Banks
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National
Banks moving towards meeting new paid-up capital requirement, says BoU
KAMPALA – According to Bank of Uganda [BoU], the implementation of the revised minimum paid-up capital requirements by commercial banks and credit institutions has been largely successful and remains on course. This…
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International
Australian consumers benefit from mutuals keen to challenge big end of town, BCCM says
SYDNEY – The Business Council of Co-operatives and Mutuals [ BCCM ] has said the ongoing expansion by its members in the financial services sector will provide added benefits to consumers and…
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Africa
Africa: institutional investors sign on to new US$ 500mln infrastructure fund
ABIDJANI– Prominent African and global institutional investors have signed on to the new US$ 500 million Africa50 Infrastructure Acceleration Fund – a move described as an unprecedented milestone for Africa. The fund…
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Cooperatives & Communities
PDM: Minister Adoa warns commercial banks against deducting beneficiaries’ money
SOROTI – The State Minister for Fisheries, Hellen Adoa has urged commercial banks to release the full amount of the money meant for the beneficiaries of the Parish Development Model [PDM]. Minister…
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Environment
Nyamwamba floods threaten Kasese residents again
KASESE – River Nyamwamba in Kasese district yet again burst its banks last week, washing away crops, houses, and bridges, among other infrastructure on top of displacing thousands of people in the…
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International
Income tax: Cooperative Credit Societies win legal battle in India
NEW DELHI- In a major relief to Cooperative Credit Societies, the Supreme Court of India has ruled that under Section 80P [2] of the Income Tax Act, the said cooperatives will not…
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East Africa
KMRC to provide affordable mortgages through banks, SACCOs
NAIROBI – The Kenya Mortgage Refinance Company [KMRC], a public-private partnership established to provide mortgage liquidity facilities to banks, microfinance institutions, and SACCOs, has made its home loans attractive and affordable. Local…
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International
2023 Union Budget of India: NCUI President sees surge in co-op fund
NEW DELHI – Cooperative leaders of the land are expecting a bonanza from the upcoming 2023 Union Budget of India to be presented in the Parliament on Wednesday by Union Finance Minister…
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Cooperatives & Communities
Nwoya cooperatives have scanty books of account
NWOYA– The majority of the cooperatives in Nwoya district lack proper audited books of account, something that has limited them to access loans from commercial banks and other financial institutions, district officials…
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East Africa
We want tax relief, co-ops urge gov’t
NAIROBI-Cooperatives/SACCOs in Kenya are calling for tax relief, saying it would help them compete favourably in the market. According to Gathungu Kahunyo, the vice chairman Githunguri Dairy Co-operative, Saccos pay high taxes,…
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