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Tag Archives: bank of uganda

Absa Uganda to start operation after licensing from Bank of Uganda

Kampala, Uganda | THE INDEPENDENT  | Absa Bank Uganda has officially received its license from Bank of Uganda, dropping the Barclays brand tag. Absa Uganda interim boss Nazim Mahmood together with other bank’s executive received the license from the Central Bank on Monday. Mahmood told reporters that “there will be no …

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Gov’t set to raid Petroleum Fund again

Kampala, Uganda | THE INDEPENDENT  | Uganda government will once again withdraw money from the petroleum fund and use it to fund the 2019/220 financial year budget. According to Bank of Uganda, government will withdraw 445 billion shillings which will be transferred from the fund to the consolidated fund for …

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BOU says NSSF bill nnfair to pension sector players

Kampala, Uganda | THE INDEPENDENT |  Bank of Uganda has opposed some provisions in the National Social Security Fund Amendment Bill, 2019 as unfair to other pension sector players. The BoU Deputy Governor, Louis Kasekende disclosed this while leading a delegation officials from the central bank to submit their views on …

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Bank of Uganda cuts interest rate to boost growth

  Kampala, Uganda | THE INDEPENDENT | Bank of Uganda has cut interest rates, a move expected to boost businesses’ borrowing and consequently lift growth. BoU Governor, Emmanuel Tumusiime-Mutebile announced on Monday that he was cutting the Central Bank Rate (CBR), which signals the direction of interest rates, from 10% …

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Opportunity Bank granted Commercial Bank license

Kampala, Uganda | THE INDEPENDENT | Opportunity Bank Uganda Limited has been granted a license to operate as a commercial bank by Bank of Uganda. This brings the number of commercial banks in the country to 25. According to a Bank of Uganda letter dated September 25, 2019, Opportunity bank …

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BoU prohibits extra charges imposed by traders on card payments

Kampala, Uganda | THE INDEPENDENT | Bank of Uganda has asked businesses that accept electronic card payments to stop charging customers extra fees or surcharge other than that agreed up with service provider of the given payment card. BoU also says no business owner is allowed to set a minimum or …

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