In the ever-evolving landscape of financial technology, USSD codes have emerged as a convenient and accessible means for individuals to conduct banking transactions on the go. In Uganda, mobile penetration is high but access to traditional banking services is limited which makes banking via USSD an essential service. This comprehensive guide delves into the world…
As the school holidays start, both schools and parents are gearing up for the Back-to-School season to ensure a smooth transition into the last term of the year. While the focus remains on education and personal growth, the financial aspect of this preparation should not be overlooked. Banks offer a plethora of financial products tailored…
Cellulant, a payments firm, is preparing to lay off 20% of its workforce as part of a restructuring effort aimed at transitioning to a learner-product-led organization. The fintech company is set to implement the workforce reduction in the near future. The CEO of Cellulant conveyed the company’s intention to enhance operational efficiency through initiatives like…
In the dynamic landscape of digital lending, M-Shwari, a mobile lending platform owned by NCBA Group, has secured a commanding 34% market share, making it the leading player in the sector. This revelation comes from data provided by the Competition Authority of Kenya (CAK), shedding light on the evolving digital credit landscape in the country….
Equity Insurance, a subsidiary of Equity Bank, achieved remarkable success by selling 7.2 million policies, contributing to an 8% growth in profits for the Equity Group, as revealed in its recently announced half-year results. The impressive performance of Equity Insurance has ignited optimism that it could potentially outshine its banking counterpart by 2030, as stated…
Housing Finance Bank has attained the Certificate of Acceptance from the Sustainability Standards and Certification Initiative (SSCI) at the 10th Global Sustainable Finance Conference held in Karlsruhe, Germany. This achievement highlights HFB’s strong commitment to sustainability, responsible business practices, and alignment with global Sustainable Development Goals and Uganda’s national development agenda. The process of becoming…
Stanbic Bank Uganda unveiled a remarkable 23.5% surge in its profit after tax for the first half of the fiscal year, amounting to Shs 200 billion. This impressive growth has been propelled by substantial increases in both interest and non-interest income, coupled with a reduction in operational expenses. Stanbic Bank, a subsidiary of Stanbic Bank…
Businessman Patrick Bitature has been directed by the International Chamber of Commerce Court of Arbitration in London to repay over $65.7 million (approximately Shs244 billion) to Vantage Mezzanine Fund II Partnership, a South African investment fund. The ruling came on July 31st, after a legal dispute between the parties. The arbitration was overseen by Prof…
The Islamic Development Bank Institute (IsDBI) recently organized a comprehensive training program in Kampala, Uganda, aimed at enhancing the effective management of zakat as a form of Islamic social finance within IsDB member countries. Taking place from August 14th to 16th, 2023, the program welcomed participants from Uganda, who engaged in an intensive training session…
Kenyan Lawyers now have the obligation to report clients involved in illicit financial activities, following an agreement signed between a lawyers’ association and the Financial Reporting Centre (FRC). FRC officials informed Members of Parliament that the agency has reached a deal with the Law Society of Kenya (LSK) to withdraw a case that had been…
