BancABC backs Atlas Mara to maiden profit
Wednesday, September 02, 2015
Mudavanhu
The London Stock Exchange-listed, Atlas Mara made a profit of $4.1m (P41 million) in the first half of the year compared to a $63.1 million (P631 million) loss in the same period last year.
Former head of Barclays, Bob Diamond and Ugandan entrepreneur Ashish Thakkar co-founded the company in 2013, aiming to build it into a leading bank in sub-Saharan Africa.
Whilst celebrating milestones in inclusivity, with notably P5 billion awarded to vulnerable groups, the report sounds a 'siren' on a dangerous and growing trend: the ballooning use of micro-procurement. That this method, designed for small-scale, efficient purchases, now accounts for a staggering 25% (P8 billion) of total procurement value is not a sign of agility, but a 'red flag'. The PPRA’s warning is unequivocal and must be...