In today’s globalized world, people often find themselves living and working in countries far from their homeland. As such, they may have financial interests and obligations both in their home country and their adopted country. To cater to the needs of such individuals, various banking options have emerged, with two prominent ones being Diaspora Banking…
Commercial banks and other financial institutions in Uganda have made commitments to provide funding for businesses and projects that promote environmental conservation and renewable energy. These institutions have taken steps to train their staff in assessing projects that support sustainable agriculture, energy efficiency, renewable energy, drip irrigation, clean transportation, and other eco-friendly initiatives. Ms. Virginia…
Safaricom has officially introduced the zero-interest credit service called “Faraja,” which allows customers to purchase goods valued at up to Sh100,000 on credit. Initially, the financial regulator had blocked this service, but now it’s set to shake up the mobile loans market, challenging products like Fuliza, a mobile overdraft service offered on M-Pesa. Faraja enables…
In January 2025, the Financial Action Task Force (FATF), a global anti-money laundering watchdog, is set to review South Africa’s greylisting and assess the effectiveness of measures taken by the public and private sectors to address concerns related to money laundering and financial crimes. Failure to demonstrate a practical and scalable plan could result in…
Kenyan fintech company, Boya Inc, has teamed up with VISA and Diamond Trust Bank – Kenya to introduce a virtual expense card that will facilitate seamless payment and expense management for businesses, all at no cost. Boya’s platform is designed to revolutionize expense tracking and reporting for businesses of all sizes, providing them with unmatched…
Equity Bank Uganda has officially become a platinum member of the Financial Technology Service Providers Association (FITSPA), reaffirming its commitment to delivering inclusive financial services. FITSPA, an independent and non-profit organization, aims to support Uganda’s aspiration to become a leading fintech hub by promoting affordable financial services through innovative information and communication technology, while also…
Hamis Kiggundu (Ham), has filed an application with the Constitutional Court to challenge a ruling made by the Supreme Court on June 6, 2023. The Supreme Court ruling had thwarted Ham’s efforts to avoid repaying the loans he borrowed from Diamond Trust Bank (U) Ltd (DTB-U) and Diamond Trust Bank (K) Ltd (DTB-K). Ham, along…
The government is currently conducting a cost benefit analysis to determine whether to replace low denomination banknotes with coins. In a Letter of Intent published in the June International Monetary Fund (IMF) Fourth Review for Uganda, Finance Minister Matia Kasaija and Bank of Uganda Executive Director of Research Adam Mugume, representing the government, expressed concerns…
dfcu Bank, Mastercard, and Rabo Partnerships have come together to announce a transformative strategic partnership aimed at digitizing the agricultural ecosystem in Uganda. This collaborative effort seeks to empower smallholder farmers and other actors in the agricultural value chain by providing them with improved access to markets and credit facilities, ultimately enhancing their livelihoods. The…
TerraPay, a prominent global payments infrastructure company, has announced a strategic partnership with Safaricom, Kenya’s leading telecommunications, IT, and financial services provider. The collaboration aims to drive financial inclusion by facilitating seamless cross-border payments. Through TerraPay’s subsidiary, Mobex (Kenya), a licensed Money Remittance Provider, over 30 million M-PESA mobile wallet users in Kenya will be…
