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Bank of Uganda, Uganda’s central bank, on January 19th, 2024 placed EFC Uganda Limited under liquidation, revoked its license, and ordered the winding up of its affairs. This in effect fired all the bank’s employees and board and put all the remaining affairs of the financial institution under the Central Bank. This, the Central Bank said was due to “significant undercapitalisation and poor corporate governance” which if left unattended to, would be “detrimental to the interests of its depositors”. Started in July 2012 as a Greenfield operation, EFC would have clocked 12 years this July. Unfortunately, it didn’t get to…
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KCB Bank Uganda has introduced Pegpay, a school fees payment option which intends to enable their customers to make School fees payments in real-time. With Pegpay system, schools will simply register to the network thus enabling parents and guardians to easily make school fees payment from any KCB branch or agent with no paperwork required. “Customers are always looking out for convenient options for conducting financial transactions, thus through our Pegpay platform, we will extend an appropriate School fees payment option where our customers can walk to any KCB Uganda branch or KCB Agent point and make payments as long…
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In line with the banks’ Corporate Social Responsibility/Investment (CSR/I) of giving back to the communities where they operate, KCB Bank Uganda has donated assorted items worth Ugx 31,750,000 to Yumbe District Local Government. The handover of the items aimed at improving the livelihoods of the individuals within the surrounding communities, was held on 20th October 2021, at Yumbe District Local Government Head Offices. Speaking at the handover, Michael Ssekyondwa, Head of Retail Banking – KCB Uganda mentioned that “The nation and the world at large are still living in the unprecedented times of COVID-19 Pandemic, and in this situation where…
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By Michael Ssekyondwa The economy was undeniably impacted due to the COVID-19 pandemic, with many businesses closing, others struggling to stay afloat and some continually doing their best to innovate in order to recover from the heavy financial burden experienced in the year 2020. With the stock markets depreciating, interest rates on returns on investment dipping and investment assets frozen or stifled; 2020 was a time of reckoning, rethinking and re-strategizing for individuals passionate about growing personal wealth and driving towards financial security. However, according to projections from economists, the economy is slowly recovering with a number of sectors opening…
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