Posts Tagged ‘uganda’
Posted on November 27, 2009 - by boris
Uganda: Four men accused of operating illegal microfinance institution…
The police in Kampala have arrested four men accusing them of operating an illegal microfinance institution in Katwe, a city suburb. Katwe Twegate Microfinance has been operating since 2008 but its managers had not registered it with Bank of Uganda as the law requires.
The Spokesperson of police, Judith Nabakooba says that many Ugandans in different parts of the country have lost millions of money to conmen who are running unregistered finance institutions.
Joseph Lwanga, one of the bank managers arrested told police that they were not conmen but a finance institution helping its members in Katwe to save money.
Source: http://www.ugpulse.com/articles/daily/news.asp?about=Four+arrested+over+fake+bank+&ID=13845
Posted on November 19, 2009 - by boris
Uganda: African Development Fund has approved a loan for rural income project…
The Board of Directors of the African Development Fund (ADF) approved on Tuesday, November 17, 2009 in Tunis, a UA 10.21 million (US$ 16.23 million) loan to finance a Rural Income and Employment Enhancement Project (RIEEP) in Uganda.
The objective of the project is to help reduce rural poverty in Uganda by facilitating access to and utilization of affordable financial and business development services for an estimated 1.4 million rural poor in the country’s districts.
The project is an important input to Uganda’s Microfinance Support Centre (MSC)’s 2009-2014 Strategic Plan and comprises two key components – the Financial Services and Institutional Development Services.
Source: http://allafrica.com/stories/200911181033.html
Posted on November 2, 2009 - by boris
Global Trust Bank has laid off 27 workers…
Global Trust Bank has laid off 27 workers and shut down some branches, in what officials say is part of the bank’s strategy to become more efficient. A press statement from the bank does not mention which department has been most affected by the layoffs. Neither does it point out which branches have been closed.
The press statement notes that the changes are geared towards helping customers manage their own banking through different technological products.
Richard Byaruhanga, the Managing Director of the bank, is quoted as saying: “Over the next three months, we will introduce a number of channels that we have spent all of this year planning and building to launch Global Trust Bank into an exciting new phase that will change the face of banking in Uganda.”
Source: http://www.observer.ug/index.php?option=com_content&view=article&id=5784:global-trust-bank-lays-off-27-workers&catid=38:business&Itemid=68
Posted on October 20, 2009 - by boris
Grameen Foundation to expand Technology Program for poor farmers in Uganda…
Agriculture is the main source of livelihood for poor people in much of the world, including more than 75 percent of Ugandans.
Through the Community Knowledge Worker initiative, we are helping poor, smallholder farmers, who may meet with an agricultural agent infrequently, access vital agricultural advice, weather forecasts and other information to improve their lives, said Alex Counts, president of Grameen Foundation.
The CKW initiative advances Grameen Foundations efforts to develop innovative and sustainable approaches to use technology for the benefit of the worlds poor.The grant is part of the Bill & Melinda Gates Foundations Agricultural Development initiative.
Source: http://www.webnewswire.com/node/473817
Posted on October 19, 2009 - by boris
Uganda: President Museveni has ordered the suspension of the National Forestry Authority (NFA) boss…
President Yoweri Museveni has ordered the immediate suspension of the National Forestry Authority (NFA) boss over the sh900m he kept at his house.
According to State House sources, Museveni directed the Inspector General of Government (IGG) to investigate Damian Akankwasa, whom he described as a civil servant, for possessing such a colossal sum of money in cash.
What started as a domestic issue, a man accusing his wife of stealing his money, became a source of interest for the security agencies because of the amount of money involved.
Asked about possible investigations by the IGG, Akankwasa told Sunday Vision that he was not worried. “I have declared all the property I have with the IGG. The money belonged to my brothers and they can explain its source.”
Source: http://www.sundayvision.co.ug/detail.php?mainNewsCategoryId=7&newsCategoryId=123&newsId=698187
Posted on August 24, 2009 - by boris
Actress Natalie Portman supports microfinancing in developing countries…
Actress Natalie Portman speaks about her work advocating microfinancing with FINCA International and the Village Banking Campaign.
Microfinance is a movement to provide financial services such as loans to impoverished people to alleviate poverty and encourage entrepreneurship. FINCA International provides financial services to low-income entrepreneurs in some of the world’s most poverty-ridden countries.
