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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 Governor of Bank of Uganda, Professor Emmanuel Tumusiime Mutebile, has today threatened to take retaliatory statutory action on the banking industry over its reluctance to cut interest rates in line with BoU’s cuts on the Central Bank Rate. Since the year began, BoU has cut its benchmark lending rate from 9 percent to a historic low of 7 percent in June. Nonetheless, banks have been reluctant to follow cue. Comparatively average lending rates have fallen by 2.15 percentage points from 19.88 percent at the beginning of the year to just 17.73 percent in April 2020. However in May 2020,…
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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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As many African countries imposed restrictions on social distancing in March, a study shows majority of consumers turned to contactless card payments for necessary purchases. According to Consumer polling by Mastercard, 70 per cent of respondents in the Middle East and Africa say they are now using contactless payment, citing safety and cleanliness as key drivers. Shoppers around the world have had to adjust to social distancing measures and other new challenges when buying everyday supplies for their families and loved ones. Adam Jones, Area Business Head, East Africa “Social distancing does not just concern people; it includes publicly shared…
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Housing Finance Bank, one of Uganda’s top ten lenders and the biggest mortgage lender with over 50% market share, has started rolling out a credit restructuring exercise to its customers, on a case by case basis. The bank has asked customers who anticipate some challenges in servicing their credit obligations with the bank to reach out to the bank. In a public customer notice, Mr. Michael Mugabi, the bank’s Managing Director, said that, in the wake of the COVID-19 pandemic, Housing Finance Bank will stand with its customers by extending “our resources towards finding mutual solutions that will minimize the…
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Stanbic Bank Uganda has announced loan holiday packages for business and personal clients affected by the COVID-19 global pandemic. Stanbic Bank Uganda’s Chief Executive Anne Juuko said, “We understand that the situation has placed challenges in your day to day lives, disrupted livelihoods and your business operations. This is why we are providing relief measures to support you in the best way we can.” She added, “For our corporate clients, we are engaging them to understand their needs and find the appropriate solutions to ensure their business sustainability. In addition, our SME customers whose incomes have been impacted as a…
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The Stanbic Purchase Managers Index (PMI) for March has recorded the first decline in business activity. This is due to the global coronavirus disease 2019 (COVID-19) pandemic which has led to falling new business, company shutdowns and issues with the supply of materials, thus pushing the Ugandan private sector into contraction. The headline PMI posted below the 50.0 no-change mark at 45.3 in March, following a reading of 56.2 in February. This marked the first deterioration in business conditions in the private sector since January 2017. Kenneth Kitungulu Stanbic Bank Uganda Head of Global Markets said, “COVID-19 caused issues in…
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A few years back, one wonderful lady Carol, who I didn’t know personally came out suffering from Cancer. People mobilised by my friend Muhereza Kyamutetera, came together and collected money to send her to India for treatment. Unfortunately, she passed on (RIP). Months after, a friend got cancer, we were worried. She went to India and returned cancer-free. 100% cancer-free. She had defeated the monster – Cancer! Now she is an anti-cancer activist. Asked what the difference between her and Carol was, she told me, “Early diagnosis!” When you catch a disease early, you increase your chances of beating it….
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BOU to cut the policy rate for April 2020 Globally Central Banks have reacted en masse to prop up their economies in the face of the Covid-19. BOU is expected to move alongside its peers and slash its policy rate; a bigger cut than usual is expected to send a much strong signal in light of the severe risks that the economy faces. While a hawkish, warlike policy from the Central Bank, is necessary at this stage, it will not work independently. The government must move in tandem and consider other fiscal measures that will protect businesses and minimize the…
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