Africa has the largest number of refugees of any continent – in Uganda, many of them are economically active, while others are excluded from accessing basic banking products. Euromoney finds out how integrating refugees into the formal financial system could benefit the country.

Cipla Quality Chemicals’ share sale is good news for Uganda’s capital markets, but is still something of a rarity. Investors have little choice when it comes to picking stocks: government borrowing remains high and puts the focus on bonds, while family-owned businesses tend to be wary of opening up to outside investment.