Bank of Uganda (BoU) has given the green light to Salaam Bank to commence offering Islamic Banking services in Uganda. In a significant development, Mr. Michael Atingi-Ego, the Deputy Governor of Bank of Uganda, presented the inaugural operational certificate to the administrator of Salaam Bank on Friday, marking the official launch of Islamic Banking in…
As technology continues to advance, so do the risks associated with it. The rise of deepfake technology has brought about new challenges for financial institutions, prompting the need for robust security measures to counter the potential cyber threats it poses. In a world where a simple scan of your face can reveal what you might…
In the ever-evolving landscape of financial technology, USSD codes have emerged as a convenient and accessible means for individuals to conduct banking transactions on the go. In Uganda, mobile penetration is high but access to traditional banking services is limited which makes banking via USSD an essential service. This comprehensive guide delves into the world…
As the school holidays start, both schools and parents are gearing up for the Back-to-School season to ensure a smooth transition into the last term of the year. While the focus remains on education and personal growth, the financial aspect of this preparation should not be overlooked. Banks offer a plethora of financial products tailored…
In the dynamic landscape of digital lending, M-Shwari, a mobile lending platform owned by NCBA Group, has secured a commanding 34% market share, making it the leading player in the sector. This revelation comes from data provided by the Competition Authority of Kenya (CAK), shedding light on the evolving digital credit landscape in the country….
Kenyan Lawyers now have the obligation to report clients involved in illicit financial activities, following an agreement signed between a lawyers’ association and the Financial Reporting Centre (FRC). FRC officials informed Members of Parliament that the agency has reached a deal with the Law Society of Kenya (LSK) to withdraw a case that had been…
Betty Amongi, the Minister of Gender, Labour, and Social Development, has named Patrick M Ayota as the Managing Director of the National Social Security Fund (NSSF) for a term of five years, effective from August 18, 2023. Dr. Peter Kimbowa, Chairman of the NSSF Board of Directors, stated in a press release that Ayota’s appointment…
In the face of a challenging global macroeconomic landscape characterized by persistent high inflation, elevated interest rates, volatile exchange rates, and the devaluation of emerging economies’ currencies, Equity Group has unveiled its 2023 half-year results, showcasing remarkable resilience. Despite these adversities, the Group has shown a funding growth of 23%, primarily driven by a 21%…
Michael Atingiego, the Deputy Governor of the Bank of Uganda, has urged the attendees at the Annual Bankers’ Conference to reflect on thought-provoking concepts such as “banking hours.” The remarks were made as he addressed the gathering under the conference’s theme, “Trends and Innovations in FinTech Changing the Face of Banking and Financial Service.” He…
In a landscape where digital financial services are embraced by more than half of the population, while traditional banking remains accessible to a mere 10%, the imperative for fostering collaboration with digital financial service providers becomes clear. This was the key message put across by Housing Finance Bank’s Managing Director Michael K. Mugabi as the…
