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…
Uganda’s digital payments landscape is undergoing a transformative shift, accelerated by the COVID-19 pandemic and evolving consumer preferences prioritizing convenience, speed, and security. While mobile money has seen widespread adoption, card payments have faced challenges, including merchant surcharges at point-of-sale terminals and limited awareness regarding the advantages of card transactions. The introduction of the “Sasuza…
Bank of Uganda (BoU) has unveiled its plans to embark on the licensing process for financial institutions eager to offer Islamic banking products. Dr. Adam Mugume, the Director for Research at Bank of Uganda, shared insights in an interview, stating that certain financial institutions had been awaiting the implementation of legislation before proceeding. Dr. Mugume…
Ecobank Rwanda has announced a significant development in its leadership landscape with the appointment of Mr. Richard Mugisha as the Chairman of the Board of Directors. This pivotal change comes as Mr. Ivan Twagirashema, who dutifully served as Chairman for the past 4 years, retired in August 2023. Mr. Twagirashema is hailed for his adept…