The Village Banking Campaign was launched by FINCA in 2007 in response to the desire to find a solution to poverty as outlined in the U.N. Millennium Development Goals. The campaign provides financial services for neighborhood enterprises in destitute areas.
Portman was named the first Ambassador of Hope by FINCA International and currently co-chairs the Village Banking Campaign with Queen Rania Al-Abdullah of Jordan. As Ambassador of Hope, she has traveled to Uganda, Guatemala and Ecuador and also filmed a documentary on FINCA Mexico.
Source: http://www.happynews.com/news/8212009/actress-touts-microfinancing-poor-women-developing-countries.htm
Posted on August 12, 2009 - by boris
Oprah’s Angel Network helps rural communities in Uganda to overcome hunger and poverty…
Oprah’s Angel Network has awarded a US$50,000 grant to The Hunger Project (THP) to expand the organization’s community mobilization and leadership programs in Uganda. These programs enable rural communities to overcome their own hunger and poverty on a sustainable basis.
THP’s strategies support people in building self-reliant futures free from hunger and poverty.
In Africa, THP works in more than 2,000 villages in eight countries to empower rural women and men to end their own hunger and poverty. In Uganda, more than 180,000 people have participated in THP’s workshops.
Through THP’s unique methodology, communities become food secure; achieve access to healthcare, clean water and safe sanitation; halt the spread of diseases like HIV/AIDS; become literate and educate their children; access microfinance services; foster community cooperation; include women as full and equal community members; and transform mindsets of resignation and dependency into a “can-do” spirit.
Source: http://www.cocorioko.net/national/1491-oprahs-angel-network-grant-supports-grassroots-development-in-uganda
Posted on August 5, 2009 - by boris
90 Ugandan have received certificates in Microfinance and entrepreneurship…
AIESEC Uganda on Friday awarded 90 Ugandan and seven foreign students certificates in Microfinance and entrepreneurship.
Speaking during the ceremony at Makerere University Guest House, the AIESEC vice chairperson Uganda chapter, Mr Drew Klein, said the two-month training was aimed at imparting business knowledge on students to enable them become leaders in business.
“This course is aimed at imparting business knowledge to the student’s community so that they become their own businessmen and women,” Mr Klein said.
Source: http://allafrica.com/stories/200908050218.html
Posted on July 21, 2009 - by boris
Centenary Bank,one of the 22 commercial banks in Uganda,will increase lending to agriculture sector…
allAfrica.com posted:
Better days lie ahead for thousands of farmers who have struggled to get bank loans to boost their activities, as another bank moves to increase lending to the agricultural sector.
A senior official at Centenary Bank one of the 22 commercial banks in Uganda – said the lender will in the next two months increase loans and advances to farmers “who wish to mechanise their operations.” By so doing, Centenary, like Equity Bank which has also pledged to extend affordable loans to farmers, will align their plans with that of Finance Minister Syda Bbumba whose 2009-10 budget speech was pro-agriculture.
The minister extended several incentives including a Shs30 billion loan facility to farmers, to boost agriculture- a sector that government believes will unlock Uganda’s economic potential and help the nation recover from the global recession’s effects.
(more…)
Posted on June 22, 2009 - by Gavin
Uganda: Equity Bank Cross-Lists On USE…
Daily Nation Kampala — EQUITY Bank has
cross-listed onto the Uganda Securities Exchange (USE), offering
3.7 billion ordinary shares to Ugandans. Peter Munga, the chairman
and founder of the bank, rang the ceremonial bell on Thursday to
commence trading on another significant milestone for the capital
markets sector. Some 19,800 shares were traded on the first day at
sh390, culminating into a turnover of sh7.5m and a market
capitalisation of sh1, 444b. Altogether, 364,444 shares were traded
in the Thursday’s session with a turnover of sh68.9m. Equity Bank’s
entry brings to 11 the number of equities on the bourse. The bank
also becomes the fifth cross-listed entity in the 11-year-old stock
exchange. James Mwangi, the Equity Group managing director,
explained that the development would enable Ugandans own a stake in
the bank. The 25-year-old bank began operations in Uganda on March
30, 2009, following a merger with the Uganda Microfinance Limited
the previous year. Simon Rutega, the head of USE, downplayed fears
that the cross-listing would be affected by next month’s upcoming
initial public offer of the National Insurance Corporation (NIC).
