Bank of Uganda (BoU) has given the green light to Salaam Bank to commence offering Islamic Banking services in Uganda. In a significant development, Mr. Michael Atingi-Ego, the Deputy Governor of Bank of Uganda, presented the inaugural operational certificate to the administrator of Salaam Bank on Friday, marking the official launch of Islamic Banking in…
Bank of Uganda (BoU) has unveiled its plans to embark on the licensing process for financial institutions eager to offer Islamic banking products. Dr. Adam Mugume, the Director for Research at Bank of Uganda, shared insights in an interview, stating that certain financial institutions had been awaiting the implementation of legislation before proceeding. Dr. Mugume…
Ecobank Rwanda has announced a significant development in its leadership landscape with the appointment of Mr. Richard Mugisha as the Chairman of the Board of Directors. This pivotal change comes as Mr. Ivan Twagirashema, who dutifully served as Chairman for the past 4 years, retired in August 2023. Mr. Twagirashema is hailed for his adept…
In a significant move that underscores its stability and financial prowess under the new International Financial Reporting Standard (IFRS) 17, Jubilee Holdings Limited Board declared an interim dividend of KES 2 per share, totaling an impressive KES 145 million. This announcement reaffirms shareholder confidence in the company’s consistent profitability and resilience in the face of…
As technology continues to advance, so do the risks associated with it. The rise of deepfake technology has brought about new challenges for financial institutions, prompting the need for robust security measures to counter the potential cyber threats it poses. In a world where a simple scan of your face can reveal what you might…
As October approaches, the spotlight in Uganda’s financial market is turning towards the anticipated listing of 8 billion Airtel Uganda shares on the Uganda Securities Exchange (USE). Airtel Uganda’s listing is expected to raise a substantial sum of eight hundred billion shillings, with each share priced at UGX 100. The minimum application amount is set…
Singapore-based software products company, Azentio Software, is excited to announce the appointment of Sanjay Singh as its new Chief Executive Officer. Backed by funds advised by Apax, Azentio is primed for its next phase of expansion under the leadership of Sanjay, a seasoned executive with over 25 years of global experience in high-growth software businesses….
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…
