Banks
UDB, Partners Launch Incubator Program
Uganda Development Bank (UDB) and partners have launched the Incubator Program second phase under Enterprise Development Product (EDP) to prepare enterprises to become investor-ready. The launch took place on Wednesday at Uganda Management Institute in Kampala.The Director Strategy and Corporate Affairs, Allan Mwesiga, said the program is a commitment by the bank to foster sustainable […]
150 Schools To Compete In Entrepreneurship Challenge
At least 158 secondary education colleges from across the country have been cleared to compete in the 9th edition of the Stanbic National Schools Championship (NSC)—an annual youth entrepreneurship skilling challenge.Sam Mwogeza, the Executive Head for Personal & Private Banking at Stanbic Bank presided over the ceremony to flag off this year’s competition with a […]
Stanbic PMI Reports Low Demand For March
Ugandan private sector firms have registered a deterioration in business conditions during March, thereby ending a 16-month upward improvement sequence in the health of the private sector.The overall decline was driven by renewed contractions in output and new orders, as customer demand was reportedly hampered by less money in circulation and reduced purchasing power. Nonetheless, firms […]
MPs Side With BoU In Rejecting Stanbic Bank CEO Nominee
Parliament has backed the decision by the Bank of Uganda (BoU) requiring Stanbic Bank Uganda to hire a Ugandan national as the next Chief Executive Officer to replace Anne Juuko, who the commercial bank gave a new role as head of Global Markets for East Africa.In a press statement on March 28, 2024, Stanbic Bank […]
Bank Of Uganda Allows 3 Banks To Downgrade From Commercial Banks
Banks of Uganda have announced that ABC Capital Bank (U) Limited, Guaranty Trust Bank (U) Limited, and Opportunity Bank Limited are transitioning from tier one commercial bank license to tier two credit institution license effective July 1, 2024.According to the central bank, the transition will be a period of three months, starting April 1, 2024, […]
Museveni Launches Salaam Bank, Uganda’s First Ever Islamic Banking Institution
President Yoweri Kaguta Museveni has launched Salaam Bank, Uganda’s first ever licensed Islamic Banking institution.Islamic banking is a form of banking based on Islamic principles. Basically, in Islamic banking it is not allowed to pay and receive interest but rather it is based on profit sharing.Islamic banks focus on generating returns on investments through investment […]
Stanbic Uganda Earns Shs412bn After Tax Profit
Stanbic Uganda, a franchise of the Standard Bank Group, Africa’s largest commercial lender by assets, has announced a profit after tax of Shs412 billion for the period ending December 2023 representing 15.2 percent growth from Shs357 billion earned the previous year.Trading on the Uganda Securities Exchange as Stanbic Uganda Holdings Limited (SUHL), it runs five […]
Uganda To Establish Cross-Border African Investment Bank
The State House Investors Protection Unit and the National Planning Authority (NPA) have recently held a brainstorming meeting on the establishment of an Indigenous Patient Capital and Cross-border African Investment Bank.The meeting was held at the State House Investors Protection Unit Offices in Kampala.The meeting comes hot on the heels of the President’s directive to […]
Bank Hailed For Complementing New Competency-Based Curriculum
Stanbic Bank Uganda has announced the official commencement of the 9th edition of the esteemed National Schools Championship (NSC).This call for application event took place on Monday 18th March 2024 during a meeting of Municipal and District Education Officers (DEOs) convened at the National Teachers College Muni in Arua City.The National Schools Championship is an […]