Kampala, Uganda | THE INDEPENDENT | The Supreme Court in Kampala has dismissed businessman Humphrey Nzeyi’s appeal against the Bank of Uganda (BOU) and the government for the illegal takeover, sale, and subsequent liquidation of the National Bank of Commerce. The Supreme Court, presided over by seven justices led by …
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Kampala, Uganda | THE INDEPENDENT | Companies dealing in remittance services are now required to report data on their transactions weekly to the Bank of Uganda (BOU), under a newly developed system. The Central Bank has developed a new data collection approach regarding diaspora remittances, where all remittance service providers …
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Kampala, Uganda | THE INDEPENDENT | High Court’s dismissal of an appeal by the Uganda Revenue Authority (URA) against the Trustees of the Bank of Uganda Defined Benefit Scheme, affirmed that the Scheme qualifies as a Settlor Trust under the Income Tax Act. The judgment, experts say, clarified and sets out …
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Kampala, Uganda | THE INDEPENDENT | Uganda’s Insurance Industry has been advised to focus on cheap and convenient means of payment for services to boost penetration. Dr Augustus Nuwagaba, the Deputy Governor of the Bank of Uganda, says all industries today are innovating in payments, primarily through digitisation, because the …
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Kampala, Uganda | THE INDEPENDENT | The Anti-Corruption Court in Kampala has granted bail to six out of the nine government officials implicated in causing a financial loss of 60 billion shillings through the manipulation of payment systems. The court, presided over by Justice Lawrence Gidudu, granted bail to the six …
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Kampala, Uganda | THE INDEPENDENT | The Anti-Corruption Court has remanded eight people for causing financial loss to the government. According to the prosecution, Accountant General Lawrence Ssemakula, Commissioner Treasury Services Jenifer Muhuruzi, and the senior IT officer Yawe Tonny being employed in the Ministry of Finance neglected to put in …
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Kampala, Uganda | THE INDEPENDENT | The Accountant General Lawerence Semakula and eight others have been arrested following the disappearance of $17M (UGX60B) from the Bank of Uganda (BOU). Money mysteriously disappeared from BOU in September 2024 and ended up in foreign accounts in The United Kingdom (UK) and Asian …
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KAMPALA, UGANDA | THE INDEPENDENT | The Bank of Uganda has reduced the frequency of the review of the Central Bank Rate, to allow for more comprehensive economic analysis and enhanced forecasting accuracy. This, the Bank says, will in turn enable the management to “build upon our established track record of …
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Potential global inflationary pressures, geopolitical tensions, and tightening global financial conditions could pose upside risks to inflation Kampala, Uganda | THE INDEPENDENT | Uganda’s central bank has opted to maintain the Central Bank Rate (CBR) at 9.75%, signaling confidence in the stability of domestic inflation and economic activity despite global …
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KAMPALA, UGANDA | THE INDEPENDENT | Uganda is in a wait-and-see mode ahead of Donald Trump’s assumption of the US presidency next month. While Uganda’s trade with the US is minimal compared to global trade, the country has interests like worker’s remittances, and cash inflows in the form of development aid, …
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The Independent Uganda: You get the Truth we Pay the Price
