Friday, March 29News That Matters

Tag: Stanbic Bank

Why Taxes on Bank Withdrawals is Good News

Why Taxes on Bank Withdrawals is Good News

Business, FEATURED, NEWS
This week, a proposal was brought to tax bank withdrawals as a means of generating revenue that will help our leaders get motivated to sacrifice for this country. You know it's bad for a farmer to keep milking a cow that she doesn't feed. It's not good for the citizens to keep milking their leaders asking for services yet the leaders are not given enough facilitation to make them happy so that they can deliver those services. Imagine we now have 519 MPs, for them to execute their duties well, they need comfortable vehicles which can manage the poteholed roads that Ugandans have failed to work on. These vehicles will cost 320 million each, meaning that we need 166bn for that purpose. On top of that each MP has been getting an average of 30 million per month, this money is very little...
Uganda’s Central bank says that no License is Needed for Foreign Lending

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...
Mobile Money Hacker are still in the Country, still Hunted by Police.

Mobile Money Hacker are still in the Country, still Hunted by Police.

Business, FEATURED, NEWS
Uganda’s police are searching for hackers who accessed the systems of a third party that processes phone-based transactions, with companies affected including MTN Group and Standard Bank Group’s local units. The fraudsters got into the mobile-money systems and stole funds, according to Charles Twine, spokesman for the Criminal Investigation Department. Investigations will help identify how the systems were hacked, the people involved and the amount of money stolen, he said. The “system incident” at the third party “impacted bank-to-mobile money transactions,” MTN Uganda, Stanbic Bank Uganda and Airtel Africa’s local unit said in a joint statement. Mobile money, as it’s known, is popular in Africa for making payments for everything from groceries to utility bills, with options...
Bank to Mobile Money Services Suspended as Hackers Make off with Billions

Bank to Mobile Money Services Suspended as Hackers Make off with Billions

Business, FEATURED, NEWS
 A joint statement from Stanbic, Airtel and MTN Uganda.   Stanbic Bank Uganda, MTN Uganda and Airtel Uganda inform the public and their customers that on Saturday 3 October 2020, a third-party service provider experienced a system incident which impacted Bank to Mobile Money transactions.  All Bank to Mobile Money/Wallet services have since been temporarily suspended. This system incident has had no impact on any balances on both Bank and Mobile Money accounts. Our technical teams are analysing the incident and will restore services as soon as possible. We apologise to all customers for any inconvenience that this has caused and reiterate our commitment to delivering seamless banking and mobile money services.  The October 5 statement was sig...
Police Net  Notorious Stanbic Bank ATM Thief

Police Net Notorious Stanbic Bank ATM Thief

FEATURED, NEWS
By Our Reporter The Police in Entebbe are holding one Geoffrey Wandera,39, a fisherman resident of Abaita Babiri, in Entebbe municipality, over allegations of duping Stanbic Bank clients with intent to steal money from the bank’s Auto Teller Machines (ATM). According to the police, the suspect was arrested on September 28, 2020 by Stanbic bank security officers and handed over to Entebbe police after he attempted to steal money from a  client’s account. According to ASP Luke Owoyesigyire, the Deputy police spokesperson Kampala Metropolitan Police, it is alleged that the suspect joined an old woman in an ATM enclosure and pretended to be helping her. In the process, he switched his fakeATM card with that of the victim. The ATM rejected the fake card and the suspect, ha...
Ugandan banker wins YAWC Network Global President

Ugandan banker wins YAWC Network Global President

FEATURED
Ms. Jacqueline Nyapendi, a Human Capital Business Partner in Stanbic Bank, Uganda and former President of YAWC Network - Uganda Chapter has emerged as the first Global President of the YAWC Network after her bid in a well-organised election. As Global President, Ms. Jacqueline Nyapendi will be at the fore-front of major initiatives of the YAWC Network, promote activities of the various Chapters of the Network and represent it on global platforms for women’s development. Ms. Nyapendi is passionate about people development as a way of achieving personal and organisational goals. She comes to her new role with much experience as the immediate past President for YAWC Network - Uganda Chapter, having served in that capacity for two consecutive years. She has worked in Corporate Uganda for 14...
Bank of Uganda Names Banks with Lowest Interest Rates.

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 ...