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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The Uganda Bankers Association (UBA) and Financial Technology Service Providers Association (FITSPA) have signed a strategic collaboration agreement aimed at promoting innovation, knowledge sharing and professional practices in the development of digital financial services in Uganda. Wilbrod Humphreys Owor, the Executive Director of UBA said the partnership will strengthen collaboration between the two associations to facilitate learning sessions and exchange of information aimed at encouraging innovations in the country’s financial services sector. “As you know the financial sector like all the other sectors across the country, there’s a lot of transformation that is going on driven by technology- in our…
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