“This is a market that requires more products. I believe the NIC
issue will be absorbed. It is a small issue and the more options
for investors, the better,” argued Rutega. Source:
http://allafrica.com/stories/200906220067.html
Posted on April 15, 2009 - by Gavin
Uganda to borrow $7m for development…
Daily Monitor
Kampala – The government is to borrow $7.5 million (about Shs16.162 billion) from two Arabian financial institutions to capitalise the Uganda Development Bank Limited (UDBL).
According to a policy document that has been prepared by the Ministry of Finance, Planning and Economic Development, the money will be borrowed from the Arab Bank for Economic Development in Africa (BADEA) and the Islamic Development Bank (IsDB).
UDBL is said to be under- capitalised to adequately perform its function of providing long term loans to the private sector.
“The existing level of capitalisation is only slightly more than a half of the authorised share capital thus limiting the bank’s ability to carry out its core business of lending long term loans to the private sector. The type of loans the bank lends range from Shs50 million to Shs3.5 billion and such loans are held for long periods, typically five years before being retired,” Minister of Finance, Syda Bbumba told parliamentarians last week.
Ms Bbumba said the existing Shs53 billion capitalisation is small as the bank is experiencing high demand for long term financing, a product which is not adequately available in the banking sector in Uganda. (more…)
Posted on April 9, 2009 - by Gavin
Equity Bank opens 800 accounts daily…
Business Week
KAMPALA, UGANDA – Equity Bank Uganda, a subsidiary of Kenya’s largest financial institution is registering up to 800 new bank accounts on a daily basis, the bank’s head has said.
This new banking record was revealed by the Equity Uganda Managing Director, Mr. Charles W. Nalyaali during activities to officially launch the bank’s activities in Uganda last week.
“We have seen account opening jump from 40 – 60 accounts daily before we received the commercial bank license to 600 – 800 new accounts per day currently, across our 36 branches countrywide and this number we believe will continue to rise,” Nalyaali said.
In its home market, Equity is the dominant bank with 51% (3.3 million) of all bank accounts in Kenya while 70% of all new accounts opened up are with Equity.
The Equity Group chief executive officer also revealed that Equity, with a market capitalization of KShs66 billion ($846.1 million) will in the next two months cross-list its shares on the Uganda Securities Exchange (USE).
Posted on April 8, 2009 - by Gavin
MICROCAPITAL STORY: Uganda Government to Set up Regulatory Body to Monitor Work of Savings and Credit Co-operative Organizations (SACCOs)…
Microcapital
The Government of Uganda is to set up a body to license and regulate the work of the Savings and Credit Co-operative Organizations (SACCOs) of Uganda, according to a press release on the Ugandan newspaper Monitor. The announcement was made by Ms.Ruth Nankabirwa, the state minister for Micro Finance, at a rural financial service sensitization program in the Kiboga District of Uganda. Ms. Nankabirwa stated that the new regulatory body was a move to protect the Ugandan public from conmen and also to stop embezzlement of savers’ money collected by SACCOs.
Elaborating on the need for the new monitoring body, Ms. Nankabirwa brought to focus the fact that several Ugandan MFIs tend to operate for a few months in a particular region and then relocate to another region thereby causing many Ugandans to lose money. She mentioned that the new board would identify and follow-up on all MFIs involved in such questionable activities and ‘bring to book all unscrupulous financial managers’. This announcement on the establishment of the new body follows an initial announcement back in July 2008 by Mr.Henry Mbaguta, the assistant commissioner in-charge of microfinance in the Ministry of Finance, Planning and Economic Development. (more…)
Posted on April 3, 2009 - by Gavin
Equity Bank Kenya to cross-list in Uganda…
The New Vision
EQUITY Bank Kenya is to cross-list on the Uganda Securities Exchange (USE) in two months, Dr. James Mwangi, the group’s chief executive officer, has said.
“We have lodged our application with USE and the Capital Markets Authority,” he said on Monday at the launch of the bank’s operations in Uganda.
Equity Bank Kenya in April last year bought 100% stake in Uganda Microfinance Limited to form Equity Bank Uganda.
Dr. Mwangi said the bank, which would launch operations in Southern Sudan this month, was also eyeing Rwanda, Tanzania and South Africa.
