Following a competitive bidding process and to take account of the increased number of beneficiaries under the national roll out-the Ministry of Gender, Labour & Social Development (MGLSD) has announced Centenary Bank as the additional payment service provider (PSP) for the Senior Citizens Grants under the Social Assistance Grants for Empowerment (SAGE). The PSPs provide channels to deliver the last mile of cash grants to older persons. Coming on the cusp of the national roll out of the Senior Citizens Grant to cover all districts around the country, Centenary Bank will pay side by side with PostBank Uganda until March…
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In a bid to financially include the unbanked population, Centenary Bank has added a new service on its Agent Baking platform that enables both its customers and bank non-customers to withdraw money at no charge. Financial institutions have embarked on the journey to financially include more Ugandans by creating new avenues through which to bring financial services closer to communities and offer better banking experiences to the growing number of customers. There is no doubt the efforts have yielded some achievements, however, there need to do more. The 2018 Finscope Uganda report shows that 11 per cent of Uganda’s adult…
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Absa Bank Uganda’s parent company, Absa Group Limited has finished critical projects on its separation journey from Barclays PLC. Following Barclays PLC’s decision to sell down its controlling stake in Barclays Africa Group Limited in 2016, Absa was permitted to continue using the Barclays brand during the June 2017 to June 2020 transition period. The banking group marked the end of this component of the Separation journey on 5 June 2020 with the official name change to Absa in Uganda in November 2019 and across all Absa Group subsidiaries on the continent earlier this year. “As a unified African brand,…
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By Anne Juuko – Chief Executive, Stanbic Bank Uganda Amongst all the sectors in Uganda, the Small and Medium Enterprise (SME) sector remains the engine of growth for economic development, innovation and wealth creation. In recent reports by the Uganda Investment Authority, SMEs are spread across all sectors with 49% in the service sector, 33% in the commerce and trade, 10% in manufacturing and 8% in other fields. An amazing fact is that over 2.5 million people are employed by SMEs in Uganda. They account for approximately 90% of the entire private sector, generating over 80% of manufactured output that…
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Patrick Mweheire, the Stanbic Bank Uganda, Chief Executive Officer will be leaving his job for a yet to be named regional role within the Standard Bank Group, when his contract expires at the end of this year, CEO East Africa Magazine has confirmed from various sources within the banking industry in Uganda and in Nairobi. We also understand that the race to replace him is in advanced stages with three contenders for the job being Sam Mwogeza; the bank’s current Chief Finance Officer, Kevin Wingfield; the current Head, Personal and Business Banking as well as Anne Juuko, a Ugandan working…
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Tropical Bank Limited has unveiled Abdulaziz M.A Mansur as its substantive Managing Director. Dennis Mugagga Kakeeto, the bank’s Executive Director, has been doubling as Managing Director in acting capacity, since October 2018, following the summary sacking of Sameh M. Krekshi, the then Managing Director, who was fired by the board on orders of Bank of Uganda over apparently consistently overdrawing his salary account. Abdulaziz M.A Mansur, who has more than 28 years’ experience in the financial services industry, holds a Master of Business Administration (MBA) in Accounting and Finance from the Yeditepe University in Turkey. For five and a…
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The government has increased bank deposit insurance limit from the current Shs. 3million to Shs.10million. This is the amount of money that is put aside to cater for misfortunes like the closure of a bank, as a guarantee that depositors can be refunded to that limit. This money is kept by the Deposit Protection Fund, an independent agency created under the Financial Institutions Act, 2004. The Fund, previously under Bank of Uganda, was operationalized in 2017 after the enactment of the Public Finance Management Act, 2016. The increment in the insurance limit means that if a bank collapses and you…
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