Mode in ChatGPT. The company has also announced that Grok-2 will be made open source in the coming months, signaling a push for greater transparency in AI development.

With the launch of Grok-3, xAI continues to position itself as a major player in the generative AI landscape. Whether its enhanced reasoning capabilities and AI search functionality can set it apart from competitors remains to be seen.

Adobe Introduces Firefly AI Subscription Plans to Expand Generative AI Offerings

Doryn Crystal

Feb 12, 2025

Adobe is doubling down on its generative AI ambitions with the launch of new Firefly AI subscription plans, providing users with direct access to its image, vector, and video-generating models. This marks the company’s most aggressive push yet to monetize Firefly, which has already seen widespread adoption among creative professionals.

The new service is hosted on a redesigned Firefly webpage, firefly.adobe.com, where users can experiment with Adobe’s AI models. Notably, the company has introduced Firefly’s AI-powered video model, now available in public beta on the Firefly site and within the Premiere Pro Beta app.

Flexible Subscription Tiers

Adobe’s new subscription model includes three pricing plans, catering to different levels of creative demand:

• Standard Plan ($9.99/month): Users receive unlimited AI image and vector generation, plus access to Adobe’s AI video model. This plan includes 2,000 credits, allowing for the creation of approximately 20 five-second AI videos.

• Pro Plan ($29.99/month): Offers more robust features, with enough credits to generate 70 AI videos per month.

• Premium Plan (Pricing TBA): Designed for high-volume creators, this tier supports up to 500 AI video generations per month.

Subscribers can also link Firefly plans to their existing Adobe Creative Cloud accounts for seamless integration across Photoshop, Express, and other Adobe applications.

Firefly AI vs. The Competition

Firefly’s new AI video model competes directly with other generative video platforms, including OpenAI’s Sora, Runway’s Gen-3 Alpha, and Google DeepMind’s Veo. However, Adobe is positioning Firefly as a “commercially safe” alternative, emphasizing that its AI models were trained on licensed content free from brand logos or NSFW material.

“We think the key differentiator for us is that we’re the only IP-friendly, commercially safe video model,” said Alexandru Costin, Adobe’s VP of Generative AI, in an interview with TechCrunch. “We want to differentiate with a deep understanding of customer problems.”

Innovative Features for Creatives

Adobe is tailoring its AI tools to solve real-world problems for creative professionals. One standout feature is Generative Extend, which allows users to seamlessly extend a video clip—both visually and aurally—by a few seconds, a practical enhancement for content editors.

Additionally, Adobe is developing an AI-powered pre-production tool that will help creatives align their visions by generating rough sketches of scenes. This feature, still in development, aims to streamline the early stages of video production.

Navigating the AI Landscape

Despite its advancements, Adobe faces a delicate balancing act. While Firefly AI unlocks new creative possibilities, many long-time professionals in the industry remain wary of generative AI’s impact on their careers. Some fear AI-powered automation could replace human-driven creativity rather than enhance it.

Nevertheless, Adobe remains steadfast in its vision for AI-powered content creation. With Firefly’s new subscription model, the company is betting that its commitment to ethical AI training and practical creative tools will win over professionals looking for a commercially viable AI solution.

COMESA Launches Investigation into MTN’s Mobile Money Practices in Uganda

Brian Code

Feb 6, 2025

The Common Market for Eastern and Southern Africa (COMESA) Competition Commission has announced the commencement of an investigation into MTN Group, focusing on its mobile money operations in Uganda. The probe centers on allegations of misleading and unconscionable practices related to MTN’s International Money Transfer (IMT) services, potentially violating key articles of the COMESA Competition Regulations.

The investigation follows preliminary findings suggesting that MTN Mobile Money Uganda Limited, a subsidiary of the MTN Group, may be engaging in practices that harm consumers. Specifically, the Commission is examining claims that the displayed amounts for International Money Transfer transactions differ from the actual amounts sent, that sender details are being withheld from recipients, and that information regarding intermediaries and the sharing of consumer data with them is not being adequately disclosed.

