Pearl Bank’s transition from PostBank marks the culmination of a five-year transformation journey—one that has modernised its operations, expanded its national footprint, and positioned the institution as a digital-first champion of financial inclusion in Uganda, as the CEO East Africa Magazine, Muhereza Kyamutetera, writes. The Bank of Uganda (BoU) has applauded Pearl Bank Uganda Limited for its seamless transition from PostBank, following a courtesy visit by Managing Director & CEO Julius Kakeeto to Governor Dr Michael Atingi-Ego. The courtesy meeting at BoU featured a symbolic handover of Pearl Bank’s operating license—originally issued earlier on 10th September 2025—marking yet another key…
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Following the approval of its new structure, the Bank of Uganda has made changes in its management structure as well as key changes in its top management. In the changes, David Kalyango, who has been the Executive Director of Finance, has been appointed as the new Head of Bank Supervision, replacing Dr. Twinemanzi Tumubwine. The influential Supervision Directorate has under it, the Commercial Banking, Non-Banking Financial Institutions and Financial Stability Departments. Twinemanzi, who joined the Bank in 2018, replacing the disgraced Justine Bagyenda has now been transferred to serve as Executive Director, National Payments Systems. “Following the Board approval of…
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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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Moody’s Ratings (Moody’s) one of the global leaders in credit ratings for companies, governments has downgraded the Government of Uganda’s long-term foreign-currency and local-currency issuer ratings to B3 from B2 and changed the outlook to stable from negative. In a 17th May 2024 statement, Moody’s said that the “downgrade of the ratings reflects diminished debt affordability and increasingly constrained financing options, amid greater reliance than in the past on comparatively costly domestic and non-concessional sources of external financing”. The rating agency also said that “external vulnerability risk also remains elevated, a reflection of a more challenging external debt servicing profile,…
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This week, starting on December 1st 2023, millions of Ugandan borrowers from Supervised Financial Institutions (SFIs) have cause to smile. The SFIs, under their Uganda Bankers Association (UBA), will cease the unpopular but long-practised, habit of penalising borrowers who choose to repay their loans early. According to a source familiar with the decision “It applies to all outstanding loans regardless of amount, currency or tenor”. This is after the SFIs came under pressure from the Central Bank’s Deputy Governor Dr. Michael Atingi-Ego and Dr. Tumubweinee Twinemanzi, the Executive Director, Bank Supervision. Following Bank of Uganda pressure that included a Deputy…
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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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Salaam Bank, formerly Top Finance Bank, has become the first financial institution in Uganda to be granted a license by the Bank of Uganda to offer Islamic Banking services. This followed the signing and handover of the operating license by the Deputy Governor, Bank of Uganda Michael Atingi-Ego to the Shareholders’ representative, Salaam Bank, Mr. Michael Mande, on Friday September 08th 2023. Speaking during the event, the Deputy Governor Dr. Michael Atingi-Ego reaffirmed the government and indeed Bank of Uganda’s salient mandate to provide an enabling economic environment that facilitates both local investments and attracts foreign investors. “As a strategically…
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Uganda’s Minister of Finance, Planning and Economic Development, Hon. Matia Kasaija, on 16th November 2022 signed a ministerial instrument, increasing the minimum capital requirements for banks by 6 times or 500%. Capital requirements for non-bank institutions have also been increased by 25 times or 1900%. Uganda had not changed its minimum capital requirements since 2010 According to the Financial Institutions (Revision of Minimum Capital Requirements) Instrument, 2022, a copy of which this writer has seen, minimum capital requirements for commercial banks have been increased from UGX25 billion (USD6.7 million) to UGX 150 billion (approx USD40.2 million) by 30th June 2024….
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In a bid to curtail inflation, the government of Uganda, through the Bank of Uganda (BoU) has increased the Central Bank Rate (CBR) by 1 percentage point to 8.5%. At the extra-ordinary Monetary Policy Committee (MPC) meeting that was held in July 2022, the BoU increased the Central Bank Rate (CBR) by 1 percentage point to 8.5 percent. “Inflation continues to rise, largely influenced by external cost pressures stemming from higher global food and energy prices, persisting global production and distribution challenges, as well as rising domestic food crop prices due to dry weather across the country,” reads an extract…
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