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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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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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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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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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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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Ugandans have stashed record amounts of cash in banks, an indicator Ugandans feared to spend their money with the coronavirus uncertainty still hovering around. Bank of Uganda data shows that in May 2020, the amount that Ugandans had in banks as term deposits reached UGX8.5 trillion, the highest amount ever held there in a single month. Term deposits also referred to as fixed deposits are where one puts their money in the bank for a specified time and earn interest on it. Withdrawing the money before a specified time means one forfeits the promised interest which is currently between 4…
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Banking institutions in May restructured loans worth UGX2.5 trillion as more businesses and individuals applied to have their loan repayments halted due to disruptions by Coronavirus-COVID-19. This is more than the UGX2 trillion that were restructured in April 2020. Wilbrod Owor, the Executive Director Uganda Bankers’ Association-UBA told reporters on Tuesday that they received 593,539 applications in May worth UGX3.4 trillion for restructuring. They managed to process 588,474 applications worth UGX 2.5trillion – equivalent to 99.1% of all those that applied. Trade and SMEs, building and real estate, agriculture and services led the pack of those that needed to their restructured. “Of…
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