Uganda’s economic recovery may take a little longer going by the rate at which private sector credit is growing. Latest statistics from Bank of Uganda (BoU) and Ministry of Finance, Planning and Economic Development indicate that lending to the private sector has been subdued since 2017 started despite easing in
Read More
Bank of Uganda (BoU) has denied reports that it is hiding Shs10bn in a secret account in Germany. In a press statement issued Monday morning, BoU Communications Director, Christine Alupo, describes the reports as misrepresentation "of the information that was provided in the testimony by the Bank of Uganda (BoU)
Read More
KCB has announced that it will pay its investors an interim dividend amounting to Ksh3 billion (about UShs104.3b). This will see every shareholder get Ksh1 (UShs34.78) for each share they hold in the bank. This follows the half year financial results which saw the lender post Ksh10.26 billion (UShs356.8bn) net
Read More
The Bank of Uganda (BoU) has clarified on the alleged funds the Central Bank ‘hid’ in a ‘secret’ foreign account. In a statement issued on Sunday, Christine B. Alupo, the Director Communications at BoU said that the alleged information is erroneous and misleading. Below is BoU’s full statement: There have
Read More
Embattled tycoon Sudhir Ruparelia has revealed how Bank of Uganda that is headed by Prof. Emmanuel Tumusiime-Mutebile as Governor betrayed him. This shocking revelation is contained in Sudhir’s defense and a leaked document showing the understanding BoU and Crane bank (in receivership) had reached with arguably Uganda’s richest man. [caption
Read More
Embattled tycoon Sudhir Ruparelia has filed his defense on fraud related cases brought against him by the Bank of Uganda (BoU). This follows BoU’s decision to sue Sudhir, the founder and shareholder of the defunct Crane Bank and his investments firm Meera Investments Ltd on June 30 to recover about
Read More
Equity Bank has started closing some of its automated teller machines (ATMs) as the lender shifts customers to alternative channels such as agency and mobile banking in a fresh cost-cutting strategy, Business Daily Africa reports. Kenya’s biggest bank by customer numbers told the Business Daily it has so far closed
Read More
Parliament’s move to probe Bank of Uganda (BoU) over the controversial collapse of Crane Bank has been temporarily stopped pending Court’s ruling. However, MPs have been urged to keenly follow court proceedings. BoU sued Sudhir Ruparelia and his other company; Meera Investments for causing financial loss to Crane Bank, eventually
Read More
The controversial collapse of Crane Bank, the 4th largest bank by assets then is tearing apart Bank of Uganda (BoU), the regulator of Uganda’s banking sector, Business Focus reports. According to credible sources, all isn’t well at BoU, with a lot of blame game that has resulted into power struggle.
Read More
Barclays has set aside an extra £700m to meet compensation claims for mis-selling payment protection insurance, BBC reports. The news came as the bank said costs related to the sale of part of its Africa unit had pushed it into a £1.2bn (Shs5.6bn) loss in the first half of the
Read More