On October 20, 2016, the Bank of Uganda (BoU), the regulator of Uganda’s financial sector, took over the management of Crane Bank Ltd after it (Crane Bank) became “a significantly undercapitalized institution.” Consequently, on February 27, 2017, BoU announced the acquisition of the now defunct Crane Bank by dfcu. The
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The National Drug Authority has urged the public against buying medicines that aren’t translated in English. This comes follows the findings that some imported medicines on the Ugandan market aren’t labelled or translated in English yet it is mandatory. For example, NDA recently found TobraDex that is produced by Alcon
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Ecobank Uganda posted profits for the first time since joining the Ugandan market in 2008. The bank made a net profit of Shs813m in 2016, up from a loss of Shs764m in 2015. The bank also saw its loans advanced to customers slightly increase to Shs117.3bn, up from Shs116.9bn in
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Uganda’s commercial banks have been releasing their 2016 financial results in the past few months as prescribed by the law. Business Focus has critically analysed the results of the 24 banks, taking into account key performance parameters such as profits, customer deposits, loans advanced to customers, bad loans written off,
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Centenary Bank, the leading indigenous bank in Uganda has overcome the economic headwinds of 2016 to record impressive results for the year ended December 2016. According to the bank’s financials released on Monday, Centenary Bank posted a net profit of Shs109.9bn in 2016, up from Shs101.6bn recorded the previous year,
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On March31, 2017 President Yoweri Museveni assented to The Financial Institutions (Amendment) Act, 2016 that provides for Islamic banking, banc assurance and agent banking among other things. While these additions to Uganda’s financial sector are new, they are not completely new to the rest of the world. In fact, Kenya
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Uganda Investment Authority (UIA), a government body in charge of promoting investments in the country is becoming tough on fake investors. Business Focus has established that since 2013, 136 ‘investors’ have lost land offers in Kampala and Namanve Industrial Parks after failing to develop it. In an exclusive interview, Hamza
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Crown Beverages Ltd (CBL) popularly known as Pepsi in Uganda due to its affiliation to Pepsi Cola International recently launched Nivana water. This means that competition in the water sector is going to become even stiffer considering the fact that there are over 70 water brands in Ugandan, but about
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There’s no doubt that agribusiness is a profitable enterprise considering the fact that the world’s population is increasing at a faster rate. This means that demand for agricultural products is certainly guaranteed yet land remains fixed, giving an opportunity to those with it to make clean money. In this article,
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A top investor in Uganda accused of sexually assaulting an employee is set to get tax holidays, Business Focus. After bringing down State Minister for Labour, Employment and Industrial Relations, Herbert Kabafunzaki, through a corruption scandal, Mohammed Hamid, the Proprietor of Aya Investments (U) Ltd must be all similes following
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