Members of Parliament have expressed mixed reactions about a new service by MTN to provide loans to its customers while enabling them to make savings using their mobile phones. The new service launched on August 10, 2016 and dubbed MTN MOkash, will be managed in partnership with the Commercial Bank of Africa (CBA) and is […]
Members of parliament on the parliamentary committee on finance have grilled Bank of Uganda and the ministry of finance officials over missing accountability of 200 billion shillings given to bank of Uganda for recapitalization in the ending financial year. This was discovered by members of parliament while meeting the minister of state for planning David Bahati […]
The Parliamentary appointments committee chaired by speaker Kadaga has vetted and approved Prof. Emmanuel Tumusiime Mutebile as the governor bank of Uganda for the next five years, after he was re-appointed by President Museveni for the fifth term. According to Sources which attended the meeting, the committee approved Mutebile after serious grilling for having assisted the ruling NRM party with […]
Parliament has passed the Public Finance Management (Amendment), Bill 2015 to borrow 10% from Bank of Uganda without parliament approval. The passed bill allows government to bypass parliament to get money from Bank of Uganda through the Minister of finance and later inform parliament. Members of Parliament amended clause 7 under section 36 2(e) of the […]
Members of Parliament have rejected surrendering their powers to government to withdraw funds from bank of Uganda without parliament approval under the public finance management Act 2015. The MPs who include Nathan Nadala Mafabi and Jack Wamai wamanga say that they are not going to give government a blank cheque to borrow money without approval of […]
In 2009 MTN launched Mobile Money services in Uganda and since then its been a story of moving from glory to glory. In the first year of its launch, Uganda registered one of the fastest growth rates in the use of Mobile Financial Services ever recorded in a single year. No wonder that not long […]
The permanent secretary in the ministry of local government John Kashaka has been cleared of any wrong doing in the botched bicycle deal. A state attorney in the office of the attorney general Bahagaza Suuza told court that he approved the contract for the purchase of bicycles and all the rules of public procurement and […]
The governor bank of Uganda, Tumusiime Mutebile has announced that annual headline and core inflation fell sharply to 11.9% and 11.5% respectively in August this year from 14.3% and 15.4% in July. There was also a sharp fall in annual non food inflation from 19.1% in July to 16.0% in August which in previous […]
Bank of Uganda has started working on the proposed amendments to the Financial Institutions Act, 2004 in a bid to permit the licensing of, and transacting by financial institutions in Islamic banking in Uganda. Many other East African countries like Kenya and Rwanda already have Islamic banking in place. The governor Bank of Uganda Tumusiime […]
Bank of Uganda has started working on the proposed amendments to the Financial Institutions Act, 2004 in a bid to permit the licensing of, and transacting by financial institutions in Islamic banking in Uganda. Many other East African countries like Kenya and Rwanda already have Islamic banking in place. The governor Bank of Uganda Tumusiime […]