• Contact Us
  • About Us
  • Advertise
  • Donate
  • Login
Watchdog Uganda
Advertisement
  • Home
  • News
    • National
    • Politics
    • World News
    • Africa News
    • Community News
    • Luganda
    • Sports
      • Football
      • Motorsport
  • Op-Ed
    • #Out2Lunch
    • Conversations with
    • Politics
    • Relationships
  • Business
    • Agriculture
    • CEOs & Entrepreneurs,
    • Companies
    • Finance
    • Products
    • RealEstate
    • Technology
    • Travel
  • Entertainment
    • Lifestyle
    • Showbiz
      • Salon Mag
  • People
  • Special Report
    • Education
    • Voices
  • Reviews
    • Products
    • Events
    • Hotels
    • Restaurants
    • Places
  • WD-TV
  • Donate
No Result
View All Result
  • Home
  • News
    • National
    • Politics
    • World News
    • Africa News
    • Community News
    • Luganda
    • Sports
      • Football
      • Motorsport
  • Op-Ed
    • #Out2Lunch
    • Conversations with
    • Politics
    • Relationships
  • Business
    • Agriculture
    • CEOs & Entrepreneurs,
    • Companies
    • Finance
    • Products
    • RealEstate
    • Technology
    • Travel
  • Entertainment
    • Lifestyle
    • Showbiz
      • Salon Mag
  • People
  • Special Report
    • Education
    • Voices
  • Reviews
    • Products
    • Events
    • Hotels
    • Restaurants
    • Places
  • WD-TV
  • Donate
No Result
View All Result
Watchdog Uganda
No Result
View All Result

“Banks need to partner with Tourism sector to unlock full potential”, says PostBank CEO

Watchdog Uganda by Watchdog Uganda
10 months ago
in Finance, News, Tourism, Travel
4 1
PostBank CEO Julius Kakeeto

PostBank CEO Julius Kakeeto

ShareTweetSendShare

By Michael Kanaabi Dollar

Julius Kakeeto the Managing Director and CEO PostBank Uganda has urged fellow top Executives in the Banking Industry and other related financial sector players to partner with Entrepreneurs and investors in the tourism sector to unlock it’s full potential.

While giving opening remarks for the final day of the annual Uganda Bankers Association Conference 2022, Kakeeto emphasized the need for more synergies and partnerships between the public sector, the banking industry and private players in the tourism industry in order for the sector to achieve it’s full potential.

“ With a good strategic plan for the industry already put together by Uganda Tourism Board for years 2021-2025, private sector players in the sector require adequate and timely financing structured competitively to meet their needs and grow the industry progressively” Kakeeto said.

With statistics showing that 90% of hotels which are key facilities for the growth and survival of the sector are in private hands 75% of which have indigenous owners, any additional financing to the industry will be a big boost to local investors and will generate a sizeable trickle down effect to other service providers, employees and dependent families too.

As of 2021, Kakeeto also the Uganda Bankers Association Vice Chairman notes that over 435 billion had been lent out by banks to the tourism sector excluding property development, a figure he suggests should go much higher with the full re-opening of the economy considering the big earnings potential the tourism industry has. The tourism industry pulled in over 1.6 Billion US Dollars to the National economy prior to the lockdowns in 2019 showing the potentially huge returns credit to the sector can generate.

Uganda Tourism Board Chairman Hon. Daudi Migereko emphasized the importance of tourism to the economy and directing credit to it having contributed up to 7.7% of GDP to the Ugandan economy pre-lockdown in 2019 while speaking to guests at the conference.

In addition Migereko commended Post Bank Uganda for financing investment in the Tourism sector when other banks and financial institutions were still skeptical urging other banks to follow suit given the immense potential the sector has with projections by the World Tourism and Travel Council showing the sector in Africa alone will grow by about 27.7% in 2022.

Stephen Assimwe the Private Sector Foundation Executive Director and former CEO of UTB noted that the tourism sector offers some of the best returns for investors and bankers given some tourists spend up to $7000 USD in a week while here.

“With tourists spending over 300$ a day per square metre of space on accommodation in top hotels which is much higher than the average rent in the city, banks should look no further when it comes to which sector to lend” he says.
Assimwe added that government needs to increase it’s direct expenditure on tourism significantly to have impact especially in international markets.

Email:michaelkanaabi@gmail.com


Do you have a story in your community or an opinion to share with us: Email us at editorial@watchdoguganda.com

Share1Tweet1SendShare

Related Posts

KCCA ED Dorothy Kisaka
National

Kampala roads : 70 percent of the potholes have been worked on – KCCA

6th June 2023 at 21:04
Mubarak Munyagwa in Court
Court

Ex-MP Mubarak Munyagwa arrested by State House Anti-Corruption Unit, remanded to Luzira 

6th June 2023 at 20:35
National

CSOs Decry Uganda’s Poor Food Safety Standards

6th June 2023 at 20:03
Next Post
Security commanders during a press briefing

Sub county chairperson, District Councilor held over GISO's murder

Popular Stories

  • Hajjat Kuluthum, Acram and Bad Black

    ALDRINE NSUBUGA SNR: Why Kuluthum and her husband Acram will end up as pitiful losers in their battle against Bad Black

    27 shares
    Share 11 Tweet 7
  • Amb. FRANCIS NKUUSA: Museveni Says Goodbye, Muhoozi’s Veiled Endorsement! Kyankwanzi Retreate Through The Lenses of The Wise Man

    26 shares
    Share 10 Tweet 7
  • “We have already arrested Gulu and Kitgum officials who misappropriated PDM funds” – Brig Gen Isoke tells NRM Parliamentary Caucus

    21 shares
    Share 8 Tweet 5
  • How Assailants shot dead City Lawyer Mukisa Ronnie at his Ndejje Apartment  

    20 shares
    Share 8 Tweet 5
  • OFWONO OPONDO: Kyankwanzi NRM MPs retreat: Avoiding the poisoned chalice

    19 shares
    Share 8 Tweet 5
Facebook Twitter

Contact Information

Watchdog Uganda is a portal for solution journalism, trending news plus cutting edge commentaries in the fields of politics, security, business, tourism, entertainment, technology, agriculture, climate change, environment, public health et al. We also give preference to Ugandan community news and topical discussions. The portal also publishes community news and topical discussions.

Plot 23, Yusuf Lule Road
PO Box 7661 Kampala, Uganda
Office Line: +256 777 286 815
Email: editorial@watchdoguganda.com
To Advertise:Click here

Follow Us on Twitter

Tweets by watchdogug

Follow Us on Facebook

© 2023 Watchdog Uganda

No Result
View All Result
  • Home
  • News
    • National
    • Politics
    • World News
    • Africa News
    • Community News
    • Luganda
    • Sports
      • Football
      • Motorsport
  • Op-Ed
    • #Out2Lunch
    • Conversations with
    • Politics
    • Relationships
  • Business
    • Agriculture
    • CEOs & Entrepreneurs,
    • Companies
    • Finance
    • Products
    • RealEstate
    • Technology
    • Travel
  • Entertainment
    • Lifestyle
    • Showbiz
      • Salon Mag
  • People
  • Special Report
    • Education
    • Voices
  • Reviews
    • Products
    • Events
    • Hotels
    • Restaurants
    • Places
  • WD-TV
  • Donate

© 2023 Watchdog Uganda

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In