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Access Bank Plc (Access), one of Africa’s largest banking groups, is acquiring 80% of Uganda’s Finance Trust Bank, it has been confirmed. CEO East Africa Magazine first broke news of the transaction but the concerned officials were at the time tight-lipped about the transaction. But in a press release this morning, the two financial institutions announced the signing of a definitive agreement for Access Bank’s equity investment into FTB. The two banks also said that once the deal had been approved by the regulators, Access Bank would “concurrently acquire the shares currently held by FTB’s institutional shareholders who have sought…
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The Uganda Bankers’ Association’s Chairperson, Citibank’s Sarah Arapta is female too- the first woman to. Some financial institutions such as Finance Trust Bank- have taken it further by having an all-female Board Chairperson, CEO and Executive Director while others like Stanbic Bank, Uganda’s largest Bank and have both CEO and Executive Director as female. You could argue this is still under-representation, which it actually is, given that there are more females than males in the population, but given where we have come from, this is good progress. Some of the largest banks such as Stanbic where 45% is female and…
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With only a few days left to the June 30th 2023 compliance deadline for banks that failed to raise UGX120 billion in both share capital and core capital by December 31st 2022, a number of the affected banks are in last-minute mad dashes to raise the capital needed or else face a raft of regulatory sanctions that could include closure. According to a tabulation by CEO East Africa Magazine, as of December 2022, out of the 25 banks, as per published financial results, at least 10 banks didn’t meet the thresholds on share capital while 11 did not meet the…
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A ceremony highlighting the move was held on Friday, December 16—presided over by Dr. Tumubweinee Twinemanzi, the Executive Director of Supervision at the Bank of Uganda. Ms. Annet Nakawunde, the bank’s Managing Director said that the unveiling of a corporate branch is a strategic move to reposition the bank for its next phase of growth. “The decision to relocate our head offices is right because what used to be our microfinance customers have since grown to be corporates and they now deserve the service of being corporates,” Ms. Nakawunde said, noting that, the previous location had turned inaccessible for the…
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Finance Trust Bank, has asked its staff to refund a portion of their salaries received during the Covid-19 lockdown when government restrictions prevented them from getting to work. According to a memo sent to all staff on June 12th by Annet Nakawunde Mulindwa the bank’s CEO, staff who were not able to get to work because of the government restrictions were asked to convert the unworked days into annual paid leave. However the bank only allows for 24 days of paid leave in a year, yet government lockdown lasted for a combined 49 days, including weekends. Now the bank wants…
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By Annet Nakawunde Mulindwa Women’s Day has been commemorated internationally since 1911. In Uganda, personalities coming out of the affirmative action movement have dominated the political space for women, with more women participating in competitive politics and taking up leadership positions. It is however still a struggle to register a significant improvement in the economic empowerment index. The economic empowerment index covers issues like access to land, employment, participation in the business sector and access to credit. Being a player in the struggle for women empowerment through financial inclusion, I know that all the issues raised above are key determinants…
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The total assets of Uganda’s financial services industry reached UGX.45.81 trillion, or 44.3 percent of Uganda’s GDP, as at end December 2018. The banking sector, dominated 69% of these assets, followed by Pension Funds at 22%, then Funds under Management (6%) and lastly the insurance sector at 3%, according to Bank of Uganda’s Financial Stability Report, June 2019. According to the report, as at end June 2019, the banking sector, continued to flourish with commercial banks accounting for 95.2 percent (UGX30.3 trillion) of the banking sector’s total assets of UGX.31.8 trillion. This was followed by the Microfinance Deposit-taking Institutions (MDIs)…
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