Despite facing a five percent decline in profit after tax, Equity Group has upheld its track record of dividend payout for the year ending December 2023. The bank’s board has recommended a dividend payout of Sh15.1 billion, marking an increase in dividend yield to 11.9 percent from 8.8 percent in the previous year. James Mwangi,…
In a significant move aimed at strategic repositioning, the Bank of Uganda (BoU) has announced the authorization for three commercial banks to transition from Tier I Commercial Bank Licenses to Tier II Credit Institution Licenses, effective July 1, 2024. The commercial banks undergoing this transition are ABC Capital Bank (U) Limited, Guaranty Trust Bank (U)…
Stanbic Bank Uganda has announced the appointment of Samuel F. Mwogeza as its Interim Chief Executive and Barbara Dokoria as Interim Executive Director, effective April 1, 2024. These appointments come as part of the bank’s strategic transition plan until permanent appointments are made for these positions. Mwogeza’s interim appointment follows the conclusion of Anne Juuko’s…
In order to meet the demands of Uganda’s robust economic growth projections and the increasing demand for vehicles and equipment across various sectors, Housing Finance Bank has taken proactive steps to foster collaboration among stakeholders in the vehicle and asset financing (VAF) ecosystem. The Bank recently convened a VAF partners’ forum in Kampala, bringing together…
In a recent announcement, the Board of Directors of Diamond Trust Bank Uganda Limited has revealed the appointment of Mr. Godfrey Sebaana as the new Chief Executive Officer and Managing Director, effective April 2, 2024. Bringing over two decades of extensive experience in the banking sector, Mr. Sebaana is hailed as a seasoned banker. His…
President Museveni has enacted changes within his cabinet, with significant shifts and new appointments. Among the adjustments, Mary Goretti Kitutu, the Minister for Karamoja Affairs, has been replaced by Peter Lokeris. This change comes amidst allegations against Kitutu related to the misappropriation of iron sheets intended for the Karachuna warriors in Karamoja. In a relatively…
In a significant milestone for Watu Kenya and Watu Uganda, the esteemed MFR Certification Committee awarded them the Bronze level Client Protection Certification last week. This achievement underscores their steadfast dedication to responsible lending practices, prioritizing customer protection, and maintaining the highest industry benchmarks. The attainment of this certification stands as a testament to the…
According to the Uganda Retirements Benefits Regulatory Authority (URBRA), only approximately three million Ugandans out of a potential 18 million workers are actively saving for retirement. This leaves more than 15 million individuals without any form of retirement savings, exposing them to various vulnerabilities, particularly during their retirement years, typically between the ages of 55…
In a landmark move towards sustainable urban mobility in Uganda, Spiro has unveiled a groundbreaking partnership with MOGO Uganda, a leading asset finance company. This strategic alliance heralds the introduction of Spiro’s cutting-edge electric motorbikes to Uganda, starting with an initial delivery to MOGO in Kampala. With an established presence in Benin, Togo, Kenya, and…
The Uganda Microfinance Regulatory Authority (UMRA) has today unveiled new digital lending guidelines tailored for tier-IV microfinance institutions. This move underscores UMRA’s dedication to cultivating an environment conducive to the growth of the microfinance sector. The guidelines represent a roadmap for navigating the intricacies of digital lending while prioritizing consumer protection, transparency, and equitable practices….
