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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Members of the Uganda Bankers’ Association (UBA) held their annual general meeting on the 17th May 2024 and elected Mr. Julius Kakeeto, as the Association’s new Chairman. He replaces Ms. Sarah Arapta whose two-year term of office (2021 & 2023) has elapsed. Mr. Kakeeto is the Chief Executive Officer of Post Bank Uganda and has been serving as the Vice Chairperson for two years (2021 & 2023) Other members elected on the Executive Committee of UBA are Michael Mugabi, the CEO of Housing Finance Bank as the Vice Chairman; Edgar Byamah, the CEO of KCB Bank, as the Treasurer and…
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The recently launched Mobile Credit Score by gnuGridCRB and Airtel Mobile Commerce Uganda Limited (AMCUL) promises to further unlock access to credit for the vast majority of Ugandans in the informal sector, including agriculture which employs the largest proportion of Ugandans, Wilbrod Owor, the Executive Director of Uganda Bankers Association (UBA) has said. Speaking at the launch of the groundbreaking solution, Mr. Owor said that using alternative data to aid decision-making in lending would scale up access to credit for those who need it most. “I’m very excited. Today’s launch of the Mobile Credit Score, speaks to impact. It is…
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This week, starting on December 1st 2023, millions of Ugandan borrowers from Supervised Financial Institutions (SFIs) have cause to smile. The SFIs, under their Uganda Bankers Association (UBA), will cease the unpopular but long-practised, habit of penalising borrowers who choose to repay their loans early. According to a source familiar with the decision “It applies to all outstanding loans regardless of amount, currency or tenor”. This is after the SFIs came under pressure from the Central Bank’s Deputy Governor Dr. Michael Atingi-Ego and Dr. Tumubweinee Twinemanzi, the Executive Director, Bank Supervision. Following Bank of Uganda pressure that included a Deputy…
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Ugandan banks have, under pressure from the central bank, agreed to drop a long-practised, but infamous practice of ‘fining’ customers for settling their outstanding loan obligations early. According to a letter seen by this publication by the Uganda Bankers Association (UBA) to the Central Bank’s Executive Director Supervision Bank of Uganda, the association’s Executive Director, Wilbrod Humphreys Owor said that all member banks had agreed to abolish the practice “with immediate effect”. “We write regarding the above subject matter, (Early Repayment Charge on Outstanding Loans ) discussed at the Governor’s meeting with member CEOs on 23rd August 2023 and your…
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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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Following CEO East Africa Magazine, breaking a story that fresh details have emerged on how the multi-billion digital fraud was carried out. According to a brief prepared by Airtel Uganda, to the Uganda Banker’s Association (UBA), which CEO East Africa Magazine, has seen, it all started on October 27th, 2022. Yet-to-be-identified people, believed either to be hackers, former insiders, or insiders, gained unauthorized access to an interface belonging to Airtel’s third-party partner. Therefrom, the digital thieves then accessed the platform of other aggregators and banks and dipped their digital hands into the operational virtual accounts (OVAs) held by banks in…
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As chairman of the Uganda Chamber of Mines and Petroleum, what does the chamber focus on? At the Chamber, there are a few things we have tried to focus on. In the initial stage, we were more of a lobbying and advocacy group but since we had the final investment decision on oil and gas, we have realigned and focused on four arrears, namely: Local content and employment creation— there is a significant amount of investment coming into oil and gas in the coming 3-5 years about USD 20 billion. Our focus has been, how much of that can we…
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Uganda Bankers Association (UBA) has called on Ugandans to disregard a viral video alleging missing funds on customer accounts in Centenary Bank. UBA, in a statement, advises customers to contact their banks through the proper communication channels if they want the right information. “We encourage customers to always contact their respective financial institutions through their official communication channels for any information and support they may require in relation to their bank accounts,” UBA says in the statement, adding: “Customers also have recourse to the regulator, Bank of Uganda in case financial institutions do not resolve complaints to their satisfaction.” Below…
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The Uganda Bankers Association, UBA, is petitioning the Central Bank to block the proposed taxation of cash withdrawals from the bank.The proposal has drawn condemnation across sections of the public after the Ministry of Finance Planning and Economic Development wrote to the Governor of the Bank of Uganda seeking views on the matter. The bankers’ association says it was wrong for the Ministry of Finance not to involve the bankers since they were the ones who would implement the decision. Instead, the ministry chose to talk to the regulator, the Bank of Uganda. Interestingly, the Uganda Communications Commission as the regulator…
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