Bank of Uganda Archives

Nov52020 by Abel kawereNo Comments

Binance is Closing shops in Uganda.

After a two-long year stay in operations, Binance Uganda, one of the African outposts for the world's largest crypto exchange, will be shutting its doors on November 11. The closure follows a mission by Binance to cut down on losses, which also sees British Isle-based exchange, Binance Jersey, shut down its businesses on November 30th. The East African country has enjoyed the exchange’s services from the fall of 2018, offering a direct platform for Ugandans to use the Shilling to purchase cryptocurrencies. The launch of Binance UG targeted efforts to promote crypto adoption across the continent, using the country as a starting point to taking over the African market. Why Binance UG is shutting down In an interview explaining the recent closure of the Ugandan branch, Bin...

Oct162020 by Our ReporterNo Comments

Uganda’s Central bank says that no License is Needed for Foreign Lending

Business, FEATURED, NEWS

Uganda’s central bank said on Wednesday foreign-based banks do not need its license to lend funds originating abroad, reassuring an industry jolted by a court ruling last week that declared some syndicated loans involving foreign banks illegal. The loans affected by the Commercial Court ruling represent at least $1.5 billion worth of debt, according to an industry body. The Bank of Uganda said it did not regulate lending that involved “using funds obtained from foreign banks that do not take deposits from the public in Uganda.” “Foreign banks lending deposits held in jurisdictions other than Uganda are regulated and supervised by their home authorities,” it said in a statement. “It is not mandatory for a foreign bank to establish a representative office in Uganda in order t...

Sep222020 by Abel kawereNo Comments

StanChart Goes Digital, is Closing its Branches in Uganda.

Business, FEATURED, Latest News, TECH

Standard Chartered Bank has announced that it is in advanced stages of transforming into a fully digital bank and has since gradually started the process of closing most of its branches in Uganda. The transition means that StanChart customers will have to rely on the SC Mobile App, Online Banking Platform, Digital Banking units, Agent Banking, Cash Deposit Machines and increasing the ATM network for all their banking needs. The bank has already published a memo communicating to customers and issued them the requisite 30 days’ notice with plans to close most of its branches on 31st October 2020. However, the bank will maintain a 3-branch model aligned to serve its client segmentations i.e Lugogo Branch for the Affluent clients, City branch for Business Banking Clients and Sp...

Aug312020 by Our ReporterNo Comments

Housing Finance Bank Dragged to Court.

Business, FEATURED, NEWS

By Keefa Nuwahereza Housing Finance Bank was dragged to court over fraudulent sale of city property at 8billion rather than 30billion at the current market value. A city businesswoman and widow has dragged Housing Finance Bank to court over fraudulent sale of her property at Kyadondo Road Nakasero in Kamapala. Ida May Kwesiga who owns Mayflower Apartments sitting on an acre of land at Nakasero has ran to land division of the high court in Kampala to sue Housing Finance Bank together with Balaji Group East Africa limited. The businesswoman says she entered into an agreement with bank in 2013 to develop her property by erecting the apartments and the bank approved a loan of $2.7m to her, which was to be paid back in 10 years. According to court documents, the loan fac...

Aug152020 by Our ReporterNo Comments

Bank of Uganda Names Banks with Lowest Interest Rates.

Business, FEATURED, NEWS

By Keefa Nuwahereza Bank of Uganda has named commercial banks charged borrowers lowest rates between January and June 2020, effectively making them the cheapest lenders for debtors to run to. Absa bank, Baroda, Bank of India, Citibank, Ecobank, NC Bank, Stanbic Bank, Standard Chartered Bank, United Bank of Africa, and Exim Bank kept their lending rates below industry average in the first six months of the year according to the Bank of Uganda’s monetary policy report for August 2020. In January 2020, the industry average lending rates were at 20.06 percent and it had dropped to 17.2 percent in June. Citibank had the cheapest rate consistently below 15 percent. However, Citibank doesn’t lend to individual customers. Standard Chartered Bank and Stanbic bank also had lower rates ...