Articles 27 and 28 of the COMESA Competition Regulations, which prohibit misleading or false representations and unconscionable conduct respectively, form the basis of the investigation. The Commission’s notice emphasizes that these alleged practices are considered serious breaches as they deprive consumers of crucial information needed to make informed financial decisions.

While the investigation is underway, the COMESA Competition Commission stressed that the initiation of the inquiry does not automatically imply that MTN has engaged in unfair practices or violated regulations. It is a preliminary step to gather evidence and assess the validity of the allegations.

The Commission is now calling for stakeholders, including affected consumers, to submit any relevant information or representations they may have by February 28, 2025. This call for evidence underscores the Commission’s commitment to a thorough and transparent investigation. Interested parties can contact Mr. Steven Kamukama, Director of Consumer Welfare and Advocacy Division, at the provided contact details for inquiries or submissions. The Commission has assured that all information received will be treated with strict confidentiality and used solely for the purposes of this investigation.

This investigation is a significant development in COMESA’s ongoing efforts to ensure fair competition and protect consumer rights within the region’s rapidly evolving digital financial landscape. The outcome of the investigation could have far-reaching implications for the mobile money sector and its regulatory framework. We will continue to monitor this developing story and provide updates as they become available.

Empowering Farmers with Digital Skills: A Transformative Training Initiative

Davis Kawalya

Feb 5, 2025

The recently concluded five-day Digital Skills Training for Farmers, organized by Eight Tech in collaboration with the Uganda Communications Commission (UCC), has left a lasting impact on farming communities across four districts—Ntungamo, Ngora, Kyenjojo, and Isingiro. This initiative is aimed to equip farmers with essential digital tools and knowledge to enhance agricultural productivity, improve market access, and use technology for business growth.

Day 1: Launching the Training in Four Districts

Ngora District: Hosted at Kobwin Seed Secondary School, the session attracted 100 participants, including three persons with disabilities. The primary focus was on online marketing, accessing agricultural services via the internet, and utilizing technology to identify quality seeds and pesticides.
Isingiro District: At the Town Council Hall, 88 participants engaged in discussions on online privacy, smartphone usage, and network connectivity challenges. Many attendees shared success stories of how digital tools had helped solve agricultural problems, such as pest control.
Ntungamo District: At Future Star Nursery & Primary School, 76 farmers explored strategies to combat pests, navigate climate change, and mitigate market fluctuations.

Participants across all locations were encouraged to complete the full five-day training to maximize their learning experience and practical application.

Day 2: Expanding Digital Literacy

The second day saw a deeper dive into digital tools and applications:

Kyenjojo District: 105 farmers were introduced to mindset change strategies and basic digital tools.
Isingiro District: 87 farmers explored Microsoft Word and e-government services, with 18 successfully creating Taxpayer Identification Numbers (TINs) after previous training sessions.
Ntungamo District: 91 farmers learned Microsoft Office applications and social media platforms, recognizing their potential to improve market access and communication.
Ngora District: 100 farmers were trained on Microsoft Word, Excel, PowerPoint, and social media platforms such as TikTok and YouTube. Despite power outages, participants remained eager to harness digital tools for farming and communication.

Day 3: Strengthening Practical Digital Applications

The third day focused on equipping farmers with practical digital skills:

Kyenjojo: 99 participants learned email communication and Excel budgeting, though timekeeping and National ID registration disruptions posed challenges.
Ngora: 101 farmers explored online shopping, e-banking, and Microsoft Office applications, despite intermittent power and internet issues.
Isingiro: 87 farmers focused on YouTube for agricultural knowledge and email creation, though some struggled with training fatigue.
Ntungamo: 92 farmers were introduced to online safety and agricultural platforms, navigating power shortages and poor network connectivity.

