Bank of Uganda has taken over the management of Crane Bank Limited, Emmanuel Tumusiime-Mutebile, governor of the central bank, told journalists at a hastily convened press conference on Thursday.
Finance minister Matia Kasaija has decried the shortage of local content in Uganda’s construction sector, which he said is one of the reasons housing is very expensive since the imported materials used in building are bought with dollars.
Uganda Clays managing director, George Inholo is so confident of the roofing tiles maker’s prospects that he is not anxious about NSSF’s recent decision not to turn all of its debt to equity. The company finally turned a profit in the first half of this year.
CIC Africa Insurance (Uganda) Ltd is offering 724,900 shares to cooperatives, unions, and savings and credit cooperative societies based in Uganda, the insurer said in a statement. The ordinary shares will cost Shs10,000 each.
Centenary Bank and National Housing and Construction Company have today handed over Shs40 million and Shs20 million respectively to the Rotary Club of Kampala North towards the construction of the Vijana Poa Youth Centre.
Bank of Uganda has cut its benchmark lending rate by 100 basis points to 13%, saying its forecast of core inflation will remain around the medium-term target of 5% over the next 12 months and citing the need to support domestic economic growth.
Data from Research ICT Africa shows that 1GB of mobile data in the Q2 of this year was cheaper in only Tanzania, Egypt, and Mozambique. On average, the plan cost $3.62 in Uganda, versus $0.89 in Tanzania, $2.82 in Egypt, and $2.87 in Mozambique.
Uganda’s attorney-general, William Byaruhanga, was this week appointed to the board of Nairobi-listed Centum, in a move the investment company says is in line with its transition from “a national to a continental company.”
“Guys, if you know anyone with money in Crane Bank, tell them to remove it… Within the next week,” the message circulating on WhatsApp on Thursday morning said. It was signed: “Insider BoU.” Bank of Uganda has denied the message.
Opportunity Bank Uganda has been acquired by the MyBucks Group, a Luxembourg-based financial technology (fintech) company that has operations in ten other African countries. MyBucks announced the acquisition in a statement.