On June28, 2017, ailing regional retailer Nakumatt closed three of its top branches in Uganda. In a statement released by Knight Frank Uganda on Saturday, the retailer, which is wallowing in dire financial woes, said its stores in Acacia Mall; Kololo, Village Mall, Bugolobi and Victoria Mall, Entebbe were on
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Kwese Sports recently signed a four-year deal with Union of European Football Associations (Uefa) and Fifa, giving it broadcast rights for the Uefa national team football matches, 2018 World Cup and Euro 2020 across the continent with an exception of South Africa, raising competition for sports viewership in Uganda and
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The Bank of Uganda (BoU) has seconded an interim team of officials to operationalise the Deposit Protection Fund (DPF) that will see bank customers earn Shs3m in case the bank is closed. DPF is a newly established institution following the enactment of the Financial Institutions (Amendment) Act (FIA) 2016. The
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Uganda’s commercial banks are increasingly turning away borrowers, a latest report from the Bank of Uganda (BoU) reveals. According to BoU’s Monetary Policy Report for June 2017, growth in Private Sector Credit (PSC) remains subdued, despite the easing of the Central Bank Rate (CBR), a benchmark lending rate for commercial
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Effective June15, 2017, MTN Uganda revised its Mobile Money sending and withdrawal fees. A critical analysis of the new rates shows a general increment. For example, the revised tariffs available on MTN Uganda website indicates that sending between Shs250, 001 to Shs500, 000 to MTN registered users will increase to
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President Yoweri Museveni made a big mistake to reward 42 officials a Shs6bn Presidential ‘handshake’, a report by Committee on Statutory Authorities and State Enterprises (COSASE) on the matter has said. The 42 officials were controversially awarded Shs6bn after their participation in a court case involving Uganda and Heritage Oil
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The Bank of Uganda (BoU) on Monday reduced its Central Bank Rate (CBR), a benchmark lending rate for commercial banks to 10% for the Month of June, down from 11% in April, 2017. Announcing the move at BoU headquarters in Kampala, BoU Governor, Prof. Emmanuel Tumusiime Mutebile attributed the reduction
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Commercial banks play a big role in the economic development of a country-for they offer the much needed credit to not only the private sector, but also government. In this article, Business Focus brings Uganda’s leading banks in as far as lending is concerned. These figures are derived from financial
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Matia Kasaija, Uganda’s Minister for Finance, Planning and Economic Development has for the first time revealed why Uganda’s economy is performing poorly. The minister insists that Uganda’s economy is not in recession but growing moderately. “The size of the economy this financial year is projected to rise to Shs90.5 trillion,
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President Yoweri Museveni has said Uganda’s economy is doing well. While delivering the State of the Nation Address to Parliament and the country at large at Kampala Serena Conference Centre on Tuesday, Museveni said that a country with surplus electricity for the first time can’t be in a “a bad
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