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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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You recently cut your prime lending rate to 16 percent, for the second time this year. This is a rather unexpected move, given the probable likelihood of increased Non-Performing Loans and other Covid-19 related risks. What are the insights behind this decision? Stanbic has consistently re-priced our prime lending rate in response to every CBR movement by the Central Bank over the past 10 years and at present, Stanbic has one of the lowest prime lending rates of all active retail financial institutions in the country. We lowered our base lending rates in line with the CBR cut in April…
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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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Arthur Isiko (FCCA), is a seasoned banker who has spent 17 years in banking at BANK OF AFRICA’s Uganda country operation. He joined the Bank in 2003 from PricewaterhouseCoopers as an Audit Manager and rose to become the Head of Finance, a role he served in for 6 years. In April 2010, he was appointed the Bank’s Executive Director and later became Managing Director in October 2015. He holds a Bachelor of Commerce degree in Accounting from Makerere University and an MBA from the University of Warwick.
Since taking on the role, the Bank has steadily grown its total asset book by 64% from UGX 498billion in 2014 to UGX 815billion by end of 2018. There has also been a notable turn around in profitability from UGX 1billion in 2014 to double digit figures of each of the last three years with 2018 at UGX 12.6 billion.
CEO EA Magazine, caught up with Mr Isiko on a number of insights about Bank of Africa, the banking industry and several other issues.
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