Day 4: Leveraging Digital Platforms for Business Growth

The fourth day emphasized digital tools that enhance agricultural business opportunities:

Ntungamo: 91 farmers created YouTube channels and explored e-government services.
Ngora: 99 participants learned about Google Maps, TikTok content creation, and agricultural apps.
Kyenjojo: 99 farmers were introduced to e-government services and agricultural technologies, with notable participation from Chief Technology Officer Dr. Drake Patrick Mirembe and CEO Prof. Jude T. Lubega, who emphasized the importance of mindset change.
Isingiro: 90 participants explored the Play Store, online safety, and the ICT for Farmers app, despite occasional power disruptions.

Day 5: Closing with Impact and Appreciation

The final day of training marked a significant achievement, with over 390 farmers successfully trained. The closing sessions highlighted key takeaways:

Ntungamo: The District Chairperson praised Eight Tech and UCC for their impactful efforts in empowering local farmers.
Isingiro: Mayor Bakiga Wilberforce expressed his gratitude, particularly noting the training’s inclusivity for senior citizens.
Ngora: Post Bank Bukedea officials introduced digital financing tools such as the Wendi application, helping farmers understand the role of digital solutions in financial management.
Kyenjojo: Prof. Jude T. Lubega closed the training by congratulating participants and rewarding the most engaged individuals with calendars as a token of appreciation. At Butiiti Subcounty Headquarters, LC III Chairperson Mr. Bushobozi Chris urged farmers to take digital literacy seriously, emphasizing its potential to improve livelihoods.

The Digital Skills Training for Farmers has proven to be a transformative initiative, equipping participants with the knowledge to navigate digital platforms, improve their agricultural practices, and expand their market reach. Despite challenges such as power outages and network instability, farmers remained engaged and eager to apply their newfound skills.

A special thank you to UCC, local government officials, and all participants who contributed to making this initiative a success. The impact of this training will be felt for years to come as farmers integrate digital tools into their daily operations, fostering innovation and economic growth in Uganda’s agricultural sector.

DeepSeek AI’s Database Breach: What You Need to Know

Sourced

Jan 30, 2025

Chinese AI startup DeepSeek has suffered a major security lapse, exposing a database containing sensitive information, including chat history, secret keys, and backend details. The vulnerability granted unauthorized access to over a million log lines before being fixed. The breach raises concerns about AI security and DeepSeek’s handling of user data, further fueling scrutiny over its data practices and ties to China.

The rise of AI-powered platforms has led to increased cybersecurity threats, and the latest victim is DeepSeek, a fast-growing Chinese AI company. The firm left an unprotected database exposed on the internet, potentially allowing malicious actors to gain access to highly sensitive data.

According to cybersecurity researchers at Wiz, the vulnerability provided full control over database operations, enabling privilege escalation and unauthorized access without authentication. The exposed data included:

• Over a million lines of log history

• Secret API keys

• Backend infrastructure details

• Chat interactions

• Operational metadata

The database was accessible through oauth2callback.deepseek[.]com:9000 and dev.deepseek[.]com:9000, where attackers could execute SQL queries using ClickHouse’s HTTP interface directly from a web browser.

Growing Concerns Over AI Security

DeepSeek has since addressed the security hole following notifications from Wiz researchers. However, it remains unclear whether any bad actors exploited the vulnerability before it was patched.

Gal Nagli, the Wiz researcher who discovered the breach, warned that “the rapid adoption of AI services without corresponding security is inherently risky.” He noted that while discussions about AI security often focus on futuristic threats, real dangers arise from basic lapses such as exposed databases.

Security experts have stressed the need for AI companies to prioritize customer data protection by working closely with engineers to prevent such breaches.

Regulatory and Industry Scrutiny Intensifies

Beyond security concerns, DeepSeek is also under scrutiny for its data handling policies. The company’s rise has drawn regulatory attention, particularly in the U.S. and Europe:

• U.S. National Security Concerns: DeepSeek’s Chinese ties have raised questions in Washington about potential risks associated with foreign AI firms.

