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 landmark initiative, TowerCo of Africa Uganda has secured US$40 million in long-term financing from European development finance partners. The European Investment Bank, the Development Bank of Austria (OeEB), and the Belgian Investment Company for Developing Countries (BIO) have come together to support this venture, aiming to significantly improve mobile phone network coverage in…
EIB Global, a division of the European Investment Bank (EIB), and Uganda’s Housing Finance Bank (HFB) have announced a collaborative initiative to invest €50 million to support private sector entities, particularly Small and Medium Enterprises (SMEs) in Uganda. The partnership places a special emphasis on gender inclusivity, aiming to improve women’s access to finance by…
Top Customer Experience Ratings for Co-op, NCBA, and Family Bank in KBA Survey In the latest customer experience survey conducted by the Kenya Bankers Association (KBA), Co-operative Bank of Kenya, NCBA, and Family Bank emerged as the top performers among the country’s 39 commercial banks. The annual survey, designed to assess the quality of service…
In a significant move aimed at safeguarding the interests of the public and maintaining the stability of the financial system, the Bank of Uganda has exercised its authority under Section 13 of the National Payment Systems Act, 2020, to suspend the licences of M/s Pivot Payments Limited as both a Payment Service Provider and a…
In a move aimed at safeguarding the interests of depositors, the Bank of Uganda (BoU) has taken decisive action against EFC Uganda Limited, a microfinance deposit-taking institution (MDI). The central bank has placed EFC Uganda Limited under liquidation, revoked its license, and mandated the winding up of its operations in the country. Michael Atingi-Ego, the…
In a bold move that could reshape Kenya’s financial landscape, M-PESA Africa, the reigning champion of mobile money, has stepped into the world of physical transactions with the introduction of its new plastic cards. This development marks a significant departure from the virtual realm, offering Kenyan consumers a tangible means of conducting their daily transactions…
Carrefour, a brand under Majid Al Futtaim in Uganda, has officially inaugurated its ongoing ‘Round Up Your Bill’ initiative with an event held at Noah’s Ark Village in Entebbe. The initiative, which allows customers to make donations supporting vulnerable groups in nearby communities, is a significant step in Carrefour’s mission to bring about positive change….
Jubilee Life Insurance has launched the 2023 edition of its Live Free Art Competition, centred on “Celebrating Jubilant Moments.” The competition invites primary school pupils from Primary One to Primary Six to submit original artworks, with the top participants set to receive full education scholarships valued at UGX 150million. Building on the success of the…
Uganda’s private sector, comprising more than 90% of businesses and contributing significantly, approximately 20%, to the nation’s GDP, stands as a fundamental pillar in the country’s socioeconomic advancement. However, these vital entities often encounter a myriad of challenges that necessitate the intervention and assistance of financial institutions. Recognizing the pivotal role played by businesses, Housing…
