Pan-African payment technology company Cellulant has been granted a Payments Systems Operator license by Bank of Uganda in line with the National Payments System Act, 2020. The Act provides guidance in streamlining operators in the burgeoning fintech space in Uganda. Cellulant Group founded in 2003, has a history of delivering inventive technical and financial solutions implemented with a seamless user experience. The company today powers collections and payouts for thousands of businesses in various sectors across 35 countries in Africa. Cellulant launched operations in Uganda in 2009 and through its single API payments gateway – Tingg – enables global, regional…
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The Uganda shilling reversed course and slightly strengthened as end month flows gave support amid subdued demand. The unit traded below the 3800 level for the first time in months. The shilling appreciation bias was expected to be short lived as economic variables in particular inflation painted a bleak picture going forward. In Kenya, the currency took a hit, trading at a fresh record low trading above 120, undermined by elevated demand from oil importers. In the bond market, upward pressure on yields took center stage as markets players slammed huge risk premium on the prices. The worsening fiscal outlook…
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The Uganda shilling firmed in thin trade. Activity was low on both counters. The unit was quoted at 3825/35 in most of the trading sessions of the week. In other peer markets , the narrowing of interest rate differential between the frontier markets and the US is continuing to cause mayhem as the relative interest rate return between local currencies and dollar assets diminish. In the global markets, the US dollar loomed over major peers as treasury yields peaked at multi year high. Gloomy data and down beat corporate outlooks dimmed investor risk appetite . In other major markets, focus…
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The Bank of Uganda – BoU has commended Stanbic Bank Uganda for rational lending practices on interest rate for loans, credit cards and lines of credit. Tumubweine Twinemanzi, Executive Director of the Bank Supervision Directorate of the Bank of Uganda said this at the commemoration ceremony of the Standard Bank Group’s 160th Anniversary, the mother company of Stanbic bank at Serena Kampala Hotel on Friday. “We have heard the banking sector being abused about hiking interest rates, so far, Stanbic Bank is the only one whose prime rate is highly positively matching with the CBR (Central Bank Rate),” he said….
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The Uganda shilling surrendered its previous gains on revived demand by local firms for imports amid the dollar supply dearth. The unit traded at 3830/40. In other peer markets most of the currencies generally stumbled as the US dollar continued its ascendancy. In the fixed income market, short term yields continued to soar triggered by rising interest rates as investors focused on the short end in the primary market while positioning for the repricing advantage. BOU was less tolerant of higher rates and was seen capping. On the global scene, the dollar climbed to a fresh 24-year peak. The greenback…
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Bank of Uganda – BOU has yet again increased Central Bank Rate – CBR to 10% from 9% where it has been for less than two months. Earlier in August this year the Central Bank announced the increment of the CBR by 50 basis points to 9% from 6.5% in a bid to manage inflation. Now, Michael Atingi-Ego, Deputy Governor, has revealed that at the Monetary Policy Committee (MPC) meeting held on 6 October 2022, the Bank of Uganda decided to once again increase the CBR to influence lending behaviour of commercial banks. He says that a combination of global…
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The Uganda shilling was caught in crossfire of a strengthening dollar as the local market stayed long USD. Markets remained cautious as weekly losses for risky assets were exacerbated by sterling’s decline in what was a volatile week in the financial markets. The unit held in the range of 3880/90. In fixed income market, yields continued to rise in line with uptick in headline inflation and on the back of currency depreciation. With tight fiscal conditions , government is expected to step up their borrowing efforts in the domestic market to fund a higher fiscal deficit. Short yields cleared at…
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The Uganda shilling was in a sideways consolidation phase with minor bearish pressure but was showing signs of reversing as pockets of demand kept emerging. The unit held in the range of 3820/30, while in Kenya, the unit continued to trade at an all time low of 120.55/75, on increased dollar demand from oil importers and the global dollar strength. In other African markets, the three African biggest economies of South Africa and Egypt were expected to raise interest rates over concerns of unanchored inflation and increased depreciation pressures on their currencies. In the global markets, the US dollar surged…
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Xente, a licensed Ugandan-founded financial technology platform that offers business payments solutions has announced its partnership with Visa, the global leader in digital payments to issue virtual and physical Visa business cards across businesses by enabling them make payments to online and offline vendors, disburse money and manage business expenses. Allan Rwakatungu, Xente’s Founder and CEO noted that the physical and virtual visa cards are specifically designed for businesses which allow businesses to pay globally anywhere visa is accepted. “This card, not only allows businesses to pay, but allows them to set payment policy to control where the cards are…
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It was choppy trading for the Uganda shilling with mid month effect cooling the demand side. The unit traded pretty much in no- man’s land, unable to break below 3800 level and yet struggling to get above the 3825 . While in the Kenyan market, the currency remained flat with very limited pressure as corporates slowly returned to the market after the announcement of a new administration. KES held at 120.40/60. Elsewhere trading across emerging market currencies remained volatile as the dollar strength continued to dominate over the on going global inflation concerns. In domestic fixed income market, yields held…
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