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On the 16th of November 2022, the Financial Institutions (Revision of Minimum Capital Requirements) Instrument 2022 was signed into law by Uganda’s Minister of Finance, Planning and Economic Development (MFPED), Hon. Matia Kasaija. The instrument increased the minimum capital requirements for banks by 6 times or 500% from UGX25 billion (USD 6.7 million) to UGX150 billion (approx USD 40.2 million). The increment would however be tiered, starting with a minimum capital buffer of UGX120 billion (USD32.2 million) by the 31st of December 2022 and then UGX150 billion by the 30th of June 2024. Commercial banks are also required to have…
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Due to an explosion of technology, the world is becoming one big borderless global trading village, active 24/7. The way of life is now more synchronized providing endless opportunities for trade. Uganda as an example now derives 52% (USD2.012 billion out of USD3.890 billion) of its exports revenue from her African trading partners (led by Kenya, DRC, South Sudan, and Tanzania) compared to 29% (USD136.1 million out of USD470 million) in FY2001/02. In the next 5 years, the African Continental Free Trade Area (AfCFTA) is expected to open further, a market of 1.3 billion people across 55 African countries with…
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Anthony Ndegwa the Managing Director & Chief Executive Officer of NCBA Bank Uganda is leaving his position, effective next week, CEO East Africa has exclusively established. He is being replaced by Mr Mark Muyobo, the current Executive Director, Corporate Banking and Structured Solutions in an acting capacity. “Yes it is true he is leaving,” Mr Grace Jethro Kavuma the bank’s Board Chairman confirmed to this reporter on phone. “It is also true that Mark Muyobo has been appointed to replace him in acting, capacity,” Mr Kavuma also told this reporter. Mr Kavuma did not comment on why Anthony Ndegwa had…
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Stanbic Bank Uganda has yet again reduced its Prime Lending Rate, saying the move is in response to the prevailing market conditions. The bank has set the prime lending rate at 16 percent starting August 1, 2020, down from 16.5 percent set in May. The bank had previously set the rate at 17.5 percent at the beginning of the year. In a notice to the public, the bank announced: “Stanbic Bank is reducing its Prime Lending Rate in line with prevailing market conditions. The rate has been reduced to 16.0 percent per annum for credit facilities in Uganda shillings.” Stanbic…
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#1. Anne Juuko Chief Executive, Stanbic Bank Period in Charge: 4 months 2019 Asset Value: UGX6.6 trillion Market Share: 20.2 per cent Industry Rank: 1 Stanbic Bank Chief Executive, Anne Juuko Stanbic Bank has maintained the top spot in the banking sector ever since the acquisition of a majority stake (80per cent) in Uganda Commercial Bank (UCB) back in 2001. Getting to the top spot was the easy bit – despite the politics around the acquisition. Remaining at the top, ahead of the chasing pack is where all credit is due to the bank shareholders and management that have given…
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The Uganda Bankers Association (UBA) and Financial Technology Service Providers Association (FITSPA) have signed a strategic collaboration agreement aimed at promoting innovation, knowledge sharing and professional practices in the development of digital financial services in Uganda. Wilbrod Humphreys Owor, the Executive Director of UBA said the partnership will strengthen collaboration between the two associations to facilitate learning sessions and exchange of information aimed at encouraging innovations in the country’s financial services sector. “As you know the financial sector like all the other sectors across the country, there’s a lot of transformation that is going on driven by technology- in our…
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