Jul232020 by Our ReporterNo Comments

Parliament Orders Internal Affairs Min. Gen. Odong To Explain Attack on Tycoon Sudhir’s Son Rajiv

FEATURED, NEWS

By Our Reporter The Speaker of Parliament Hon. Rebecca Alitwala Kadaga has summoned the Internal Affairs Minister Gen. Jeje Odongo, to explain circumstances under which Anti-terrorism policemen attacked businessman Sudhir Ruparelia’s son Rajiv Ruparelia in Kololo last week, with intent to harm him. Speaker Kadaga’s summons came on Wednesday after Kasilo County Member of Parliament,Elijah Okupa, raised the matter on the floor of Parliament. “Last week we heard about the people who wanted to kidnap Mr Rajiv Ruparelia when he was walking but was only saved by his dogs. We have been waiting for the Minister of Internal Affairs to tell us who those people are because in the videos we saw they were dressed in police uniform,” Okupa said. He added that the incident was captured on CCTV ...

Jul172020 by Our ReporterNo Comments

Breaking: Tycoon Sudhir’s Son Rajiv Survives Brutal Attack By Police Guards, Saved By Dogs

FEATURED, NEWS

By Keefa Nuwahereza The family of Kampala Mogul Sudhir Ruparelia woke to shock on Friday morning following a brutal attack against his son Rajiv Ruparelia, by men dressed on police attire. https://youtu.be/h4vt2k3sLXo CCTV footage shows Rajiv Ruparelia leaving his father's residence shortly before the attack According to credible sources, Rajiv survived being assassinated by a group of yet to be identified people said to be police or guards dressed like policemen, who attacked him early morning as he left his father’s residence to go jogging with his two dogs. https://eagle.co.ug/wp-content/uploads/2020/07/WhatsApp-Video-2020-07-17-at-11.31.09.mp4?_=1 It is said that as soon as he had walked a few meters from the gate, the guards in the neighbourhood heard him yelling for...

Jun232020 by Our ReporterNo Comments

Trouble For BoU After Court Of Appeal Dismisses Shs397Bn Case Filed Against Tycoon Sudhir

FEATURED, NEWS

By Keefa Nuwahereza The court of Appeal on Tuesday morning dismissed an appeal that had been filed by Bank of Uganda, contesting a 2019 ruling by High Court Justice David K. Wangutusi, in which he ruled that Bank of Uganda had no legal capacity to sue Sudhir Ruparelia on behalf of Crane Bank, which was under receivership. The Matter arose from a case filed by BoU against Sudhir in 2016, alleging that the tycoon and others had pocketed Shs397Bn from Crane Bank prior to its being wound up and sold to dfcu Bank. When Justice Wangutusi dismissed the case with costs after BoU lawyers failed to adduce enough evidence to back up their allegations, BoU officials decided to appeal the ruling, which resulted into the dismissal of their Appeal today by the a Panel of thre...

Mar272020 by Our ReporterNo Comments

New Era: President Museveni Appoints Dr Mugume To Replace Former BoU Deputy Governor Dr Kasekende

Business, FEATURED

By Keefa Nuwahereza Bank of Uganda has been ushered into a new era after President Yoweri Museveni appointed Dr Adam Mugume, as Acting Deputy Governor Bank of Uganda. Dr Mugumre, who is one of Uganda's renowned economists, now replaces former Deputy Governor Dr Louis Kasekende, whose contract expired in February this year. We have established that the decision to appoint Dr Mugume was taken by the board of directors which sat in Kampala this Friday, on advice of President Museveni. According to the board’s presiding chairman, James Kahoza, Dr Mugume “will perform the executive functions of the Office of Deputy Governor until a substantive Deputy Governor is appointed.” Mugume, who taught econometrics for many years at Makerere University, has been serving as the Central Ba...