By Prof. Emmanuel Tumusiime Mutebile, Governor, Bank of Uganda On Monday, September 17 2018, the Daily Monitor ran a story with the headline “How BOU Blew Shs478 billion in the Crane Bank Takeover”. The story and its headline was seriously misleading. The story claimed that the Bank of Uganda (BOU)
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Insurance has been called the “ugly duckling” of the financial services industry. Nobody seems to understand what it is about. We seem to have sat in one meeting and agreed that insurers are “thieves”. I have come across many people who think third party liability for motorised vehicles is a
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The Bank of Uganda (BoU), the regulator of Uganda’s banking sector didn’t carryout evaluation of assets and liabilities of Crane Bank Limited (CBL) before selling the defunct bank to dfcu, the leaked Auditor General’s report has revealed. “On 10th April 2018, I requested for the P&A agreement indicating details of
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The high daily transaction limit for mobile money transactions is fuelling money laundering in the country, according to Sydney Asubo, the Executive Director of the Financial Intelligence Authority (FIA). The electronic mobile service allows users to store, send and receive money on their phones. In Uganda, the service allows customers
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The Bank of Uganda (BoU), the regulator of Uganda’s banking sector never took efforts to revive defunct Crane Bank Limited (CBL) after taking it over, a new report reveals. CBL was placed under statutory management from 20th October 2016 to 20th January 2017. “During this period, the Statutory Manager did
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Bank of Uganda has backtracked on its earlier position on the controversial Mobile Money tax where it said that the tax was not only discriminative, but was also going to adversely affect financial inclusion. However, in a new twist, the Central Bank is now supporting the Excise Duty Amendment Bill
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Standard Chartered Bank commonly known as StanChart is in prime position to land US$104m (Shs394.6bn) National Closed Circuit Television (CCTV) cameras loan deal, government has revealed. Addressing the press at the Uganda Media Centre this morning, the Minister of ICT and National Guidance, Frank Tumwebaze said the money set to
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Nala, Virtual Identity and Wallet.ng dazzle have emerged the top three winners of Ecobank Fintech Challenge 2018. All 11 finalists were officially inducted into the Ecobank Fintech Fellowship programme to explore commercial partnerships with the pan-African banking giant. Winners of the 2018 Ecobank Fintech Challenge were announced at a ceremony
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Bankers have rejected a proposal to have the National Information Technology Authority manage private data of their clients, according to Parliament website. Officials from Bank of Uganda and the Uganda Bankers Association, who appeared before the Parliament Committee on Information and Communication Technology, instead want the regulatory responsibility of managing
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Stanbic Bankis set to reward 100 customers with Shs100 million for making transactions through its digital channels. This is in line with the bank’s Digi-Cashback campaign that promotes digital solutions for customers with the aim of enhancing convenience and continued value to customer experience. Clients who make transactions through Mobile
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