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The Uganda Bankers’ Association (UBA) has reaffirmed its commitment to supporting the Ugandan government’s ambitious economic expansion strategy, which aims to grow the country’s GDP from USD 50 billion to USD 500 billion by 2040. Speaking at the 2025 UBA CEO Retreat, UBA Chairperson Julius Kakeeto emphasised the critical role of the banking sector in facilitating this transformation. He stated, “Finance is a key enabler. Appropriate financing is the key word here! There is a common belief that the strength of a nation depends on the depth and strength of its financial system.” He further underscored the importance of financial…
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To guide and accelerate the standardised adoption of Environmental Social Governance (ESG) best practices, the Uganda banking industry, under the Uganda Bankers’ Association (UBA), has launched and committed to jointly implementing an industry-wide ESG framework. The framework is also in line with a Bank of Uganda-led move to champion the process of integrating ESG and sustainability principles into the operations of supervised financial institutions. The launch which took place on the 4th of June 2024, at Katonga Hall, Serena Hotel, was presided over by Dr. Michael Atingi-Ego, the Deputy Governor, Bank of Uganda. Also in attendance were representatives from the…
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Ugandan banks have, under pressure from the central bank, agreed to drop a long-practised, but infamous practice of ‘fining’ customers for settling their outstanding loan obligations early. According to a letter seen by this publication by the Uganda Bankers Association (UBA) to the Central Bank’s Executive Director Supervision Bank of Uganda, the association’s Executive Director, Wilbrod Humphreys Owor said that all member banks had agreed to abolish the practice “with immediate effect”. “We write regarding the above subject matter, (Early Repayment Charge on Outstanding Loans ) discussed at the Governor’s meeting with member CEOs on 23rd August 2023 and your…
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Bank of Uganda has kickstarted a process to increase capital buffers for Commercial Banks, Credit Institutions and Micro-Deposit Taking Institutions, a move it says is both timely and long overdue. CEO East Africa Magazine is privy to a letter written by the Bank of Uganda Executive Director, Dr Tumubweine Twinemanzi, which letter he has confirmed to be true, inviting Chief Executives of the above regulated institutions to discuss the matter on 26th August 2021. “In accordance with Section 26(5) of the Financial Institutions Act 2 and Section 15 (3) of the Micro Deposit-Taking Institutions Act 2003, Bank of Uganda (BOU)…
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