Kampala, Uganda | THE INDEPENDENT | SACCO savers are set to get relief from the rampant losses due to group dissolution or liquidation as well as closures for any reason, as the government is set to implement a fund to secure their savings with different SACCOs in the country. The SACCO …
Read More »Commercial banks resume payment of dividends
Kampala, Uganda | THE INDEPENDENT | Shareholders in banking service companies will in a month’s time start receiving dividends for their investments, for the first time since 2019. Stanbic Bank Uganda and Bank of Baroda will be the first to pay dividends to their shareholders, starting July 24th and August 4th, …
Read More »Uganda bank profits rose 27% in 2021 amid pandemic concerns
The banking industry except two credit institutions held strong capital buffers signalising increased resilience to potential shocks Kampala, Uganda | ISAAC KHISA | Uganda bank profits rose 27% in 2021 from the previous year as the economy partially recovered, but the industry’s future faces uncertainty due to the ongoing Russia-Ukraine …
Read More »BoU sets pace for raising interest rates
The Central Bank Rate raised from 6.5 to 7.5% to tame inflation Kampala, Uganda | JULIUS BUSINGE | Bank of Uganda has for the first time in the last two years raised the central bank rate by 1% percentage point to 7.5% to tame inflation, setting the pace for commercial …
Read More »IN THE INDEPENDENT: Experts call Uganda elections fake
Kampala, Uganda | THE INDEPENDENT | These are the top stories in this week’s THE INDEPENDENT. COVER STORY Uganda elections fake: Expert body lists them among worst on the globe THE LAST WORD The risks of the war in Ukraine: How America’s current leadership is leading the world into a slippery …
Read More »Afriland: Did BOU underestimate the bank’s challenges?
Kampala, Uganda | THE INDEPENDENT | Afriland First Bank Uganda will go into Uganda’s history books as the first commercial bank to voluntarily close shop and quit the market. The move by the shareholders of the bank also makes it the shortest journey of a business entity in Uganda’s banking …
Read More »BANKING: BOU warns of Ukraine threat on economy
Nine out of the 26 commercial banks register a decline in profits in 2021 Kampala, Uganda | THE INDEPENDENT | Nine out of the 26 registered commercial banks in Uganda registered a decline in profits in 2021, compared to the previous year. Over the same period, eight banks registered a …
Read More »Global factors impacting Uganda’s economy: BoU
Kampala, Uganda | THE INDEPENDENT | Officials from Bank of Uganda and the National Planning Authority (NPA) have told Members of Parliament that the state of the economy is struggling because of global related factors. The officials were interfacing with the Committee on National Economy to discuss the state of the …
Read More »How will banks perform as the economy recovers?
Borrowers took more loans in 2021 compared to a year before Kampala, Uganda | THE INDEPENDENT | Uganda’s largest commercial banks reported a sharp growth in earnings in 2021, pointing to the recovery of the economy following its partial reopening. However, some are worried about risks arising from inflation and …
Read More »BOU’s Crane Bank disaster
Why those who thought they were above the law will soon realise that this is not the case THE LAST WORD | ANDREW M. MWENDA | On February11, businessman Sudhir Ruparelia won yet another victory in the Supreme Court against Bank of Uganda over the fate of Crane Bank. The …
Read More »