PostBank Uganda Managing Director who also doubles as Uganda Bankers Association (UBA) Chairman, Julius Kakeeto has encouraged businesses to embrace Environmental Sustainability Governance (ESG) practices not just as a regulatory requirement, but also as a strategic move towards enduring sustainability and resilience in a dynamic business environment. Mr Kakeeto was speaking at the 7th Annual Bankers Conference held under the theme: ‘Navigating the future of banking: ESG, Sustainability, and Digital Transformation,’ held this week at Kampala Serena Hotel. The conference follows the recent launch of the banking industry ESG framework aimed at championing the process of integrating ESG principles and…
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The Standard Bank Group (SBG) Chief Executive Sim Tshabalala and Board Chairman Nonkululeko Nyembezi were reportedly in Uganda for two days, last week, during which they held meetings with different stakeholders including with officials of the Central Bank with whom they discussed the ongoing executive leadership changes at Stanbic Bank. The Standard Bank Group is the majority owner of Stanbic Uganda Holdings Limited (SUHL) the listed entity that operates Stanbic Properties, Stanbic Business Incubator, SBG Securities, FlyHub, and Stanbic Bank—the country’s largest commercial lender. According to inside sources, the Thursday, April 4, 2024 meeting was attended by among others, the…
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In consultation with the Bank of Uganda, the Minister of Finance, Planning and Economic Development, Hon. Matia Kasaija, on 16th November 2022 signed a statutory instrument increasing minimum capital requirements for banks by 6 times or 500% from UGX25 billion (USD6.7 million) to UGX150 billion (approx USD40.2 million). The increment will however be tiered, starting with a minimum capital buffer of UGX120 billion (USD32.2 million) by the 31st of December 2022 and then UGX150 billion by the 30th of June 2024. Capital requirements for non-bank institutions were also increased by 25 times or 1900% from UGX1 billion (USD268,000) to UGX25…
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Uganda’s Minister of Finance, Planning and Economic Development, Hon. Matia Kasaija, on 16th November 2022 signed a ministerial instrument, increasing the minimum capital requirements for banks by 6 times or 500%. Capital requirements for non-bank institutions have also been increased by 25 times or 1900%. Uganda had not changed its minimum capital requirements since 2010 According to the Financial Institutions (Revision of Minimum Capital Requirements) Instrument, 2022, a copy of which this writer has seen, minimum capital requirements for commercial banks have been increased from UGX25 billion (USD6.7 million) to UGX 150 billion (approx USD40.2 million) by 30th June 2024….
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A ceremony highlighting the move was held on Friday, December 16—presided over by Dr. Tumubweinee Twinemanzi, the Executive Director of Supervision at the Bank of Uganda. Ms. Annet Nakawunde, the bank’s Managing Director said that the unveiling of a corporate branch is a strategic move to reposition the bank for its next phase of growth. “The decision to relocate our head offices is right because what used to be our microfinance customers have since grown to be corporates and they now deserve the service of being corporates,” Ms. Nakawunde said, noting that, the previous location had turned inaccessible for the…
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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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PostBank Uganda and UnionPay International, the world’s largest payment cards company, have unveiled UnionPay PostCard, a new payments and transaction card to enable the bank’s customers to conduct fast and safe cashless transactions across the world. With the UnionPay PostCard, PostBank customers can now transact at over 3,000 merchant points in Uganda and over 31 million merchants across 179 countries in the world. Unveiling the UnionPay powered debit card to the media today, Julius Kakeeto, the Managing Director PostBank said; “Today, we unveil a significant and highly prized asset because of its importance to our customers who have continued to…
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Absa Group Limited’s Barclays-branded subsidiaries in seven African countries – Botswana, Ghana, Kenya, Mauritius, Seychelles, Tanzania and Zambia – were renamed as ‘Absa’ today, February 12th 2019, completing the name change across the continent. Absa Group’s subsidiaries in Uganda and Mozambique were renamed in November. The renaming of the remaining subsidiaries today marks another substantial milestone in Absa’s separation from Barclays PLC, a three-year process scheduled for completion by mid-2020. “More than a name change, this is a milestone that brings us closer to realising our ambition as a leading African bank to support growth and development on the continent…
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According to a source at the Uganda Securities Exchange (USE), IFU reportedly paid UGX645 per share, meaning they paid UGX48.1 billion for the 74,580,276 shares. The deal values dfcu at UGX482.5 billion.
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Absa Bank Uganda, a subsidiary of Absa Group Limited has today received the license to operateand trade under its new name from Bank of Uganda. Formerly known as Barclays Bank Uganda, the name change marks the start of a new era for the bank’s operations, one that sees the realisation of an ambition to become an independent African bank. The license was officially handed over to the bank’s Managing Director, Nazim Mahmood by Prof. Emmanuel Mutebile, Governor, Bank of Uganda at the Central Bank head office. “Today we begin a new chapter as Absa Bank Uganda Limited, adopting our parent…
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