Standard Bank Group has arranged sustainability-linked, multi-currency facilities to support M-KOPA’s growth in Kenya and Uganda Regarded as a pioneering and leading fintech platform, M-KOPA’s solutions provide underbanked customers with instant access to everyday products and services via its flexible credit model. M-KOPA’s customers are able to acquire a broad range of productive assets such as high-quality smartphones, solar powered systems, electric motorbikes as well as digital financial services, which include cash loans and health insurance, all accessed through digital micropayments, in East and West Africa, thereby stimulating financial access and inclusion. Since its inception in 2011, M-KOPA has provided…
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On the evening of Friday, 09th September 2018, unknown persons hacked the mobile money float accounts of a payments aggregator company called Beyonic Ltd and originated payments amounting to UGX2,617,761,200. According to police, the money was wired to and withdrawn in via 83 different MTN Mobile Money and Airtel Mobile money accounts/SIM cards. The fraud was detected 07 days later, the mobile accounts were blocked around the 16th of September. Investigations showed that the beneficiary SIM cards had been registered without the consent and or knowledge of the registered owners. A couple of months later, between the 13th of March…
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Fitch, the international credit rating agency, has retained the Stanbic Bank Uganda’s National Rating at ‘AAA (uga)/Stable’, the highest possible on a national scale in its latest report issued last week. The rating agency also upgraded Stanbic Bank Uganda’s Viability Rating (VR) to ‘b+’ from ‘b’ due to improved capital buffers relative to its risk profile. VR is the assessment of the bank’s standalone creditworthiness. The VR reflects the concentration of the bank’s operations in Uganda’s relatively weak operating environment as well as SBUL’s leading market position, large capital buffers supported by internal capital generation, diversified and healthy revenue streams…
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I am pleased with the bank’s robust performance in 2022, a year in which we registered notable progress in enabling the aspirations of our various stakeholders, including customers, shareholders, staff, government, and the community in which we live and work. We manifested our purpose of driving Uganda’s growth through partnerships and our own efforts, in ways that directly and indirectly benefited millions of Ugandans and supported the country’s post-pandemic economic recovery. Without diluting the severity of the emerging global and local challenges to our economy, we would like to celebrate the success stories of our customers registered in 2022, most…
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Conditions in Uganda’s private sector continue to improve as the latest data for the monthly Stanbic Purchasing Managers Index (Stanbic Bank PMI) showed output, new orders and employment all increasing over the month. The headline PMI rose to 50.9 in November from 50.0 in October, indicating an improvement in business conditions for the third time in the past four months, following a stable position in the previous month, however, the latest figure was still below the series average. The monthly survey is compiled by S&P Global from responses to questionnaires sent to purchasing managers in a panel of around 400…
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Business conditions for Uganda’s private sector were unchanged at the start of the fourth quarter of the year, following two months of improvement, the latest Stanbic Purchasing Managers’ Index (PMI) released reads in part. The headline Stanbic PMI for October was 50.0, the no-change mark signaling stable business conditions during the month, but down from 51.6 recorded in September and below the average since the survey began in June 2016. However, on a positive note, the October survey shows that output, new orders and employment all expanded. The latter for the first time in five months and there were reductions…
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The Bank of Uganda – BoU has commended Stanbic Bank Uganda for rational lending practices on interest rate for loans, credit cards and lines of credit. Tumubweine Twinemanzi, Executive Director of the Bank Supervision Directorate of the Bank of Uganda said this at the commemoration ceremony of the Standard Bank Group’s 160th Anniversary, the mother company of Stanbic bank at Serena Kampala Hotel on Friday. “We have heard the banking sector being abused about hiking interest rates, so far, Stanbic Bank is the only one whose prime rate is highly positively matching with the CBR (Central Bank Rate),” he said….
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Stanbic Bank, Uganda’s largest bank by deposits, lending, income, profitability and assets, last week announced it had refreshed its ‘Get It Done’ loan campaign launched in May 2022 with even bigger loan limits and a longer repayment period. The bank announced that it would give up to UGX250 million per customer on unsecured lending with repayments of up to 84 months and at 0% arrangement fees, a move that Israel Arinaitwe, Acting Head, Consumer & High Networth, said was designed to give the bank’s customers breathing space, amidst the back-to-school period and a squeezed economic activity period. What caught our…
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Stanbic Bank Uganda has announced 70 scholarships for young income households in Eastern Uganda, to undertake vocational training courses at Busitema University. The Scholarship fund will benefit at least 70 young people who will undergo a six-month vocational skills training in areas of their interest, including robotics, irrigation technologies, automotive repairs, post-harvest handling and processing technologies, welding and metal fabrication, brick laying and concrete practice, among others. “Stanbic Bank is proud to be in partnership with Busitema University to provide this scholarship programme that will enable young Ugandans to acquire vocational skills. The Bank recognises the importance of vocational training…
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Stanbic Bank Uganda’s ‘Now-Now loans’ and FlexiPay, have won the lender international recognition for ‘Best Innovation in Retail Banking.’ The award by the London based International Banker Magazine, is open to banks worldwide and recognise top-ranking individuals and organisations setting new benchmarks for performance and pushing the boundaries within the financial industry. In winning the ‘Best Innovation in Retail Banking Award’ Stanbic Bank reaped from its recent mobile and digital banking innovations that enabled its prequalified customers to access unsecured personal loans within five minutes using a USSD code on their phones. The innovation proved timely during the lengthy lockdowns…
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