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…
Airtel Africa and Mastercard have jointly announced the introduction of an advanced cross-border remittance service, allowing Airtel subscribers across 14 African markets to send and receive money seamlessly. This groundbreaking service will be implemented in a phased manner, offering users a streamlined digital experience that bridges them to a global network. Remittances play a significant…
In a significant stride towards enhancing financial accessibility, Housing Finance Bank has joined hands with PostBank and Pride Microfinance Limited to establish a partnership with Airtel Money Uganda. This collaboration aims to facilitate the effortless distribution of Parish Development Model (PDM) funds by the Government of Uganda via the Wendi mobile wallet platform. This strategic…
Kenya Revenue Authority (KRA) recently unveiled new Pay As You Earn (PAYE) tax rates following the lifting of the suspension on the Finance Act 2023. The revised rates, which have been in effect since July 1, apply to employees earning over Sh500,000. Notably, there is a significant increase in taxes for those falling into different…
The Kenyan government has taken action to halt Worldcoin, a cryptocurrency project, from signing up new users in the country due to data privacy concerns. Founded by US tech entrepreneur Sam Altman, Worldcoin offers free crypto tokens to individuals who consent to have their eyeballs scanned, attracting thousands of Kenyans who have queued up to…
Uber and Safaricom have entered into a partnership that will enable Payments for Unbanked Riders through M-Pesa. Through this new partnership, UberEats delivery drivers will also receive their payments via the mobile money platform, and customers will have the option to use M-Pesa for their payments. This collaboration aims to address the needs of approximately…
Mastercard and Lipa Later Group have joined forces to expand the Buy Now, Pay Later (BNPL) solution across the African continent. Through this strategic partnership, the two companies aim to provide flexible financing options to empower individuals and businesses, promote financial inclusion, and drive sustainable economic growth in Africa. Mastercard’s extensive network of merchants and…
Uganda Development Bank (UDB), the country’s national development finance institution, has achieved an exceptional National Long-term Rating of ‘AAA (uga)’ with a Stable Outlook, the highest rating on Uganda’s national scale. This prestigious rating was assigned by Fitch Ratings, a globally renowned international credit rating agency. Additionally, the Bank received a Long-Term Issuer Default Rating…
Depositors of the collapsed Imperial Bank Ltd (IBL) are facing further delays in receiving their payments as a Mombasa tycoon, Mr. Ashok Doshi, has obtained court orders blocking any payments pending the resolution of his petition. The High Court suspended the payments last week, following a challenge by the Kenya Deposit Insurance Corporation (KDIC), accusing…
Commercial banks and other financial institutions in Uganda have made commitments to provide funding for businesses and projects that promote environmental conservation and renewable energy. These institutions have taken steps to train their staff in assessing projects that support sustainable agriculture, energy efficiency, renewable energy, drip irrigation, clean transportation, and other eco-friendly initiatives. Ms. Virginia…
