The banks’ weighted average lending rate has maintained a downward trajectory since February 2021 in line with the reduction in Central Bank Rate (CBR), Bank of Uganda (BoU) has revealed in its State of the Economy Report dated September 2021. “The average lending rate on shillings loans stands at 16.3 percent in
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Grace Muliisa, Managing Director Ecobank Uganda Ecobank Uganda, a member of the leading pan-African banking group, the Ecobank Group, is celebrating the ninth annual Ecobank Day, its flagship corporate and social responsibility annual event that ‘gives back’ to the local communities across Africa. This year Ecobank Day will be held
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A photo montage of some bank CEOs The outbreak of the Covid-19 pandemic and its disastrous effects on global economy hasn’t stopped commercial banks in Uganda from registering growth, with Bank of Uganda revealing that assets for commercial banks grew to almost Shs40Trn. The details are contained in the Annual
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The Ministry of Finance has revealed that financial institutions extended loans to a tune of Shs821bn in August 2021, with borrowers seeking personal loans applying for the biggest chunk of loans. The Ministry’s revelation is contained in the Performance of Economy Report for September 2021. “The value of loans approved for disbursement
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Mobile money transactions hit a record Shs113.38Trn in Financial Year 2020/21, the Bank of Uganda 2021 Annual report has revealed. The Central Bank Governor Prof. Emmanuel Tumusiime-Mutebile says that in accordance with the provisions of the National Payment Systems Act 2020, each of the companies received a Payment Systems Operator (large funds transfer)
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The Executive Director of Uganda Bankers’ Association (UBA), Wilbrod Humphreys Owor says that the total direct school loan portfolio is currently 1.3 trillion Shillings and this includes institutional and personal loans and the accumulated interest. He adds that their records also indicate another 600 billion debt under private sector institutions
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Wilbrod Owor, Executive Director UBA Commercial banks under their umbrella body, Uganda Bankers Association (UBA) have warned Ugandans against asking financial institutions to write off loans incurred by private school owners, saying pressure should be put on Government to set up a medium term education sector recovery fund of USD300Million equivalent to
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Value of loan approvals fell to Shs2.26 trillion in the quarter to August 2021 from Shs2.36 tn in the quarter to May 2021 as lenders exerted caution driven by lockdown measures. This is contained in the Bank of Uganda (BoU) Monetary Policy Report for October 202. The report adds that
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Mogas petrol station/ courtesy photo Stanbic Bank Uganda has taken control of petroleum products distributor MOGAS, after the latter reportedly failed to pay back a three-year loan. The bank immediately put the company, whose full name is: Maestrol Oil and Gas Solutions under receivership to recover its money. Non of
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Kumaran Pather, the Managing Director / CEO of Orient Bank Limited Subsequent to finalisation of the share acquisition transaction, I&M Group has announced plans to rebrand its newly acquired business in Uganda, Orient Bank Ltd to I&M Bank (Uganda) Limited. I&M Group PLC’s acquisition of 90% shareholding in Uganda’s Orient Bank
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