Uganda BRAC, one of the largest Microfinance institutions in has transformed into a Tier 2 Credit Institution (Bank) after receiving a license from the Bank of Uganda. BRAC boasts of over 270,000 customers. According to Jimmy Onesmus Adiga, the Chief Executive Officer, the bank will trade as BRAC Uganda Bank
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Barclays Bank of Uganda Ltd recorded Shs68.84bn profit after tax in 2018, down from Shs72bn registered in 2017, representing a reduction of 4.38%. This is according to the bank’s financial results for 2018 released yesterday. A critical look at the figures show that the profit reduced due to increased expenditure
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Bank of Uganda, the regulator of the banking sector in the country is set for tough times ahead following the refusal by MPs to approve the Shs484.2bn the Central Bank had requested for recapitalization. The MPs instead reduced the figure to Shs200bn on grounds that the figure wasn’t justified and
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By Felix Oketcho The International Finance Corporation (IFC), a member of the World Bank has extended $1.9million (about Shs7.1bn) to Agent Banking Company of Uganda (ABC) to support growth of agent banking services in rural areas. The partnership between Agent Banking Company and IFC was officially launched this morning at
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The robbers who stole KSh11 million (UShs405m) from four ATMs belonging to Barclays in Nairobi over the Easter weekend belonged to one gang suspected to have worked in cahoots with employees from the bank and a security company, Daily Nation reports. On Monday, detectives from the Directorate of Criminal Investigations
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The Deputy Governor, Bank of Uganda (BoU), Dr Louis Kasekende has asked members of Savings and Credit Cooperative Organizations (SACCOs) to turn them into producer cooperatives so as to enjoy more benefits. He made the remarks on April 17, 2019 during Bank of Uganda Town Hall Meeting held at the
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Denis Kibukamusoke (in featured photo) has resigned his lucrative job as Head Consumer Banking at dfcu bank. He is joining another financial institution that hasn’t been revealed. Rukh-Shana Namuyimba, the Communication Manager at dfcu Bank says Miranda Bageine Musoke, the Head Personal Banking will in the meantime act in the
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The Tony Elumelu Foundation has hosted Europe's leading financial institutions and Think Tanks in the Belgian capital Brussels with an aim of fostering economic relations between Africa and the European Union. At a time when Europe’s relationship with Africa is high on foreign policy and developmental agendas and with the
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The Bank of Uganda (BoU), the regulator of Uganda’s banking industry has spoken out for the first time on ongoing investigations into the alleged mismanagement of PostBank. In a statement dated April12, 2019, the Central Bank acknowledges that following a petition to the State House Anti-Corruption Unit, by a whistleblower,
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Diamond Trust Bank (DTB) Uganda recorded a net profit of Shs18.4bn in 2018, up from Shs15bn registered in 2017. This represents an increase of 22.7%. The bank’s financial statements for the year ended 31st December 2018 released yesterday indicate that the increase in profit was due to the reduction in
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