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The Bank of Uganda (BoU) has come under intense scrutiny following its abrupt cancellation of the National Payments Switch (BNPS) procurement process. This move has raised significant concerns over transparency, security, and alleged undue influence. The central bank annulled the deal just days after awarding the contract to a Moroccan firm, Paylogic S.A., citing security concerns that had supposedly been overlooked earlier. However, industry insiders and procurement experts suggest that deeper issues of favoritism and influence peddling may be at play. The international bidding process, initiated in July 2023 under reference number BOU/NCONS/22-23/00378/C, attracted twenty companies vying for the…
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Uganda has been a hotbed for cryptocurrency scams, largely due to the legal ambiguity surrounding the use of digital currencies. The country has had its fair share of crypto scams, with numerous individuals falling prey to fraudulent schemes. This has been largely caused by the lack of clear regulations and guidelines on the use of cryptocurrencies, creating a fertile ground for unscrupulous individuals to exploit unsuspecting investors. According to a report by the Blockchain Association of Uganda, the country has seen a significant increase in crypto scams in recent years. The report revealed that in 2019 alone, Ugandans lost over…
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43% of banks cited the rise of fintechs and challenger banks as the biggest threats to their business according to the third edition of the African Digital Banking Transformation Report released by The African Banker Magazine in which a record 153 banks across 33 countries on the continent were surveyed. This was further reflected in the priorities carried by the banks this year with at least 83% of the banks considering building digital payments mobile app or a mobile wallet app as a priority to stave off the competition from the fintechs. However, there are possible synergies between fintechs and…
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The Constitutional Court has outlawed Section 118 and 124 of the Financial Institutions Act (2004) which previously gave the Bank of Uganda uncontrolled and unaccountable powers to freeze bank accounts held in Financial Institutions it supervises. Section 124 further protected the central bank and its official from being sued for the same. The Constitutional Court has also ordered that bank accounts of customers, can only be frozen by an order of the court, meaning that for the Bank of Uganda to freeze any account it has to seek a court order. But at the same time, customers will be given…
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News coming in from the President’s Office indicate that President Yoweri Kaguta Museveni has in line with Article 161(3) of the Constitution of the Republic of Uganda, reappointed Prof. Emmanuel Tumusiime Mutebile for another term as the Governor Bank of Uganda. The Governor is the Chief Executive Officer of the central bank and also chairs the Board, which is the highest governing authority of the bank. The Governor and deputy Governor each serve a renewable term on five years. Bank of Uganda, other than being Uganda’s central bank, it is also responsible for the formulation and implementation of the monetary…
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During its 26th Annual General Meeting held virtually, on 30 July 2020, the Institute of Certified Public Accountants of Uganda (ICPAU) announced seven leaders (Council Members) that will serve for the period 2020-2022. The seven are; CPA Josephine Okui Okwakol Ossiya – Practitioner at Rona & Partners, Certified Public Accountants and Chief Finance Officer at Bujagali Energy Ltd, CPA Gloria Tuhaise Wakooba – Deputy Director, Procurement and Disposal Department at Bank of Uganda, CPA Prof. Laura Orobia – Associate Professor heading the Department of Accounting & Finance (Academics) at Makerere University Business School (MUBS), CPA Geoffrey Byamugisha – Practitioner at…
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