In recent years, the financial landscape has undergone a profound transformation, driven by the relentless rise of fintech startups. These innovative and agile companies have rapidly carved out a space for themselves, challenging and reshaping the traditional banking sector across the globe. In East Africa, this disruption is particularly evident, with fintech startups making a…
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…
The landscape of financial payments in Uganda is rapidly evolving as consumers increasingly prioritize convenience and speed in their payment methods. The surge in demand for digital payment services reflects this trend, with mobile money transactions experiencing a notable 7.7 percent increase in volume and a 2.9 percent uptick in value, soaring to UGX 62.2 trillion…
In an era where digital interactions reign supreme, calling a bank provides a seemingly human touch for consumers wary of the digital landscape. However, with the surge in banking fraud and the advancements in generative AI voice cloning tools, questions arise about the safety of voice banking. Rising Threat of Impersonation Attacks Impersonation attacks, a…
In the recently released Absa Africa Financial Markets Index 2023, Uganda maintained its standing as the fourth-ranked country among the 28 nations surveyed. With a score of 63, Uganda showcased its continued commitment to a robust financial market environment. The survey, conducted by the Absa Group and unveiled in the capital city, Kampala, highlighted a…
Uganda’s digital payments landscape is undergoing a transformative shift, accelerated by the COVID-19 pandemic and evolving consumer preferences prioritizing convenience, speed, and security. While mobile money has seen widespread adoption, card payments have faced challenges, including merchant surcharges at point-of-sale terminals and limited awareness regarding the advantages of card transactions. The introduction of the “Sasuza…
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…