• Privacy Investigations in Italy: Italy’s data protection regulator has demanded transparency on DeepSeek’s data collection and training methods. Shortly after, the company’s apps became unavailable in the country.

• Intellectual Property Questions: Reports from Bloomberg and The Financial Times indicate that OpenAI and Microsoft are investigating whether DeepSeek used OpenAI’s API without permission to train its models, a controversial practice known as “distillation.”

An OpenAI spokesperson told The Guardian, “We know that groups in [China] are actively working to use methods, including what’s known as distillation, to try to replicate advanced U.S. AI models.”

What’s Next for DeepSeek?

Despite the controversy, DeepSeek has rapidly gained traction, with its open-source AI models being touted as cost-effective alternatives to major players like OpenAI. Its reasoning model R1 has been described as “AI’s Sputnik moment,” signaling a breakthrough in AI development.

However, the security breach, combined with regulatory scrutiny and potential IP disputes, places the company in a precarious position. Moving forward, how DeepSeek handles security, transparency, and compliance will determine its long-term viability in the competitive AI space.

Source: The Hacker News

How Much Is Technology Changing the Vehicle Industry?

Boses Muhinda

Jan 28, 2025

The vehicle industry is undergoing a seismic shift, driven by rapid advancements in technology. From electric vehicles (EVs) to autonomous driving and enhanced connectivity, technology is reshaping how vehicles are manufactured, sold, and used. Here’s an exploration of how much technology is changing the vehicle industry and what these changes mean for manufacturers, dealerships, and consumers.

The Rise of Electric Vehicles (EVs)

Electric vehicles are one of the most transformative developments in the automotive sector. With global emphasis on sustainability and reducing carbon emissions, EVs have gained significant traction. As there have been such significant advances in battery technology, this has increased the range and reduced charging times, making EVs more practical for everyday use. Governments worldwide are alsoincentivizing EV adoption, further accelerating their integration into the market.

Autonomous Driving Technology

Self-driving cars were once a concept of science fiction, but the truth is that they’re becoming a reality. Companies like Tesla, Waymo, and GM are leading the charge in developing autonomous driving systems. While fully autonomous vehicles are still in development, certain features like adaptive cruise control, lane-keeping assistance, and automated parking are already enhancing safety and convenience for drivers. These advancements are poised to redefine the driving experience.

Connectivity and Smart Features

Modern vehicles are increasingly connected, offering features such as real-time navigation, remote vehicle control, and over-the-air software updates. Most in-car infotainment systems also now integrate seamlessly with smartphones, providing drivers and passengers with a tech-forward experience. This connectivity allows manufacturers to collect data to improve performance and anticipate maintenance needs.

The Shift Toward Online Sales

The way vehicles are sold is changing, thanks to advancements in e-commerce. Consumers can now research, customize, and even purchase cars entirely online, thanks to being able to visit virtual showrooms. The buying process is being made even more convenient, too, because many dealerships and private sellers are now offering the services of car transporters in Illinois and all over the country to deliver purchased vehicles to their new owners. The ability to have their vehicle delivered directly to their doorstep, regardless of location, is further inspiring people to go down the online route when it comes to buying a car.

This online drive is to ensure consumer demand is met, giving buyers access to a wider inventory without geographical limitations.

Advances in Manufacturing

Technology is also revolutionizing how vehicles are built. Automation, robotics, and artificial intelligence (AI) are streamlining production lines, improving precision, and reducing costs. 3D printing is making it possible to produce parts faster and more efficiently, while AI-powered quality control ensures higher manufacturing standards.

The Role of Data and AI

Data collection and AI are playing a crucial role in the evolution of the vehicle industry. For example, predictive analytics help manufacturers to improve vehicle design and performance, while AI algorithms enhance safety features like collision avoidance systems. For dealerships, data-driven insights enable more effective marketing and customer relationship management.

