The Monetary Policy Committee (MPC) of the Bank of Uganda has opted to maintain the Central Bank Rate (CBR) at 9.5%, affirming its commitment to fostering economic stability and growth. In a statement issued by Michael Atingi-Ego, the Deputy Governor of the Bank of Uganda, the decision to retain the current monetary policy stance aligns…
Carrefour, the retail giant exclusively operated by Majid Al Futtaim in Uganda, is celebrating its impressive four-year milestone in the country with an exciting array of rewards and discounts. From January 31 to February 13, 2024, shoppers can anticipate winning big as the retailer expresses gratitude to its loyal customers. As part of the anniversary…
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…
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…
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…
