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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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Arapta takes over from Mathias Katamba, the Managing Director of dfcu Bank, whose two-year term (2020 and 2021) has elapsed. Arapta has been Katamba’s deputy on the outgoing committee which also included Mr. Varghese Thambi, the Chief Executive Officer of Diamond Trust Bank as the treasurer as well as Sam Ntulume the Executive Director, of I&M Bank Uganda as the Auditor. Mr Albert Saltson the CEO Emeritus of Standard Chartered Bank and Ms. Veronicah Gladys Namagembe, CEO of Pride Microfinance, have been Committee Members. The new Arapta Committee has Julius Kakeeto, CEO, of Post Bank Uganda, as the Vice-Chair, while…
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Members of the Uganda Bankers’ Association (UBA) held their Annual General Meeting on the 13th of May 2022 and elected Sarah Arapta, as the new Chairperson of the association’s Executive Committee. Arapta, the Chief Executive Officer of Citibank Uganda, takes over from Mathias Katamba, the Managing Director of dfcu Bank, whose two-year term (2020 and 2021) has elapsed. Arapta has been Katamba’s deputy on the outgoing committee which also included Varghese Thambi, the Chief Executive Officer of Diamond Trust Bank as the treasurer as well as Sam Ntulume the Executive Director, of I&M Bank Uganda as the Auditor. Albert Saltson,…
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