The Impact on Consumers and Businesses

The technological advancements in the vehicle industry clearly benefit both consumers and businesses. Drivers enjoy safer, more efficient, and connected vehicles, while manufacturers and dealerships can leverage technology to optimize operations and meet evolving customer expectations, allowing them to make more sales. However, these changes also bring challenges, such as the need for significant investments in infrastructure, cybersecurity concerns, and workforce reskilling. With time, these challenges should be overcome, meaning the possibilities for what the future of the vehicle industry will look like will continue to expand.

KCB Bank and UnionPay Partner to Revolutionize E-Commerce Payments in Kenya

Guest Writer

Jan 17, 2025

In a strategic move to elevate Kenya’s e-commerce sector, KCB Bank Kenya has partnered with UnionPay International (UPI) to enhance digital payment capabilities. This partnership is set to enable seamless online transactions for UnionPay cardholders while supporting merchants across key sectors such as retail, government, and hospitality.

Announced on January 17, 2025, this collaboration is a major step forward in integrating secure and efficient payment systems in Kenya, contributing to the rapid digital transformation of the country’s financial services.

Enhancing E-Commerce Payments

With Kenya’s e-commerce penetration projected to reach 53.6% by 2025, driven by improved internet connectivity, advanced logistics, and the adoption of fintech solutions, the partnership between KCB Bank and UnionPay is timely. Speaking about the collaboration, Jane Isiaho, KCB Bank Kenya’s Director of Retail Banking, emphasized the importance of meeting evolving consumer needs.

“We are delighted to join hands with UnionPay International to enhance our e-commerce payment solutions. This partnership reinforces our commitment to providing secure and efficient digital payment services that cater to the evolving needs of our customers,” said Isiaho.

The collaboration will bring UnionPay’s robust payment solutions to Kenya, enabling seamless and secure online transactions for cardholders. The move also draws inspiration from China’s successful payment landscape, where digital and contactless payments are deeply embedded in daily life.

Strategic Benefits for Merchants and Consumers

The partnership aims to extend UnionPay card acceptance across critical merchant segments, including:

• Supermarket Chains: Enabling efficient digital payments for essential goods.

• Government e-Citizen Services: Streamlining payments for government services.

• Hospitality: Providing seamless transactions at leading hotels.

By targeting these sectors, KCB Bank is creating a robust e-commerce ecosystem that fosters convenience, security, and scalability for consumers and merchants alike.

A Secure and Scalable Payment Ecosystem

UnionPay International’s Africa Head, Asad Burney, highlighted the importance of enhanced security and convenience in online transactions.

“UnionPay International is pleased to collaborate with KCB Bank Kenya to expand our digital footprint in Kenya. By integrating 3DS products, we aim to provide enhanced security and convenience for online transactions, contributing to a more seamless shopping experience for consumers,” said Burney.

E-commerce payment systems provide several advantages, including:

• Enhanced Security: Integration of advanced 3DS products for safer transactions.

• Quick Processing: Faster checkout processes reduce cart abandonment rates.

• Global Reach: UnionPay cardholders can transact worldwide.

• Improved Customer Experience: Secure and convenient payments elevate the online shopping experience.

Supporting Kenya’s Growing E-Commerce Sector

Kenya’s e-commerce industry has been experiencing rapid growth, fueled by increasing digital adoption and innovative fintech solutions. According to the Competition Authority of Kenya, this trend is expected to continue, with e-commerce becoming a key driver of economic growth.

As a leading financial institution in East Africa, KCB Bank is well-positioned to expand UnionPay’s online acceptance across Kenya, aligning with the country’s vision for a scalable and inclusive e-commerce ecosystem.

Conclusion

The partnership between KCB Bank Kenya and UnionPay International marks a pivotal moment for Kenya’s e-commerce sector. By integrating secure and scalable digital payment solutions, the collaboration will support merchants, enhance consumer convenience, and drive the growth of the digital economy.

This move not only underscores KCB Bank’s commitment to innovation but also positions Kenya as a hub for cutting-edge e-commerce solutions in Africa.

