The Ministry of Energy and Mineral Development has tightened control over Uganda’s gold trade, unfolding against a backdrop of record-breaking export earnings, a planned entry of the central bank into domestic gold buying, and persistent concerns over transparency and conflict-linked supply chains. The Energy Ministry today issued a detailed public notice restricting gold trade to licensed players. Under the new directive, trading in gold may only take place between holders of valid mineral dealers’ licences for precious metals, gold mining licences, or refining licences, as provided for under the Mining and Minerals Act, 2022. The notice, issued through the Ministry’s…
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Uganda’s banking sector has never been stronger on paper. And the Bank of Uganda’s latest Financial Soundness Indicators show why. Banks, the indicators show, are heavily capitalized, flush with liquidity, profitable, and increasingly resilient. Regulatory capital sits above 25% of risk-weighted assets, double the global standards. Non-performing loans have fallen from 5.2% to 4.1% in a year, while liquidity coverage ratios have surged to an extraordinary 580%. Returns on equity remain a solid 16 to 17%. In short, Uganda’s banks are safe, liquid, and among the most profitable in the region. Yet behind this impressive stability lies a nagging paradox:…
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East Africa’s monetary chiefs, Michael Atingi-Ego of Uganda and Kamau Thugge of Kenya, have emerged among the world’s best-performing central bankers, according to London-based Global Finance Magazine’s 2025 Central Banker Report Cards. Atingi-Ego received an “A-” while Thugge earned a higher “A”, reflecting their decisive responses to inflationary pressures, currency volatility, and debt headwinds. The recognition underscores how both men, though operating in distinct national contexts, have anchored stability in a region where fiscal and external vulnerabilities remain acute. For Uganda, the recognition of Atingi-Ego carries deep symbolism. Taking over the Bank of Uganda in 2022 after the death of…
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Bank of Uganda (BoU) Governor Michael Atingi-Ego has advised Ugandans who believe they have been defrauded through mobile money to first report the matter to their service provider and, if dissatisfied, escalate it to the central bank, particularly where mobile-money operations are involved. The Governor, in a statement today noted that the BoU is not aware of any unresolved complaints routed through the proper channels and invited the public to share concerns with the Directors of Communications & Public Relations and National Payments Systems for follow up. The governor’s notice comes as Airtel Mobile Commerce Uganda Limited (Airtel Money) issued…
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Uganda’s central bank is set to commence buying gold almost a year after announcing its domestic gold purchase programme, marking a significant shift in the country’s approach to reserve management and mineral sector policy. “We will soon begin buying gold,” said Bank of Uganda Governor, Michael Atingi-Ego, during a brief interview with CEO East Africa on the sidelines of the Annual Bankers Conference held yesterday at the Kampala Serena Hotel Conference Centre. Although the Governor, who appeared pressed for time, did not delve into the specifics of how the gold buying process would be rolled out, his remark signal a…
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As Uganda’s economy gains momentum in its post-pandemic rebound, a quiet contradiction is taking shape in the financial sector. On the surface, there’s cause for celebration. Mobile money volumes are…
Godfrey Sebaana, the incoming Chief Executive Officer of Diamond Trust Bank Uganda (DTBU) has committed to building on the foundation left by his predecessor, Varghese Thambi to create an even more enhanced, reliable and always-on customer experience. Speaking at a dinner hosted by the bank on May 21st 2024 to bid farewell to Thambi who has been the bank’s Chief Executive for the last 17 years, since July 2007, Mr. Sebaana said that he has already received board approvals for the planned enhancements, so customers should expect more customised products and services and a service experience that seeks to “break…
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It all started with a call from a recruitment agency executive. At the time, Thambi had spent 30 years in the banking industry, rising to become a Senior Vice President and Head of Retail Banking at India’s IndusInd Bank, based in Mumbai, Maharashtra. In that role, he oversaw more than 300 branches and was No.4 in the bank’s overall order of command. He had risen from a teller job that he started on November 19, 1976, with manual banking ledgers and had risen to become a branch manager at Dhanlaxmi Bank in Hyderabad, India before crossing over to IndusInd Bank…
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Centenary Group, the parent company to Centenary Bank, recently celebrated its 40th anniversary with a lavish event to commemorate its four-decade impact on the Ugandan financial sector. Having transformed from a small credit trust in 1983, Centenary Group stands as one of the few financial giants in Uganda that has successfully navigated the unpredictable financial landscape to reach its 40th birthday. While officially opening the celebration, Fabian Kasi the Managing Director Centenary Bank highlighted the Group’s positioning for both their customers and staff countrywide. “Our celebration carries a profound theme: “With You for Life.” It reflects our dedication to being…
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Michael Atingi-Ego, Deputy Governor of the Bank of Uganda (BOU) has called on business organisations to have the right structures, and processes that can help them anticipate and prepare for, respond to, and adapt to disruptions if they are to be resilient. Atingi-Ego was on Thursday giving a keynote speech at the League of East African Directors (LEAD) Convention 2023 in which the business leaders discussed the challenges and opportunities that arise amidst a constantly evolving regulatory environment. LEAD is a platform that plays a crucial role in fostering collaboration, sharing insights, and promoting knowledge exchange among directors, executives, and…
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