Investment clubs have gained popularity in Uganda as a means for individuals to pool their resources and invest collectively. These clubs offer a range of benefits, including increased purchasing power, shared risk, and knowledge sharing. As the number of investment clubs grows, financial institutions have introduced specialized investment club accounts tailored to meet the unique…
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…
Trade financing plays a vital role in enabling businesses to sustain their operations, expand their reach, and navigate the challenges posed by the ever-changing global market. In times of economic uncertainty and disruptions, accessing trade financing from banks becomes even more critical for business continuity. This article explores how firms can harness trade financing options…
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…
The rise of financial technology (fintech) companies has disrupted the traditional banking landscape, challenging traditional banks to adapt and innovate to remain competitive. Fintechs offer customer-centric, technology-driven solutions that cater to the evolving needs and preferences of today’s consumers. To compete effectively, banks must embrace digital transformation, prioritize customer experience, and forge strategic partnerships. Let’s…
Bancassurance, the distribution of insurance products through banks, has been a growing trend in the financial services industry for several years. This strategic alliance between banks and insurance companies has its proponents and critics, each with their views on whether it brings more benefits or drawbacks to the insurance sector. Let’s delve into the world…
