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Uganda is experiencing an economic crime crisis, with businesses and individuals losing over USD 272 million (UGX 1.02 trillion) in 2024 due to fraud, cybercrime, and financial misconduct. This represents a sharp rise from UGX 930.5 billion lost in 2023, highlighting the growing sophistication of financial crimes. While the total number of reported economic crime cases saw only a 1.6% increase, from 12,924 in 2023 to 13,132 in 2024, the financial damage inflicted has become far more severe. Cybercrime alone saw a staggering 4,700% increase in financial losses, jumping from UGX 1.5 billion in 2023 to UGX 72.1 billion in…
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Even though the number of financial and economic crimes rose mildly, by 1.6%, from 12,924 cases in 2023 to 13,132 cases in 2024, the severity and amount of money lost in these crimes grew more significantly. According to the Uganda Police Annual Crime Report 2024, total financial losses due to economic crimes surged past UGX 1.02 trillion (USD272 million), up from UGX 930.49 billion in 2023. However, financial losses associated with these crimes grew by 16.4%, escalating from UGX 930.5 billion in 2023 to UGX 1,082.7 billion in 2024, indicating that while the number of cases increased, the severity of…
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As the Chairperson of UBA, please give an overview of the banking sector’s performance in Uganda and how it enhances economic growth and development. The banking sector has been relatively stable, save for the two financial institutions that were closed by the Bank of Uganda, whose closure did not present any systemic risk across the industry. Most of the member Supervised Financial Institutions (SFIs) met the new capital requirements as of 30th June 2024, and three (3) of our members opted to transition to Tier II status as a strategic direction. Deposits increased from UGX34.3 trillion as of June 2023…
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Uganda Bankers’ Association (UBA)⏤the umbrella association of financial institutions supervised by the Bank of Uganda⏤ has announced that the 2024 edition of its flagship Annual Bankers Conference shall be held on Wednesday, the 19th of June 2024 at the Kampala Serena Hotel. Organised by the Uganda Bankers’ Association (UBA), together with the Bank of Uganda, the Annual Bankers’ Conference (ABC) is a signature industry event that brings together regulators, practitioners and various industry experts from domestic, regional, international and national spheres involved in delivering financial/banking services, to discuss issues, trends, drivers and dynamics that are increasingly shaping sustainability strategies…
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To guide and accelerate the standardised adoption of Environmental Social Governance (ESG) best practices, the Uganda banking industry, under the Uganda Bankers’ Association (UBA), has launched and committed to jointly implementing an industry-wide ESG framework. The framework is also in line with a Bank of Uganda-led move to champion the process of integrating ESG and sustainability principles into the operations of supervised financial institutions. The launch which took place on the 4th of June 2024, at Katonga Hall, Serena Hotel, was presided over by Dr. Michael Atingi-Ego, the Deputy Governor, Bank of Uganda. Also in attendance were representatives from the…
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Public and private sector stakeholders as well as development partners, in Uganda’s financial services ecosystem, have welcomed GnuGrid CRB and Airtel Mobile Commerce’s Mobile Credit Score as a significant milestone in the journey towards unlocking the transformative power of digital financial services in extending especially credit to the largely unbanked potential borrowers at the bottom of the pyramid. Speaking at the launch of the mobile credit scoring system on 24th January 2024 at Kampala Serena Hotel, Moses Ogwapus, the Commissioner of Financial Services at the Ministry Of Finance, Planning And Economic Development and the guest of honour at the launch,…
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GnuGrid CRB, Uganda’s first and only indigenous credit reference bureau to be licensed by the Bank of Uganda and Airtel Mobile Commerce Uganda Limited, a provider of affordable and secure financial services in Uganda have today unveiled Uganda’s first-ever mobile credit scoring system. Aptly named, Mobile Credit Score, the solution has been developed with the support and regulatory guidance from the Bank of Uganda and the Uganda Microfinance Regulatory Authority. Unlike the traditional and more conservative credit reports available on the market today, which rely only on credit history supplied by regulated financial institutions, the more innovative and proactive gnuGrid…
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