On March31, 2017 President Yoweri Museveni assented to The Financial Institutions (Amendment) Act, 2016 that provides for Islamic banking, banc assurance and agent banking among other things. While these additions to Uganda’s financial sector are new, they are not completely new to the rest of the world. In fact, Kenya
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dfcu Limited has announced Arise B.V as its majority shareholder, Business Focus reports. According to a statement issued by the Board of Directors of dfcu Ltd on April19, 2017, the transfer of shares into Arise B.V by NorFinance A.S and Rabo Development has been successfully completed. “Arise B.V. consequently holds
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Housing Finance Bank (HFB), one of the three indigenous banks in Uganda has recorded Shs18bn net profit in 2016, up from Shs14.6bn in 2015. This represents 23.2% growth. According to the bank’s financial results for the year ended December 2016 released on Wednesday, unlike many other banks, Housing Finance saw
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Small and medium Enterprises (SMEs) are set to benefit from easy access to lending facilities from KCB Bank Uganda after the bank got an extended 10M euros (about Shs38b) loan facility from the European Investment Bank (EIB). The credit line will be available to sectors across all the SMEs with
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The Tony Elumelu Foundation (TEF) recently selected Vendor Capital Finance Limited, a brainchild of Anne Hope Anguyo among Africa’s 1,000 growing enterprises to watch in the Financial Services category. After making to the list, Anguyo will receive seed capital worth US$10,000 (about Shs35m) in addition to training. Business Focus had
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Standard Chartered Bank Uganda Ltd (StanChart) has overcome the economic headwinds in 2016 to post an impressive Shs112.1bn net profit, up from Shs28.3bn recorded in 2016. This represents 296.1% growth. According to the bank’s audited financial results for the year ended December 2016 released on Thursday, customer deposits increased by
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United Bank for Africa (UBA), Africa’s Global Bank operating in 19 African countries, has announced the promotion of 3,000 staff members, reinforcing its commitment to human capital investment and career progression despite the current challenging operating circumstances. Promotions were made across UBA’s global network. In a letter written on Monday,
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Many people have brilliant business ideas that never materialise due to limited funding. Quite often, these lack collateral and other key requirements to obtain a bank loan. However, besides banking, there are many alternative sources of financing your business. Business Focus brings you the top nine (9) alternative sources of
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Uganda’s Central Bank, the Bank of Uganda (BoU) has announced that all licensed commercial banks can henceforth have direct access to the primary market for Government security operations. This means all 24 commercial banks licensed by BoU are now eligible to open Central Securities Depository (CSD) accounts at BoU for
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In August 2016, Kenyan President Uhuru Kenyatta signed into law a bill limiting how much interest banks can charge for loans, despite assertions by top government officials that the legislation would damage access to credit in East Africa’s biggest economy. Lawmakers in the nation, which eliminated interest-rate limits in July
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