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 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…
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…
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…
Michael Atingiego, the Deputy Governor of the Bank of Uganda, has urged the attendees at the Annual Bankers’ Conference to reflect on thought-provoking concepts such as “banking hours.” The remarks were made as he addressed the gathering under the conference’s theme, “Trends and Innovations in FinTech Changing the Face of Banking and Financial Service.” He…
The government is currently conducting a cost benefit analysis to determine whether to replace low denomination banknotes with coins. In a Letter of Intent published in the June International Monetary Fund (IMF) Fourth Review for Uganda, Finance Minister Matia Kasaija and Bank of Uganda Executive Director of Research Adam Mugume, representing the government, expressed concerns…
Financial literacy has now become a vital skill for individuals and communities. It refers to the knowledge and understanding of financial concepts and the ability to apply them to make informed decisions regarding personal finances.
The banking industry in Uganda is calling for the official recognition of the Uganda Institute of Banking and Financial Services as a statutory body responsible for regulating and professionalizing the industry. Industry leaders believe that establishing this statutory body will facilitate the enforcement of standards in the banking sector.
