Uganda Business News | Uganda Business News 30

BoU releases more information on EFC Uganda depositor payout

An EFC Uganda Ltd branch. The microfinance deposit-taking institution was closed by the Bank of Uganda on 19 January 2024 for failing to meet minimum capital requirements and for what the regulator called “poor corporate governance.”

Bank of Uganda on Tuesday released more information on how depositors of the liquidated microfinance EFC Uganda Limited can access their funds

Strong economy to boost bank lending, deposits in 2024, says BMI

BMI predicts that loan growth in 2024 will be driven by personal and household loans, borrowing from the agriculture sector, and the construction sector.

Improved economic conditions and lower lending rates are expected to increase demand for bank credit, in contrast to last year when loan growth slowed

Uganda Securities Exchange weekly trade briefing

A sign at the entrance of the Uganda Securities Exchange in Kampala

The Uganda Securities Exchange experienced a decline in trading volume in the third week of the year, although the value of shares traded by local listed companies increased

Bank of Uganda shuts down EFC Uganda, takes control

Bank of Uganda shut down the microfinance institution on Friday, citing failure to meet minimum capital requirements and ‘poor corporate governance’

Ionic Rare Earths gets Makuutu mining licence

Ruth Nankabirwa, the minister of energy and mineral development, after signing the mining licence on 17 January 2024 in Kampala. With her are Patience Singo (left), the country manager of Rwenzori Rare Metals, the owner of the Makuutu project and a subsidiary of Ionic Rare Earths Ltd, and Warren Tregurtha (second left), the chief executive of Rwenzori Rare Metals, and Vincent Kedi, commissioner licencing and administration in the ministry of energy. Ionic Rare Earths Limited said Wednesday that it has been granted a 21-year mining licence by the Ugandan government for the central tenement of its Makuutu heavy rare earths project, paving the way for a final investment decision later this year and production in 2026. The tenement covers 43.78 square kilometres of the project's 298 square kilometres.

Ionic Rare Earths Limited said that it has been granted a 21-year mining licence for the central tenement of its Makuutu heavy rare earths project

Kampala property market improves on robust economy

Mirembe Business Centre, office building on the Lugogo bypass, Kampala, managed by Knight Frank Uganda

Market could have performed even better, but demand for prime housing and large office space from oil and gas sector fell short of expectations

Umeme issues profit warning, blames assets writedown

Umeme's service centre in Jinja town, on Lubas Road

Accounting charge relates to the writedown of the utility’s non-current intangible assets over the shorter of the remaining term of its distribution concession or their useful life

Coffee exports down on poor Elgon arabica crop

A woman harvests coffee berries in Yangambi, DR Congo

Coffee exports fell for the second consecutive month in December, with arabica shipments down due to a small crop in the Elgon region and rains that delayed drying of new harvests

Uganda Securities Exchange Weekly Trade Briefing

Bank of Baroda branch on Iganga Road in Jinja town, 19 May 2020

Activity on the Uganda Securities Exchange was higher over the week, with more stocks active than in the previous week and the volume traded increasing