On July13, 2017, the Bank of Uganda (BoU) said it had sanctioned the filing of a suit against Sudhir Ruparelia and Meera Investments Ltd to recoup funds that were fraudulently extracted from, as well as losses that were caused to Crane Bank. BoU filed a civil suit at the Commercial
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By Michael Ssekyondwa Following the signing of Agency banking regulations by the Bank of Uganda, commercial banks in the country will now start offering Agency banking. These services allow banks to provide financial services virtually anywhere across the country through third parties called agents. Today’s customer is concerned about convenience,
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Regional Supermarket chain, Nakumatt Holdings’ financial woes have reached unprecedented levels, with the regional retailer failing to attract the highly needed funding.. Business Focus has reliably learnt that the Kenyan based Supermarket is seeking a bailout from the Government of Uganda to survive the current financial storm. A source privy
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By Godfrey Kenneth Gobba Placing All Your Bets On Social Security “I don’t need to worry about retirement because I have social security and my company payout is a mouth watering figure,” some people say. But do you personally know someone or have heard of someone who retired, received their
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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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In preparation for the formal launch of Agency Banking services in Uganda, Stanbic Bank in collaboration with the Uganda Law Society have hosted an Agency Banking conference to discuss the potential implications of this new financial channel to the legal fraternity, financial stakeholders and potential agents. The event took place
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By Godfrey Kenneth Gobba The concept of investing our money in financial assets like Stocks, Treasury Bills and Government Bonds is still very foreign to many of us and remains subject to public skepticism. Historically, the only assets we knew were land and houses, but here are three reasons why
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A globally acclaimed Investment Economist has expressed optimism that regional economies including Uganda will make a quick recovery following a period of economic downturn mainly occasioned by cautious election period and re-emergence of regional conflicts in hot spots such as Southern Sudan. Sanlam Group Investment Economist, Arthur Kamp in an
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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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Shocking details have emerged of why Nile Basin heads of state summit hosted by President Museveni ended on Thursday with no clear deal on how the countries are to share the waters of River Nile. We have learnt from our sources at State House that a new Egyptian proposal could have
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