Equity Bank Uganda Appoints Gift Shoko as New Managing Director

Doryn Crystal

Jan 15, 2025

Equity Bank Uganda, a subsidiary of Equity Group Holdings Plc, has announced the appointment of Gift Shoko as its new Managing Director, subject to regulatory approval. This move signals the bank’s ambition to leverage technology and leadership expertise to enhance its digital and customer-focused banking solutions.

This announcement follows the resignation of the outgoing Managing Director, Anthony Kituuka, and highlights the bank’s commitment to driving innovation and efficiency in Uganda’s financial sector.

Who is Gift Shoko?

Gift Shoko is a distinguished banking professional with over 26 years of experience spanning commercial and multi-regional banking, leadership, and corporate strategy across Southern and Eastern Africa.

Before his new role, Shoko served as the Executive Director of Equity Bank Uganda. His extensive experience includes:

• Digital Transformation Expertise: Shoko has overseen digital and operational transformations in his previous roles, making him well-suited to drive Equity Bank Uganda’s tech-forward agenda.

• Strategic Leadership: He played a pivotal role in regional banking as Group Director for Regional Business at NCBA, managing subsidiaries across East Africa.

• Operational Excellence: As CEO of Commercial Bank of Africa (Tanzania), he spearheaded significant growth initiatives.

Shoko’s academic credentials further underline his expertise. He holds:

• A Bachelor’s degree in Business Studies and Computer Science from the University of Zimbabwe.

• An MBA in Banking and Finance from CIMA, Cyprus.

• Certifications in Executive Coaching, Emotional Intelligence, and leadership from globally recognized institutions.

The Tech-Led Vision for Equity Bank Uganda

The appointment comes as Equity Bank Uganda seeks to strengthen its digital transformation and customer experience initiatives. Speaking on behalf of the Board, Chairman Mark Ocitti expressed confidence in Shoko’s ability to lead the bank into a new era.

“Gift Shoko brings unmatched expertise in digital banking, corporate strategy, and operational leadership. His track record aligns perfectly with our mission to deliver innovative and inclusive financial solutions to our customers,” said Ocitti.

Equity Bank Uganda’s growth trajectory is expected to be fueled by Shoko’s focus on:

• Enhancing Digital Banking Platforms: As Uganda’s banking sector shifts towards digital solutions, Shoko’s leadership will play a critical role in scaling Equity Bank’s mobile and online banking services.

• Customer-Centric Innovations: With a deep understanding of customer behavior, Shoko is positioned to introduce tailored financial solutions that address the evolving needs of Ugandans.

Digital Disruption in Uganda’s Banking Sector

Equity Bank Uganda’s leadership transition underscores a broader trend of digital disruption in Uganda’s financial sector. With increasing adoption of fintech solutions and rising customer demand for seamless banking experiences, banks are doubling down on innovation.

Under Shoko’s leadership, the bank aims to stay ahead of these trends, leveraging technology to expand access to financial services and enhance efficiency.

What’s Next for Equity Bank Uganda?

While Shoko’s appointment awaits regulatory approval, the bank has reiterated its commitment to maintaining seamless operations during the leadership transition.

The Board also extended its gratitude to Anthony Kituuka for his contributions as the outgoing Managing Director.

As Shoko assumes leadership, all eyes will be on how Equity Bank Uganda navigates the dynamic banking landscape, with an emphasis on digital transformation and financial inclusion.

What You Need to Know About Standard Chartered Uganda’s Sale of Its Wealth & Retail Business (WRB)

GURU8 Staff

Dec 20, 2024

Standard Chartered Uganda has announced plans to sell its Wealth & Retail Business (WRB) as part of its strategic shift toward Corporate and Investment Banking (CIB). The sale process is expected to take 18-24 months and is subject to regulatory approval. During this period, there will be no changes to existing account benefits, products, or services, and all client deposits and investments remain safe. This move mirrors similar successful divestments in other markets like Tanzania and Ivory Coast.

