In a remarkable turn of events, banks and other closely monitored financial institutions have witnessed a staggering surge in compensations tied to customer grievances, a clear indicator of elevated risks …
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Customers who choose to pay off their bank loans ahead of schedule, or prior to the agreed-upon repayment period, will not be subjected to any penalties or adverse repercussions, the …
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Banking & SavingsLatest NewsNews
How NSSF Revenue Increased by 15% to 2.2Trillion as it Eyes 50Trillion Asset Capital
Despite recent allegations of mismanagement, abuse of office and corruption at the East Africa’s biggest pension Fund, the National Social Security Fund (NSSF) that resulted into the Inspectorate of Government …
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Finance Minister, Matia Kasaija, has declared a 10% interest rate for the National Social Security Fund (NSSF) savers for the Financial year 2022/2023. The NSSF savers’ interest rate for the …
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On Friday 08th September 2023 the Bank of Uganda issued the first-ever Islamic Banking License to Salaam Bank Limited. This follows President Yoweri Museveni’s signing of the Financial Institutions (Amendment) …
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Banking & SavingsFinanceLatest NewsNews
How Safe Is Your Money If Your Bank Or Telecom Company Closed?
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, …