FINANCE

A Bank of Uganda special Monetary Policy Committee (MPC) meeting has increased the Central Bank Rate (CBR) to 10 percent, up from 9.5 percent announced in February.The Central Bank’s Deputy Governor, Michael Atingi-Ego, said the decision to increase the CBR was informed by the depreciation of the Shilling.Rising inflation Both headline and core inflation rose […]

The Standard Bank Group has appointed Stanbic Bank Uganda Chief Executive Anne Juuko to a new leadership role as Global Markets Regional Head-East Africa.The appointment is effective 1 April 2024. A successor will be announced in due course.Kayode Solola, the Standard Bank Group Executive Head for Global Markets—Africa Regions said, “I congratulate Anne on this […]

Standard Chartered Bank Uganda and BRAC have celebrated International Women’s Day with 50 girls whom they have been supporting as part of the Goal Girls programme.The Mentor’s Den event was dubbed “a conversation with the Goal girls” under the Topic: Turning passion into success.A Mentors’ Den is a small group session that brings together Futuremakers […]

Stanbic Uganda Holdings Limited (SUHL) has appointed Grace Semakula as the new Chief Executive for SBG Securities Uganda Limited (SBGS) and by virtue of that position, an Executive Director on the company Board, effective March 1, 2024. Semakula who was previously with UMEME replaces Joram Ongura—the SBG Securities founding Chief Executive who left the role last […]

Uganda Development Bank’s (UDB) gross loan disbursements in the year 2023 grew by 21 percent while its total assets rose by 8 percent in a year marked with a rollout of new initiatives towards supporting the private sector. During the year 2023, the Bank approved funding amounting to Shs691 billion to support 201 projects across the […]

Uganda Manufacturers Association (UMA) and KCB Bank Uganda Tuesday signed a Memorandum of Understanding that will see manufacturers access tailored trade finance solutions from the commercial bank to streamline their business operations.The UMA Chairperson, Deo Kayemba, said the cost of financing in the current market is high, at an average of 22 percent, and that […]

Standard Chartered Bank Uganda is now offering clients access to global banking products and services after launching its International Banking services offered in international financial centres including the UAE and the UK, amongst others.The Chief Executive Officer of Standard Chartered Bank Uganda, Sanjay Rughani, said the introduction of International Banking in Uganda is ‘a significant […]

Uganda is no longer under Increased Monitoring by the Financial Action Task Force (FATF) grey list, the fifth Plenary of the FATF that recently sat in Singapore announced.The other countries to achieve this feat are Barbados, Gibraltar, and the United Arab Emirates.The FATF plenary congratulated these countries for their significant progress in addressing the strategic […]

Machine learning, generative artificial intelligence (AI”), predictive analytics, and other advanced technologies empower businesses with speed and intelligence, however, their proliferation also offers opportunities for fraudsters, the Deputy Governor of the Bank of Uganda, Michael Atingi-Ego, has revealed.”Unfortunately, malicious actors utilize these tools to their advantage. For instance, scammers leverage ChatGPT to craft phishing emails […]

Members of the Uganda Bankers Association, the Deputy Governor of Bank of Uganda, Dr. Michael Atingi-Ego, and the Permanent Secretary of the Ministry of Information, Communications Technology and National Guidance, Dr. Aminah Zawedde, Monday in Kampala launched the guidelines and a code of ethics aimed at harmonizing at strengthening the fight against fraud in the […]