A fixed deposit is the plainest promise a bank can make. Lock away your money for a set period, and in return, you get a guaranteed return. It is designed for savers who prefer certainty over speculation. But why do banks pay more for fixed deposits than for ordinary savings accounts? The answer lies in how banking itself works. Logic behind fixed deposits At its core, banking is a balancing act between borrowing and lending. Deposits are liabilities; loans are assets. Banks attract funds through current, savings, and fixed accounts. Current accounts offer liquidity but no interest. Savings accounts pay…
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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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Uganda’s High Court has issued a decision that reshapes the rules of engagement in tax disputes. The decision gives clarity on the much-contested 30% deposit requirement and reins in the contempt powers of the Tax Appeals Tribunal (TAT). The case arose when Nile Breweries disputed additional tax assessments issued by the Uganda Revenue Authority (URA) for VAT and excise duty. Nile Breweries had already paid its self-assessed taxes but challenged URA’s additional demand, which it viewed as unlawful. While seeking an injunction before the Tax Appeals Tribunal, a condition was imposed that Nile Breweries pays 30% of the tax “in…
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On September 4, 2025, Justice Susan Odongo of the Commercial Court Division of the High Court in Kampala ruled against an application by the Baitwa brothers and their company to set aside a garnishee order. The order froze accounts of Three Ways Shipping Services (Group) in Stanbic and Standard Chartered, clearing the path for recovery of a $126,000 debt owed to Kenyan firm Transpares. The Baitwa brothers, Geoffrey Baitwa Bihamaiso and Oscar Rolands Baitwa Businge, had argued that they and their Ugandan group company were distinct from the Kenyan subsidiary that incurred the debt. But Justice Odongo dismissed this defence,…
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Ravneet Chowdhury is the CEO of DTB Tanzania, a position he has held since 1st October 2020. He has over 3 decades of Banking knowledge and global exposure in executive…
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…
In a strategic move aimed at deepening its customer-centric agenda and accelerating its retail and SME banking growth, Absa Bank Uganda has appointed seasoned banker Moses Rutahigwa as the new…
Yustus Aribariho, one of Uganda’s finest brains in the financial services space, has spent more than two decades of his banking career at Standard Chartered Bank. He is no stranger to digital transformation programs and has vast experience across Africa, Asia, and the Middle East. Until recently, he was the Global Head of Digital Platforms for Standard Chartered Bank, based in Dubai, UAE. With that experience, Yustus decided to step down from the role in January 2024 and, with funding from Standard Chartered Ventures (SC Ventures), co-founded Furaha Financial Limited, headquartered in the United Arab Emirates. Standard Chartered Ventures is…
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Seasoned Banker and former Equity Bank Executive Director for Public and Social Investments, Elizabeth Mwerinde Kasedde has been appointed to lead commercial banking operations at EcoBank. Ms. Mwerinde took to her LinkedIn account today to share the news of her executive appointment. Ecobank is a pan-African banking conglomerate which opened its doors to Uganda in 2009, with banking operations in 33 African countries. Ms Mwerinde is an experienced senior banker with a rich career spanning over 26 years, primarily within the banking sector, encompassing corporate, commercial and international finance. Mwerinde kicked off her career in 1998 as Manager of Trade…
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Prudential Uganda and Standard Chartered Bank Uganda have announced a transformative partnership aimed at expanding financial inclusion and enhancing access to financial protection solutions in Uganda. This collaboration marks a significant milestone in both companies’ efforts to provide tailored, long-term financial security products to the Ugandan market. Through this strategic partnership, Prudential Uganda will become one of Standard Chartered Uganda’s key bancassurance partners, offering the bank’s clientele a diverse range of financial protection products. This partnership brings together global experience and local expertise to address the evolving financial needs of individuals and businesses in Uganda. Mr. Tetteh Ayitevie, the CEO…
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