FINANCE

The license of EFC Uganda Limited, a microfinance deposit-taking institution in Uganda, has been revoked, Michael Atingi-Ego, the Deputy Governor of Bank of Uganda announced in a statement on Friday. The Deputy Governor also reveals that EFC Uganda has been ordered to wind up its activities and operations. Basically, EFC Uganda has been put under […]

Greater customer numbers during December fed through to higher new orders and business activity as the headline monthly Stanbic Purchasing Managers Index (PMI) rose to 54.8 from 53.4 in November. This was the highest reading since June 2023 and above the 50.0 no-change mark for the fourteenth consecutive month.Christopher Legilisho, Economist at Stanbic Bank said, “Uganda […]

The Standard Bank Group has named Francis Karuhanga as the new Chief Executive for Stanbic Uganda Holdings (SUHL), the listed entity under which Stanbic Bank is operated, alongside four other subsidiaries – Stanbic Properties Limited, SBG Securities, Stanbic Business Incubator, and FlyHub.Patrick Mweheire, the Standard Bank Group Regional Chief Executive for East Africa, says Karuhanga […]

Bank of Uganda (BOU) has maintained the Central Bank Rate (CBR) at 9.5 percent, Michael Atingi-Ego, the Central Bank Deputy Governor revealed. He said maintaining the rate reflects the Monetary Policy Committee’s assessment of the inflation outlook in the light of the incoming data. “The medium-term forecast for December 2023 shows that the inflation outlook remains […]

Traders have been called upon to exhibit transparency when dealing with financial institutions because that will ease their work.The call was made by Paul Muganwa, the Head Corporate and Investment Banking (CIB) at Stanbic Bank while speaking during a business trade forum at Protea Hotel on Monday.Organised by Stanbic Bank, the forum was held under […]

The Court of Appeal has ruled that employers can terminate the contracts of their employees without giving any reason for doing so. The court also ruled that when one’s employment contract is terminated without reason, there is no need for a hearing. This unpopular ruling emanates from a case between Nassanga Saphinah Kasule and Stanbic […]

During October, Uganda’s private sector reported that improving customer demand fed through to increases in output and new orders, with employment and purchasing activity raised accordingly.However, higher building material and fuel costs added to inflationary pressures, in turn feeding through to an increase in selling prices.At 52.4, the October Stanbic Purchasing Managers’ Index (PMI) reading […]

Standard Chartered Bank Uganda in partnership with their NGO partners Cordaid Uganda and Youth Business International (YBI) launched the Business Resilient Matching Grant Program as they celebrated Purple Tuesday.Purple Tuesday is a global social movement that advocates for the improvement of the customer experience for disabled people and their families.The bank is celebrating this initiative […]

The State Minister for Finance, Henry Musasizi, has told Parliament that the government and the World Bank are engaged in heavy negotiations regarding the recent decision halting funding to Uganda over the passing of the Anti-Homosexuality Act.The minister urged Ugandans not to worry about losing the lender because the negotiations will yield positive results.”We have […]

The Bank of Uganda (BoU), the Uganda Institute of Banking and Financial Services (UIBFS), the Uganda Bankers Association, the Deposit Protection Fund, financial sector regulatory institutions, financial service providers, development partners, and other stakeholders have used this year’s World Savings Day to invite Ugandans to trust their savings with regulated financial institutions.The Deputy Governor of […]