The Bank of Uganda (BoU) has reduced the Central Bank Rate (CBR), a benchmark lending rate for commercial banks, to 9.5% in October, down from 10% in August 2017. This means that commercial banks are expected to follow suit by reducing on their interest rates charged on borrowers. Releasing the
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Ecobank has partnered with Visa to launch Ecobank Scan+Pay with mVisa solutions to their consumers. The strategic tie-up signals interoperability on a cross border level – and potentially huge gains – as it affords consumers with the ability to use their mobile phone to directly access the funds in their
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Bank of Uganda (BoU) Governor Prof. Emmanuel Tumusiime-Mutebile will today release the Monetary Policy Statement for the month of October. According to analysts, BoU is likely to keep the Central Bank Rate (CBR), a benchmark lending rate for commercial banks, unchanged at 10% considering the realities on the ground. “The
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Stanbic Bank Uganda had an outstanding night at the 2017 Digital Impact Awards winning two major accolades. The bank was recognized as the best Mobile banking service provider for its extraordinary mobile banking platform and as the best promoter of financial literacy for the 2017 Stanbic Bank National Schools Championships.
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The Central Bank of Kenya (CBK) remains unclear on when it will roll out the new-look currency as stipulated in law amid mounting legal concerns on the delay. The Daily Nation reports that CBK governor Patrick Njoroge on Tuesday did not explain the delay nor provide time-lines on the expected
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The role of Bank of Uganda’s legal department has come into question after it emerged that the Central Bank has spent about Shs3bn on external lawyers in a period of about two years. The revelation came into light on Tuesday when BoU officials led by Governor Prof. Emmanuel Tumusiime Mutebile
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Central Bank of Kenya (CBK) on Monday maintained the benchmark rate at 10 per cent for the 12th straight month. The move came amid suggestions that the cap on interest rates may be repealed. Bank Governor Patrick Njoroge, who chairs the Monetary Policy Committee, said the move was informed by
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The world’s central banks can’t sit back and ignore the growth in cryptocurrencies as it could pose a risk to the stability of the financial system, according to the Bank for International Settlements. It said central banks will need to figure out whether to issue a digital currency and what
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The Central Bank of Kenya (CBK) Wednesday gave the clearest signal that it intends to push for a repeal of the year-old law capping interest rates because of the negative effect it has had on the economy. CBK governor Patrick Njoroge, however, warned that commercial banks will have to be
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Standard Chartered Bank (StanChart) and MTN Uganda Limited have signed an agreement to allow MTN Mobile Money collections for Corporate and Business clients directly into their Standard Chartered Bank accounts on a real time basis.This solution is dubbed Straight2Bank Wallet Collections and will be delivered through the Bank’s Straight2Bankelectronic banking
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