The closure of Teefe Bank, Greenland Bank, and Crane Bank had a significant impact on the Ugandan banking sector. They led to a loss of confidence in the banking sector …
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Banking & SavingsEconomicsFinanceLatest NewsNews
Bank of Uganda Issues First Islamic Banking License
Just a month after President Yoweri Museveni assented to the Financial Institutions (Amendment) Act 2023 to clear all the legal roadblocks to the commencement of Islamic banking products in Uganda, …
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Banking & SavingsEconomicsFinanceFintechLatest NewsNewsTechnology
What Happens to Unclaimed Money on Deceased Individuals’ Mobile Money Accounts?
When a mobile money account remains dormant for 15 months, the telecommunications company initiates a process to transfer the money on that account to Bank of Uganda. This action is …
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The Managing Director Uganda Development Bank Limited (UDBL) Patricia Ojangole, has been named Sustainability Leader of the Year 2023 during the Karlsruhe Sustainable Awards ceremony; for the third me in …
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Banking & SavingsFinanceLatest NewsNewsTaxation
Ugandans to access interest free loans as Parliament passes Islamic Banking Bill
Parliament on Thursday passed the Income Amendment Bill and the Foreign Exchange Amendment Bill to pave way for the implementation and operationalization of Islamic banking financial products by commercial banks, …
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The Inspectorate of Government (IG) has ordered former Managing Director of the National Social Security Fund (NSSF), Richard Byarugaba and former Director of Finance, Stevens Mwanje to jointly refund 5 …
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The National Social Security Fund (NSSF) has earned a total of Ushs 31.5 billion as dividends for the year ended December 31, 2022, from its investment in MTN Uganda. NSSF …
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A recent report by the Uganda Bankers’ Association (UBA) sheds light on the gender distribution within the banking sector. The findings reveal that women constitute the majority of employees, indicating …
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Government has revised the 2023/2024 financial year budget to Shs52 trillion from Shs51 trillion. This was contained in the corrigenda to the budget for Financial Year 2023/2024 that was laid …
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According to the Stanbic Purchasing Managers Index (PMI), the start of the second quarter of 2023 saw a rise in employment as Uganda’s private sector recorded increased output and new …