Kampala, Uganda | THE INDEPENDENT | Seven people have been arrested for allegedly defrauding over Sh 5 billion through the online banking system in Kampala. The suspects were identified as Fred Sitakyange, Ephraim Bagambe, Allan Juuko, Bairon Ndyamuhaki, Peter Katumba, Erasmus Mutambi and Ronald Bashijja. They were picked up in …
Read More »CSOs bothered by banks move to opt out of oil pipeline financing
Kampala, Uganda | THE INDEPENDENT | Civil society actors have challenged the government to take with serious concern, decisions by some international banks not to finance the East African Crude Oil Pipeline-EACOP. At least six international banks have backtracked on their financing plans for a USD 3.5 billion project, which will include …
Read More »Banks disbursed loans worth UGX 2.2 trillion in the first quarter of FY 2020-21
Kampala, Uganda | THE INDEPENDENT | A report by the Ministry of Finance, Planning and Economic Development indicates that banks gave out loans worth 2.65 trillion shillings to the private sector in the first quarter of the financial year 2020/2021. The pre-election economic and fiscal update issued by Moses Kaggwa, the …
Read More »Ugandan banks not yet out of the woods
The real impact of COVID-19 pandemic on banks will be seen in the second or third quarter of next year Kampala, Uganda | ISAAC KHISA | Ugandan commercial banks may believe that they are headed for recovery amid the novel coronavirus pandemic but the headwinds are still big, said Tumubweine …
Read More »Bankers reveal where they will put money after COVID-19
Kampala, Uganda | THE INDEPENDENT | The banking sector is advising investors and other private sector borrowers to re-think their investments and investment plans because the attractiveness of investments to credit has been highly affected by the COVID-19 pandemic. The pandemic scared lending institutions away from the private …
Read More »Police arrests 3 more suspects over hacking into telecoms- Banks’ aggregator
Kampala, Uganda | THE INDEPENDENT | The cyber detectives at Criminal Investigations Directorate – CID have arrested three more people in connection to the ongoing investigations into the hacking of Pegasus technologies and causing loss of billions of shilling to two telecommunication giants and two Banks. Hackers early this month …
Read More »AU mulls guarantee scheme for small businesses to spur economic transformation
Nairobi, Kenya | XINHUA | The African Union (AU) is planning to put in place a guarantee scheme for micro, small and medium-sized enterprises (MSME) to speed up the continent’s economic transformation, an official said on Wednesday. Amine Idriss Adoume, director in charge of delivery program and coordination at the …
Read More »Bankers criticized for not assisting agricultural sector
Kampala, Uganda | THE INDEPENDENT | Commercial banks and government have been criticized for not putting much emphasis on developing the agriculture sector. Dr James Kanyije, the executive director of KK Foods Limited said on Thursday that bankers had let farmers down by classifying the sector as risky. He said …
Read More »Ugandans hold UGX 8.5 trillion in fixed deposits– BoU
Kampala, Uganda | THE INDEPENDENT | Ugandans have stashed record amounts of cash in banks, an indicator Ugandans feared to spend their money with the coronavirus uncertainty still hovering around. Bank of Uganda data shows that in May 2020, the amount of money Ugandans have in banks as term deposits reached …
Read More »Banks boost customers’ confidence in insurance – Players
Kampala, Uganda | THE INDEPENDENT | More Ugandans are buying insurance through their banks as the channels have boosted confidence in insurance, players have said. Official figures show an upward curve of insurance products through banks, which is technically known as bancassurance. It started in Uganda in 2017 after the amendment …
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