Kampala, Uganda | THE INDENPENDENT | ActionAid International is urging countries including Uganda to impose taxes on surplus profits earned by fossil and the banking sectors. ActionAid International says a surplus profit technically known as a Windfall profit tax could generate as much as US$382 billion in revenue, an amount that …
Read More »Banks respond to rising mass affluence in Africa
Demand for goods and services expected to surge as continent’s middle class spend hits US$2.5 trillion by 2030 COMMENT | MARGARET SOI | The purchasing power of Africa’s middle class is expected to grow significantly in the coming years: the continent’s middle class is expected to spend US$2.1 trillion by …
Read More »African banks take over after international lenders exit
Local financial companies are capitalising on the opportunities left by international banks exiting Africa yet continue to struggle with the gap between perceived and actual risks in the market. SPECIAL REPORT | BIRD AGENCY | In early 2022, UK-headquartered Standard Chartered Bank announced it was exiting five African countries and …
Read More »Banks, VISA forum seeks to promotes women’s economic empowerment
Kampala, Uganda | PATRICIA AKANKWATSA | In a concerted effort to champion women’s economic empowerment in Uganda, the Uganda Bankers’ Association (UBA), in collaboration with VISA, hosted a pioneering forum at Mestil Hotel in Kampala on Oct. 24 underscoring the pivotal role of enhancing women’s access to tailored financial services and …
Read More »FRAUD: Banks, Telcoms urged to embrace Bug Bounty programs
Kampala, Uganda | THE INDEPENDENT | The Uganda Bankers Association has endorsed the Bug Bounty Program as part of efforts to improve the security of the financial industry against cybercrimes. The Bug Bounty is the monetary reward offered to ethical hackers who specifically uncover and document vulnerabilities for application developers. …
Read More »UBA: No more fines for repaying a bank loan early
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 …
Read More »Stop EACOP shifts campaign to Chinese banks
Kampala, Uganda | THE INDEPENDENT | The stop EACOP campaigners are now targeting Chinese banks and insurance firms from funding the longest crude oil pipeline between Uganda and Tanzania. The latest move by the international and their local campaigners comes after they successfully fought off Western banks and insurance firms from …
Read More »How Africa-based banks are structuring global transactions
The case of Bank One, part of I&M Group PLC ANALYSIS | AGENCIES | Thavin Audit, Acting Head of International Banking, Bank One, talks about the key role that Mauritius-based banks are playing in Africa by structuring transactions through their international banking divisions to shape investor interest and channel funds towards …
Read More »Banks strive to counter cyber threats
Annual Bankers’ Conference 2023 unveils strategies for digital resilience Kampala, Uganda | PATRICIA AKANKWATSA | Cybersecurity has become a critical concern as digital transformation sweeps across Uganda’s banking landscape. The recently concluded Annual Bankers’ Conference 2023 provided a platform for industry leaders, experts, and stakeholders to deliberate on the escalating cybersecurity …
Read More »Banks on course to meet capital requirements
Kampala, Uganda | THE INDEPENDENT | Uganda’s central bank hopes to strengthen the country’s financial sector by leveraging on the revised minimum capital requirements. The Bank of Uganda said in a statement on July 06 that it is confident that the attainment and maintenance of the revised minimum capital by financial …
Read More »