A top manager at Dfcu bank has quit his job to join another financial institution. William Sekabembe, who has been serving as the Chief of Business and Executive Director of the embattled DFCU bank resigned his job early this week to join KCB as Managing Director, an industry source told
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Banks Shun Private Sector As They Reap Big From Lending Gov’t
A new report has revealed how government is literally killing Uganda’s private sector and the economy at large. The Bank of Uganda (BoU) Supervision Report for 2017 released recently says that the significant increase in the banks’ investment in Government of Uganda and BOU securities, with a meager increase in
Read MoreStanbic Bank has been recognized as the Best Bank in Uganda at the 2018 Euromoney Awards. The Euromoney Awards for excellence are the world’s most prestigious and respected banking and capital markets accolades that recognize institutions bringing the highest level of expertise, service and innovation in the global financial industry.
Read MoreBarclays Africa Group Limited officially changed its name to Absa Group Limited Wednesday and said it will rename its Barclays Bank subsidiaries in Uganda, Botswana, Ghana, Kenya, Mauritius, Mozambique, Nigeria, Seychelles, Tanzania and Zambia within the next two years, subject to regulatory approvals. The name change signals the start of
Read MoreFresh details have emerged as to why Britain’s Commonwealth Development Cooperation Group (CDC) that owns nearly 10% shareholding in dfcu Bank is quitting at this critical stage. Sources say CDC isn’t happy with the decisions taken by the bank’s board and top management. For example, it is claimed that CDC
Read MorePublic protests against Money and Social Media taxes have necessitated Government to review the ‘unpopular and unfair’ taxes that came into force on July1, 2018. In a statement to Parliament on Wednesday, Ruhakana Rugunda, Uganda’s Prime Minister revealed that President Yoweri Museveni has listened to people’s concerns, thus asking Parliament
Read MoreBank of Uganda (BoU) has warned that six banks that made losses in 2017 ‘risk facing liquidity issues’, a thing that might affect their growth. This revelation is contained in BoU’s Annual Supervision Report for 2017 released by Governor Prof. Emmanuel Tumusiime-Mutebile recently. “Six banks, with a combined 4.7 percent
Read MoreMobile Money Customers Hit 23m, Shs63Trn Transacted In 2017: New Report
The number of registered Mobile Money (MM) customers across the networks increased by 8.4 percent, from 21.6 million as at December 2016 to 23.4 million as at December 2017, the Bank of Uganda (BoU) Annual Supervision Report for 2017 released recently has revealed. The report obtained by Business Focus indicates
Read MoreThe World Bank has appointed Hafez Ghanem the new World Bank vice president for Africa effective July 1. He succeeds Makhtar Diop, who has been appointed the World Bank’s vice president for infrastructure. A development expert with over 30 years of experience, Mr Ghanem will lead an active regional portfolio
Read MoreArise, dfcu bank’s largest shareholder has confirmed its commitment to retain its investment in dfcu Limited in Uganda. According to Arise Chief Executive Officer, Deepak Malik, Arise has no intention of relinquishing its shareholding in dfcu, as incorrectly reported in the press. Arise has always been supportive of the growth
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