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 The move came amid suggestions that the cap on interest rates may be repealed.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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Two people have been arrested for alleged hacking into accounts of Centenary Bank and transferring millions of shillings. The two identified as Denis Etumu and Shalih Ajuna were picked from different areas of Kampala after being trailed by intelligence personnel from Central Police Station (CPS) Kampala. Etumu was the first
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The high profile case between property mogul, Sudhir Ruparelia and Bank of Uganda (BoU) kicked off on Wednesday at Uganda’s High Court, Commercial Division. It is being heard by Justice David Wangutsi. BoU sued Ruparelia and his Meera Investments two month ago, accusing the tycoon of fleecing the then Crane
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13 Ugandan banks risk collapsing if three of their largest borrowers defaulted, according to the 2016 Annual Supervision Report published by Bank of Uganda (BoU) last week. If the three borrowers defaulted, the banks would become significantly undercapitalized; a thing that might see BoU take them over just like it
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Standard Bank Group Ltd. appointed Sim Tshabalala as sole chief executive officer, ending a dual role he shared with Ben Kruger, and making him the first black person to lead Africa’s largest lender independently, reports Bloomberg. Kruger, 58, will step down as joint-CEO immediately and continue as an executive director,
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Uganda has been ranked 3rd in a survey on financial and digital inclusion by a US-based public institution, helped by the wide adoption of mobile money in the local economy. Brookings Institution’s Centre for Technology Innovation, a non-profit organisation based in Washington DC, in its latest report put Uganda 3rd
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