Equity Bank has set up a Commercial Representative Office in Addis Ababa, Ethiopia as it prepares to commence operations. The Bank has appointed Hassan Maalim as the Head of the Commercial Representative Office which will be based at Kazanchis-Addis Ababa Ethiopia and is expected to be fully operational in July
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Equity Bank clients were on Tuesday gripped with fear after it emerged that unscrupulous people had accessed the bank system and made transfers. According to reports, the incident happened on Tuesday afternoon. Some clients who were affected by the hack received SMS on their phones indicating that money had been
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State House Anti-Corruption Unit has raided Bank of Uganda (BoU) arresting five directors in the ongoing corruption fight in government agencies, Eagle Online reports. According to security sources, the move to arrest the five was informed by whistleblower who informed the State House Anti-Corruption Unit about loss of huge monies
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dfcu Limited shareholders have approved a dividend payout of Shs33.01 per share translating into Shs24.69bn for the year 2018. This was reached at unanimously with only one objection during the company’s 54th Annual General Meeting (AGM) held at Hotel Africana, Kampala on Thursday 13th June 2019. dfcu Chairman, Board of
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Who are Uganda’s biggest lenders? This is exactly what you’re going to find in this article. According to 2018 commercial banks’ figures exclusively analysed by Business Focus,the 24 operating commercial banks in Uganda advanced Shs13.31 trillion in loans to customers, up from Shs11.89 trillion in 2017. This represents a growth
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The Bank of Uganda Governor Emmanuel Tumusiime Mutebile has advised the general public to take note of the changes made by the Central Bank of Kenya on its currencies. In a media release circulated on June 11, Mutebile urged the public to be vigilant when transacting in the Kenyan currency.
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Orient Bank has partnered with Makerere University Business School (MUBS) to train over 30 proprietors of Small and Medium Enterprise (SMEs) in a move aimed at growing these businesses into large enterprises. This is the 3rd edition of the Orient Bank Business Academy. Speaking at the launch of this edition
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Two foreign banking institutions have applied for licenses from Bank of Uganda, the regulator of Uganda’s banking sector to offer Islamic Banking products and services, Business Focus reports. It is understood that many existing banks in Uganda are cautious about offering Islamic Banking products because this will affect their profitability.
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Uganda has 24 operating commercial banks. The banking industry saw 19 banks record a net profit of Shs790.092bn in 2018 compared to the 17 banks that posted a profit of Shs785bn in 2017. This means that five (5) banks made losses in 2018. The five-loss making banks in 2018 made
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Saving and Credit Cooperative Organisations (SACCOs) are by nature supposed to get resources from members and lend back to them at lower interest rates. They are also used for saving purposes. However, as a SACCO grows, members’ contributions may not be enough to serve its purpose. This explains why many
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