Tag Archives: Banking

Kampala, Uganda | JULIUS BUSINGE |  Bank of Uganda has today (June 19) announced a reduction of the Central Bank Rate (CBR) by 1 percentage point to 10%. Governor Emmanuel Tumusiime Mutebile made the CBR announcment that sends a signal to the market on the direction of interest rates. This rate, that …

Five employees of Equity Bank – Uganda have been sentenced to jail terms ranging from 5 to 12 years after the Anti-Corruption  Court found them guilty of embezzling sh4.6 billion from their employer. Justice Margaret Tibulya  has sentenced Abubakar  Karungi to 12 years,  David Sserwamba  and Matthew Keeya have been …

EU ambassador in Uganda Schmidt baffled by Trump decision on climate By Independent Reporter and AFP Ambassador Kristian Schmidt, the European Union (EU) Head of Delegation to Uganda, has joined a chorus of world leaders to criticize US President Donald Trump’s decision to withdraw from the Paris climate accord. Many …

Barclays PLC sells 33.9% more shareholdings in Barclays Africa London based Barclays PLC on June 01 shed 33.7% more shareholdings in Barclays Africa Group to equity investors at South African Rand R37.7bn, further reducing its stake in the latter company. The lender sold 285.7million Barclays Africa ordinary shares reducing its …

Bank of Africa Uganda Limited has launched a small and medium enterprises (SMEs) scheme to help small business access finance. The scheme  provides for a variety of products like unsecured bid guarantee of up to sh200 million, unsecured invoice discounting facility of up to sh200 million and asset finance loan …

New Delhi, India | AFP |  The recent arrest of Vijay Mallya highlighted the problem of bad loans in India, but analysts say the tycoon’s unpaid debts are just the tip of an iceberg that is already holding back the country’s economic growth. The multimillionaire owner of a Formula One …

VIDEO: The Bank of Uganda has warned that the Islamic banking may fail in the country if it is abused by commercial banks. According to Justin Bagenda, the executive Director supervision at Bank of Uganda, the commercial banks that are to embrace the new form of banking need to be aware …

Three months after Bank of Uganda (BOU) transferred the assets of Crane Bank to DFCU Bank, one of its key units Crane Forex Bureau has been struck of the list of registered currency operators. Others off the list, which means their Licenses have expired, are Karibu and Redfox. BOU transferred the …

Uganda Revenue Authority (URA) and United Bank of Africa (UBA) have launched tax payments through online and point of sale –POS (card swiping) methods, powered by VISA and MasterCard. Speaking at the launch of the service at URA’s headquarters in Nakawa on Tuesday March 28, URA’s Commissioner General Doris Akol …

London, United Kingdom | AFP | Several British banks processed nearly $740 million in a multi-billion dollar Russian money-laundering scam, The Guardian newspaper said on Monday. According to documents obtained by the Organized Crime and Corruption Reporting Project, at least $20 billion was moved out of Russia between 2010 and 2014 …