Centenary Bank has issued an official statement addressing recent media reports that alleged staff from its Mapeera Branch were involved in a fraud incident. The bank has clarified that the claims were based on a misunderstanding during a transaction with a customer and not on fraudulent conduct by its employees. According to the statement, the…
William Byaruhanga, Uganda’s former Attorney General, has acquired a significant 14.63% stake in Sidian Bank, a Nairobi-based financial institution. The acquisition, valued at KSh 1.03 billion (approximately UGX 28 billion), was made through his investment vehicle, Kenbe Investments. This strategic move positions Byaruhanga as the fourth-largest shareholder in Sidian Bank. The deal involved buying out…
Stanbic Bank Kenya and the Kenya Revenue Authority (KRA) today announced a groundbreaking partnership, launching “Ushuru Pay,” an innovative digital solution set to transform customs tax and levy payments across the nation. This new platform, seamlessly integrated with the KRA’s Integrated Customs Management System (iCMS), promises a faster, more secure, and entirely cashless experience for…
Salaam Bank Ltd has been named the Best Green and Real Estate Financing Institution in Uganda for 2024/2025, highlighting its commitment to sustainable finance and responsible investment practices. Launched in Uganda in 2023, Salaam Bank is the country’s first commercial bank to offer Islamic banking, marking a significant milestone in the country’s financial landscape. Experts…
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…
Equity Bank is gearing up to celebrate Women’s Month through a series of special events designed to empower and enable women in small-scale businesses to reach their full potential. Aligned with the International Women’s Day theme, ‘Invest in Women; Accelerate Progress,’ Equity Bank is focusing on supporting women customers, particularly those in the micro-segment. Dubbed…
In a special meeting held on March 6, 2024, the Monetary Policy Committee (MPC) took a significant step by increasing the Central Bank Rate (CBR) to 10%. The decision was driven by a series of economic challenges outlined in the monetary policy statement of February 2024. The risks mentioned in the statement released by the…
The Uganda Development Bank (UDB) witnessed a significant surge in its outstanding loan portfolio to Ugandan enterprises, reaching Shs 1.6 trillion in 2023, marking a 24% increase. The year saw a 21% rise in total loan disbursements, with an impressive Shs 691 billion approved for lending to 201 various projects, as per the bank’s unaudited…
The landscape of financial payments in Uganda is rapidly evolving as consumers increasingly prioritize convenience and speed in their payment methods. The surge in demand for digital payment services reflects this trend, with mobile money transactions experiencing a notable 7.7 percent increase in volume and a 2.9 percent uptick in value, soaring to UGX 62.2 trillion…
In the recently released Absa Africa Financial Markets Index 2023, Uganda maintained its standing as the fourth-ranked country among the 28 nations surveyed. With a score of 63, Uganda showcased its continued commitment to a robust financial market environment. The survey, conducted by the Absa Group and unveiled in the capital city, Kampala, highlighted a…
