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By Charity Atukwatsa Mutagamba Take a moment and picture a student at school walking into the canteen, confidently swiping their S-Wallet card, and receiving cash to pay – no fear…
By Flavia Nabukeera Savings to some is a discipline, and to others, it is a tug of war where one compares what they earn and what they can put aside for future investment. Oftentimes, the outcome is resorting to not saving anything at all because they think they never have enough. But how does one develop a savings habit? Is it after facing a life-challenging situation that prompts one to put money aside? It can be 5%, 10%, 20%, or even 50%, or a discipline that one has to master whenever they have extra money from their earnings, then dedicate…
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By Brenda Mpoora Saving and Credit Cooperative Societies (SACCOs) are making a tremendous contribution in promoting a savings culture and driving financial inclusion to the last mile user in Uganda. A closer look at the 2023 FinScope report shows SACCOs had the highest growth of uptake in formal financial services from 5 percent to 14 percent. Since 2018, SACCOs grew much more in adoption against all financial services, with the proportion of Ugandans utilizing them for savings and credit more than doubling. Beyond the uptake, SACCOs have numerous needs ranging from technology, digital infrastructure, compliance and capital to scale. With…
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Latest data from Bank of Uganda (BOU) shows Ugandan banks and other supervised financial institutions, remain profitable and adequately capitalised following a surge in net-after-tax profit to UGX 1.4 trillion registered for the Financial Year ending June 2024. The UGX 1.4 trillion is higher than the UGX 1.3 trillion registered in the year to June 2023, showing an increase by a billion shillings. The data is based on the BOU annual report published at the end of October. BOU noted that the net earnings in the review period were mainly driven by increased interest income and a reduction in provisions…
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In his first anniversary interview with CEO East Africa Magazine, as PostBank Managing Director/CEO held in September 2020, Julius Kakeeto envisioned a transformed financial institution. “A tier 1 fully fledged digital commercial bank at the heart of the country’s economic growth by economically transforming the lives of millions of Ugandans and businesses, in partnership with government,” was his straight answer when we asked him where he saw PostBank in the next 5-10 years. Kakeeto, who at the time said the bank was going through some housecleaning and restructuring, which he called “strengthening the bank’s foundation so that it can optimise…
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The Uganda Microfinance Regulatory Authority (UMRA) and PostBank Uganda have signed a Memorandum of Understanding (MoU) to initiate a collaboration aimed at digitizing the operations of Tier IV Microfinance Institutions through PostBank’s Wendi mobile wallet, so that the last mile beneficiary can actively participate in socio-economic ventures that will improve their livelihood. Being at the helm of regulating the operation of microfinance institutions, UMRA’s collaboration with Wendi mobile wallet is a key milestone in enhancing financial inclusion through streamlining the operation of Savings and Credit Cooperatives (SACCOs), Village Savings and Loan Associations (VSLAs), Self-Help Groups, and Non-Deposit Taking Microfinance Institutions…
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Leaders from various Savings and Credit Cooperative Organizations (SACCOs) have commended Stanbic Bank for its commitment to empowering and skilling members of the SACCO community. The event held at Tuzza Hotel in Bushenyi brought together over 100 leaders from across the West Ankole Region, who gathered for a financial literacy training organized by Stanbic Bank under its Financial Fitness Academy arm. The SACCOs present were from districts of Rukungiri, Mitooma, Rubirizi, Sheema, Bushenyi and Buhweju. Turyamureeba Paul Kahigi, the Chairperson Board of Kyamuhunga People’s SACCO expressed his gratitude for the initiative, noting that the training has significantly impacted their ability…
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In this immersive article, the CEO Magazine tracks NSSF financial performance over the last 10 years using a graphical presentation of the Fund’s data. Finance Minister Matia Kasaija took to the podium yesterday at Serena Hotel, Kampala to announce the final interest rate of 11.5 percent that NSSF savers will earn for the Financial Year 2023/24. Kasaija’s docket as Minister of Finance oversees financial, and investment aspects related to the Fund. Kasaija in his remarks noted that the fund was financially stable with the right investment in assets and sectors, while also preserving the growing value of members’ savings. Finance…
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The Bank of Uganda has today June 18th placed Mercantile Credit Bank Limited under liquidation, revoked its license, and made an order for the winding up of its affairs of the bank’s affairs. Bank of Uganda Deputy Governor, Mr Micheal Atingi- Ego noted in a statement action is necessary because the it has been determined that the continuation of Mercantile Credit Bank Limited’s activities is detrimental to the interests of its depositors due to the institution’s failure to resolve its significant undercapitalization, poor corporate governance, and insolvency. The Bank of Uganda and the Deposit Protection Fund of Uganda (DPF) are…
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Take care of your health and/or invest in insurance. If the pandemic has taught us anything, it’s that your entire savings and investments (your life’s work) can be wiped out by a single medical emergency. Diversify your savings and investments. This presents some shields against the depletion of savings or business losses in one option and the disillusionment that comes with it. There are various options available beyond keeping your money in a single savings account. Look out for unit trusts, voluntary pension funds and the like. Learn to manage inherited wealth. Inheriting property, stocks, cash etc. doesn’t mean you…
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