What You Need to Know About Standard Chartered Uganda’s Sale of Its Wealth & Retail Business (WRB)

In a strategic realignment, Standard Chartered Uganda has revealed its intention to exit the Wealth & Retail Business (WRB) segment, a move designed to sharpen its focus on Corporate and Investment Banking (CIB). Here’s a breakdown of what this decision entails and its impact on clients, employees, and the banking landscape.

What is the Wealth & Retail Business (WRB)?

The WRB provides financial products and services tailored to individuals and Small & Medium Enterprises (SMEs). These include:

• Banking products: Savings accounts, current accounts, fixed deposits, mortgages, personal loans, and overdrafts.

• Wealth management products: SC Shilingi Fund, offshore mutual funds, endowment plans, and bonds.

Why is Standard Chartered Selling the WRB?

The decision to sell the WRB stems from the bank’s evaluation of its ability to scale in Uganda. The WRB business in this market does not align with the global strategy to deliver best-in-class banking services. By exiting WRB, the bank aims to focus on its CIB division, where it sees greater potential for sustainable growth and market impact.

What Happens to your Existing Accounts and Deposits?

Clients’ accounts and deposits will remain unaffected during the transition period, which is projected to last 18-24 months. Key assurances include:

• No changes to account terms or benefits: Clients can continue to deposit, withdraw, and transfer as usual.

• Safety of funds: Deposits and investments remain secure, with the bank complying with all statutory liquidity and solvency requirements.

Will Your Salary Account or Loan Be Affected?

• Salary accounts: These will continue to operate as usual, with no disruption to benefits or terms.

• Loans: Existing loan agreements remain unchanged, and the bank will continue offering new loans and top-ups to clients.

What About Wealth Management Products?

All wealth management products will remain operational during the transition period, including:

• Bonds: Issuers will continue to honor coupon payments as per bond terms.

• SC Shilingi Fund: Managed by Sanlam Investments East Africa Limited, the fund will operate without interruptions.

• Offshore mutual funds: Managed by Alliance Bernstein, these funds will continue to be serviced as per client contracts.

• Endowment plans: Insurance plans underwritten by partner insurance companies remain valid and unaffected.

The bank commits to keeping clients informed of any changes or updates regarding these products throughout the process.

Will Card Benefits and Rewards Change?

No. Clients will continue to enjoy the benefits of their existing cards, including:

• Earning and redeeming points via the 360° rewards program.

• Accessing airport lounges with the Infinite Visa card when meeting transaction thresholds.

Who Will Take Over the Wealth & Retail Business?

A buyer has not yet been identified. Standard Chartered assures a smooth transition and urges clients to rely solely on official communication from the bank for updates. The bank is committed to finding a buyer who can take on all existing products and services.

What Happens After the 18-24 Months Transition Period?

Once the buyer is identified and regulatory approvals are secured, they will assume ownership of the WRB. Standard Chartered will provide clients with updates and details on the transition process as it progresses.

What About Bank Staff?

The bank’s operations will continue as usual during the transition, and staff—including relationship managers—will remain available to support clients.

Has This Happened Elsewhere?

Yes. Standard Chartered has successfully divested its WRB in other markets, including Tanzania and Ivory Coast. In both cases, the CIB business flourished under the new strategic focus, attracting the right buyers and delivering strong results.

How Long Will the Process Take and Who Can I Contact?

The process is expected to take 18-24 months, subject to regulatory approvals. Clients can direct any queries to Standard Chartered Uganda’s 24-hour helplines:0313 294 100 or 0200 524 100

Final Thoughts

This divestment marks a significant step in Standard Chartered Uganda’s strategy to optimize its operations and focus on sectors where it can deliver maximum value. For her clients, this transition brings continuity, with no immediate changes to their accounts, deposits, or wealth management products. For the market, it signals a potential new entrant who will assume the WRB portfolio and continue serving individual and SME banking needs.

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