Credit
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Development
Russia-Ukraine conflict dampens Uganda’s growth prospects-BoU report
KAMPALA– The adverse global economic developments and higher domestic inflation have diminished the prospects for Uganda’s domestic economic growth, according to the Bank of Uganda [BoU] Monetary Policy Report June 2022. “The…
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East Africa
Kenya gets €89mln loan to bolster economic recovery
NAIROBI– The African Development Bank [AfDB] Group has approved an €89 million loan to boost the Kenyan government’s economic recovery efforts. The loan will provide funding for the second phase of Kenya’s…
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News
Banks post 26.9 percent profit as sector remains resilient to potential shocks
KAMPALA– Year on year, commercial banks’ aggregate net profits after tax (NPAT) increased by 26.9 percent to Shs 1,073.9 billion in the year ending December 2021 from Shs 846.2bln in the previous…
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News
BoU raises CBR to 7.5 percent in June
KAMPALA– The current global inflationary pressures have forced the Bank of Uganda [BoU] to raise the Central Bank Rate [ CBR ] by 1 percentage point to 7.5 percent, from 6.5 percent…
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News
South Sudanese refugees establish own Sacco
LAMWO– After failing to access loans from commercial banks and other financial institutions, South Sudanese refugees in Lamwo Refugee Settlement have decided to form their own Paluda Farmers’ Sacco to serve them…
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Cooperatives & Communities
Kenyan regulator cuts levy for new Saccos
NAIROBI– Kenyan Sacco Societies Regulatory Authority [ Sasra ], has cut the proposed annual fees for SACCOs with non-withdrawable deposits to 0.15 percent from 0.165 percent as earlier proposed. The reduction follows…
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Cooperatives & Communities
India cautions people not to deposit funds with three Sahara co-operatives
NEW DELHI – India’s Ministry of Cooperation has asked depositors to be aware of a Delhi High Court judgment, whereby the court has asked three co-operatives (co-ops) under the Sahara group not…
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Cooperatives & Communities
Aduku ‘Road Gang’ forms SACCO
Laborers employed to carry out road maintenance within Aduku town council, Kwania district, have formed a Savings and Credit Cooperative Society (SACCO). The SACCO, dubbed “Aduku Town Council Road Gangs’ SACCO Limited,”…
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