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…
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…
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…
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…
Equity Bank Uganda has officially become a platinum member of the Financial Technology Service Providers Association (FITSPA), reaffirming its commitment to delivering inclusive financial services. FITSPA, an independent and non-profit organization, aims to support Uganda’s aspiration to become a leading fintech hub by promoting affordable financial services through innovative information and communication technology, while also…
PostBank and MTN Uganda have collaborated to introduce the innovative mobile wallet platform called “Wendi,” aimed at facilitating the seamless distribution of funds for the Parish Development Model (PDM) in Uganda. Wendi, powered by PostBank, is an electronic payments platform that focuses on group savings, funds management, and digital money transfers, deposits, and withdrawals. It…
Verve International, Africa’s largest domestic payments scheme, has achieved another significant milestone by surpassing 50 million issued payment cards in Nigeria.
Equity Group has announced an increase in its lending rates, effective from July 10, following the Central Bank’s decision to raise its benchmark lending rate to commercial banks by 100 basis points to 10.5 percent on June 26.
Supermarket chains have a significant role in supporting local suppliers and boosting the economy. By prioritizing the sourcing of products from local businesses, supermarket chains contribute to the growth of local economies and promote job creation and sustainability. One such supermarket chain making a notable impact is Carrefour, operating through an exclusive franchise agreement with…
The Ugandan government is proposing a draft law that would require individuals or businesses offering foreign exchange services to have a minimum capital of at least Shs200 million. Failure to meet this requirement within six months could result in closure.