“We will endeavour to replicate Equity’s successful business model to customers in the region to provide customer-focused services,” he promised. (more…)
Posted on February 25, 2009 - by Gavin
Tears, losses as fire guts Uganda’s leading market…
Uganda Business
Business in downtown Kampala was this morning brought to a standstill as fire gutted Uganda’s Leading market St. Balikudembe market also known as Owino,.
Tears and wailings from traders and sympathizers, as well complaints and lamenting were competing with the heavy smoke and spreading fire as many people looked on helplessly at the merchandise and market stalls burn this morning.
The police fire brigade was busy trying to stop the fire but it seems their efforts came too late as some 2,000 stalls were already burnt by 9am. The fire was still spreading and the police fire brigade vehicle was infective in being able to sprinkle water over the large market, which added to the anger and vexation of the traders towards the police.
Many traders at the scene told Ultimate Media that the police fire brigade had delayed to respond to their requests to come and stop the fire when it had just started, although the fire brigade is just about 200meters from the market.
Police Chief, Maj. Gen. Kale Kayihura was at the market to cool down tempers of complaining and aggrieved traders and to ensure an effective response to the fire that has caused loses amounting to billions of shillings in merchandise and structures. (more…)
Posted on February 16, 2009 - by Gavin
Redknee Selected to Supply Uganda Telecom With Mobile Money Services…
TORONTO, February 16 /PRNewswire/ –
- Redknee’s Mobile Money 2.0 solution to enable Ugandans to overcome key barrier to accessing financial services
Redknee (TSX / AIM: RKN), a leading provider of mission-critical software and solutions for communications service providers, is pleased to announce that it has been selected by Uganda Telecom to provide Redknee’s Mobile Money 2.0 solution, enabling Uganda Telecom subscribers to pay for goods and securely store and transfer funds with their mobile phones. Implementation will begin as soon as all requirements for launching the service have been approved.
It has been projected that almost 90 percent of the five million households in Uganda do not have a bank account. Redknee’s Mobile Money services will enable Uganda Telecom to provide its subscribers the means to store funds easily and to send payments and transfers using a safe and inexpensive channel.
Redknee’s newly introduced Mobile Money 2.0 solution enables subscribers to store and transfer funds through their mobile handset, providing an ideal service for developing countries that may have poor or limited banking resources in their rural communities.
Some of the rural regions of Uganda lack an easily accessible banking infrastructure, which has been a key barrier to providing financial services. Through increased mobile penetration in Uganda and the expected launch of Mobile Money, Uganda Telecom will be providing Ugandans with unparalleled access to a new generation of financial services. (more…)
Posted on January 13, 2009 - by James
Uganda: Interest Rates Still High Despite Competition…
Kampala, Uganda , January 08, 2009 – Competition for customers and space in urban areas heightened, this year, as new commercial banks opened business in Uganda while old ones have expanded to new locations and all are opening branches across the country. Yet, despite the increased banks, interest rates have continued to be high.
Competition for customers and space in urban areas heightened, this year, as new commercial banks opened business in Uganda while old ones have expanded to new locations and all are opening branches across the country.
The new banks include the acquiring of new partners by Bank of Uganda, United Bank for Africa (UBA) and Equity Bank from Kenya which bought 100 per cent shares in Uganda Microfinance Limited. Other new entrants are Fina Bank from Kenya, which opened shop in Kampala last year and Global Trust Bank from Nigeria… [click here to read the rest of this article...]
Posted on September 22, 2008 - by James
Uganda: Credit Bureau Pilot Phase Includes Standard Chartered, Barclays, Three Microfinance Institutions…
THE pilot phase of the Credit Reference Bureau (CRB) has kicked off in five financial institutions.
“The testing is being conducted in branches of participating institutions around Kampala namely; Barclays, Centenary Bank, Standard Chartered, Uganda Microfinance and Pride Microfinance,” Agnes Kamya Kijjambu, the acting director for non-bank financial institutions, said.
She told a press briefing that all borrowers would be required to get a financial card, which would have their photos, unique numbers and fingerprints for easy identification… [click here for the rest of this article...]
Posted on August 19, 2008 - by James
Tanzania Gets Nationalistic Over IPO…
The MiFi Report
-
