EIB Global, a division of the European Investment Bank (EIB), and Uganda’s Housing Finance Bank (HFB) have announced a collaborative initiative to invest €50 million to support private sector entities, particularly Small and Medium Enterprises (SMEs) in Uganda. The partnership places a special emphasis on gender inclusivity, aiming to improve women’s access to finance by…
In a special meeting held on March 6, 2024, the Monetary Policy Committee (MPC) took a significant step by increasing the Central Bank Rate (CBR) to 10%. The decision was driven by a series of economic challenges outlined in the monetary policy statement of February 2024. The risks mentioned in the statement released by the…
In a strategic move to bolster its presence in East Africa, Standard Bank Group has announced the appointment of Anne Juuko, the Chief Executive of Stanbic Bank Uganda, as the Global Markets Regional Head for East Africa, effective April 1. Kayode Solola, the Executive Head for Global Markets—Africa Regions at Standard Bank Group, extended congratulations…
The Uganda Development Bank (UDB) witnessed a significant surge in its outstanding loan portfolio to Ugandan enterprises, reaching Shs 1.6 trillion in 2023, marking a 24% increase. The year saw a 21% rise in total loan disbursements, with an impressive Shs 691 billion approved for lending to 201 various projects, as per the bank’s unaudited…
Arua Central Police Station has apprehended five Post Bank staff members over their suspected involvement in the theft of Shillings 138 million. Among the detainees are Leonard Lakwey, the Operations Manager, Walter Feni, the Customer Service Officer, as well as banking officers Resty Lunkuse, David Tenywa, and Brian Olara Okidi, all stationed at the Arua…
Top Customer Experience Ratings for Co-op, NCBA, and Family Bank in KBA Survey In the latest customer experience survey conducted by the Kenya Bankers Association (KBA), Co-operative Bank of Kenya, NCBA, and Family Bank emerged as the top performers among the country’s 39 commercial banks. The annual survey, designed to assess the quality of service…
In an era marked by increasing globalization and interconnected economies, East Africa is no exception to the growing need for cross-border banking solutions. However, various challenges have hindered seamless financial transactions across borders in the region. In this article, we’ll explore the cross-border banking challenges faced in East Africa and shed light on the innovative…
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…
