This festive season, Pearl Bank (formerly PostBank Uganda) reminded customers that banking can still feel human, warm, and personal, as it concluded its Christmas campaign dubbed “Pearl Santa.” The campaign culminated in courtesy visits to key media houses including Nation Media, Vision Group and Next Media, in appreciation of their continued support in shaping and amplifying the Pearl Bank story, particularly during the Bank’s transition from PostBank to Pearl Bank. The Christmas season is traditionally marked by togetherness, joy and shared moments with family and friends, and Pearl Bank aligned its festive engagement to reflect this spirit. Through surprise visits,…
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On Tuesday November 8 2022, I&M Bank Uganda Ltd marked one year of serving the Ugandan market. The bank started its operations in Uganda in 2021, after acquiring Orient Bank. I&M Bank Uganda has over the past one year focused on being client centric, supporting its clients to grow with it, and providing seamless digitalised banking services. To commemorate the milestone, the bank rolled out a series of activities centred around its employees, customers, and communities who have played a key role for its smooth operations. The celebrations started with the bank treating its staff to a sumptuous breakfast that…
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Bank of Uganda (BoU) has officially approved Afriland First bank Uganda Limited’s request for voluntary closure. The central bank and banking sector regulator in exercise of it’s powers under section 98 (1) of the Financial Institutions Act, 2004 (as amended), on Wednesday 25th May 2022, approved a request from Afriland First Bank Uganda Limited, to apply to the High Court for Voluntary Liquidation. A notice to the public written and signed off by Bank of Uganda’s Deputy Governor, Michael Atingi Ego states that: “Afriland First Bank Uganda Limited’s decision for Voluntary Liquidation was an outcome of a strategic business review…
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Centenary Group has congratulated its subsidiary, Centenary Bank, upon posting excellent performance results. Despite a challenging operating environment, the bank leveraged on technology, people and good relationships, to deliver good performance. The Bank remained profitable, and in line with its mission, seeing that profits are not a standalone, financed enterprises and individuals in the real economy, which fosters a productive and sustainable economy. Centenary Bank’s deposits grew by 1.4% from UGX 3.137 trillion in 2020 to UGX3.181 trillion in 2021 together with a growing loan book, helped to bolster the bank’s earnings, allowing it to set new record highs, on…
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First of all, what does wealth creation mean for you and your clients at Standard Chartered Bank? Creating value for our clients comes first. Our recommendations are based solely on what’s best for our clients and our biggest goal is to have an impact on their livelihood. At Standard Chartered, we are in a strong position to help our clients build a secure future for themselves and their families by providing objective, relevant advice and access to the solutions they need to achieve their ambitions. Standard Chartered Bank has always claimed the No.1 wealth advisory bank in Uganda. What…
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A report by the Ministry of Finance, Planning and Economic Development indicates that banks gave out loans worth UGX2.65 Trillion to the private sector in the first quarter of the financial year 2020/2021.The Pre-Election Economic and Fiscal Update issued by Moses Kaggwa, the Acting Director Economic Affairs says that the approved and disbursed loans led to a cumulative stock of UGX17.221 Trillion in September 2020.This translates into a growth of 1.4 percent in the stock of outstanding private sector credit over the quarter. Kaggwa attributes the growth in credit to partly, the easing of prudential regulations by the Central Bank to…
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The Financial Intelligence Authority FIA has downplayed the significance of notices being sent to some customers of commercial banks informing them of the identification requirements when making transactions with their banks.Some customers of some banks have been receiving the communication saying that it is in line with the FIA requirements. “Dear Customer, as a regulatory requirement by FIA, you will need to present your NIN or passport for all cash/cheque transactions. For queries, call 0800222333,” a notice from Absa Bank reads. Asked as to whether the FIA directed the banks to issue the notices and why, or whether it targeted specific individuals,…
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First of all, tell us about the Agent Banking Company of Uganda Limited- who owns it and how is it run? Agent Banking Company of Uganda Limited (ABC) was incorporated in July 2017 with its offices on Plot 2702, Nyangweso Road, off Kironde Road on Tank-Hill, Muyenga. ABC is a Joint venture entity of the Uganda Bankers’ Association and Eclectics International. Uganda Bankers Association (UBA) is the umbrella body of Supervised Financial Institutions in Uganda. UBA owns 51% stake raised by its Tier 1 members. Eclectics International, on the other hand, is a Kenyan Fintech firm in the business of…
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Orient Bank has broken its silence on the sale of its 90% stake to Kenya’s I&M Holdings PLC. In a statement titled: Update statement on the proposed acquisition of Orient Bank Limited by I&M Holdings PLC, published in local media, the bank states: “On 17th July 2020, the shareholders of Orient Bank limited (the Bank) entered into an agreement with I&M Holdings PLC for the sale of 90% of the issued share capital of the bank. The transaction is subject to conditions including regulatory approvals from the Bank of Uganda, Central Bank of Kenya, and Capital Markets Authority of Kenya,”…
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The amount of money where borrowers have not made any payments for at least three months grew by 15 per cent to UGX783 billion between January and March 2020, the Bank of Uganda has said. This is a growth from UGX666.3 billion of loans not being paid as registered in December 2019.Also referred to as non-performing loans (NPL), their growth is an indicator of a bad economy where borrowers are unable to work and honour their loan obligations. For the NPL, banks still have hope of recovering it.The Central Bank’s quarterly financial stability report says the trend of people failing…
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