Tag Archives: BOU

Kampala, Uganda | THE INDEPENDENT |  The Ugandan banking sector registered a growth of 8.4 percent in assets over the last financial year leveraging the high inflation that saw private sector borrowing slow down. The resilience of the sector also came amidst weak economic growth prospects and elevated geopolitical tensions …

Kampala, Uganda | THE INDEPENDENT |  Bank of Uganda has backed customers who have recently taken to the public to voice their concerns after finding money missing from their bank accounts. This, the regulator says, compels the responsible financial institution to act swiftly to address the matter. BOU head of …

Kampala, Uganda | THE INDEPENDENT | Commercial bank customers can now opt to pay their outstanding loan balances earlier than scheduled, without fear of being charged for the early clearance. This follows the decision made by the Regulated Financial Institutions under the Uganda Bankers Association (UBA) last month and communicated …

Kampala, Uganda | THE INDEPENDENT | The Bank of Uganda has accused financial technology companies, and fintechs, of refusing to apply for licenses. BOU started implementing the regulatory framework for fintechs last year and started implementing the National Payments Systems Act which provides for the regulation of the small financial …

  Kampala, Uganda | THE INDEPENDENT | The Bank of Uganda has decided to maintain the Central Bank Rate (CBR) at a high 9.5 percent despite further drops in inflation rates in the month of September. The CBR is a tool that the central bank uses to direct the cost …

Kampala, Uganda | THE INDEPENDENT | Salaam Bank Uganda Ltd has become the first commercial bank to acquire a license to offer Islamic banking services in Uganda. Salaam Bank is a Ugandan subsidiary of Salaam African Bank of Djibouti, through Top Finance Bank which it acquired in August last year. Salaam …

Kampala, Uganda | THE INDEPENDENT | The Bank of Uganda is due to launch new measures to enhance the security of online and mobile transactions as the financial technology industry grows. The financial sector is enjoying much faster growth than in years prior to the last decade boosted by digital innovations, …

Kampala, Uganda | THE INDEPENDENT | The Bank of Uganda has clarified that the proposed replacement of the 1000 Shilling currency note with a coin will not affect its operation or legality when the coin is introduced. Rather, the two will continue being legal tender after the printing of the …

Kampala, Uganda | THE INDEPENDENT | The Bank of Uganda has lowered the Central Bank Rate (CBR) to 9.5 percent, an indicator of its intention to bring down the cost of credit, for the first time since June 2021. The rate, which the Monetary Policy Committee uses to influence interest …

Kampala, Uganda | THE INDEPENDENT | The Bank of Uganda has assured the banking and financial industry that it will ensure its stability and the sustainability of the microeconomics of the country amidst the withdrawal of the World Bank from new loan deals. The World Bank decision communicated last week …