South Africa has first new bank since 1999

South Africa has first new bank since 1999

South Africa has a new bank, backed by billionaire Patrice Motsepe’s African Rainbow Capital (ARC). South African fintech outfit Tyme announced on Thursday that it has been granted a licence by the South African Reserve Bank. The operating licence to TymeDigital by Commonwealth Bank SA is the first issued to a...

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Public Engulfs commercial court as Sudhir’s case takes center stage.

Public Engulfs commercial court as Sudhir’s case takes center stage.

Hearing of an application in which businessman Sudhir Ruparelia is seeking to boot out two prominent law firms representing Bank of Uganda (BoU)and Crane Bank in receivership in a Shs397b case has kicked off at the commercial court. Sudhir Ruparelia last week filed an affidavit in court accusing MMAKS Advocates...

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Ramaphosa to be asked ‘Where the SAA bailout cash come from?

Ramaphosa to be asked ‘Where the SAA bailout cash come from?

Deputy President Cyril Ramaphosa will on Wednesday be asked exactly where the money for a proposed multi-billion rand bailout for embattled national airline SAA will come from. SAA is in need of R10-billion‚ Finance Minister Malusi Gigaba said last month. While he said that lenders were being spoken to over...

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Sudhir Ruparelia- BOU Court Sessions Starts

Sudhir Ruparelia- BOU Court Sessions Starts

The Commercial Court is today expected to hear an application in which businessman Sudhir Ruparelia is seeking to boot out two prominent law firms representing Bank of Uganda (BoU) and Crane Bank in receivership in a Shs397b case. Mr Ruparelia last week filed an affidavit in court accusing MMAKS Advocates...

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Former FDH Head of Finance Matthias Sulumbu arrested

Former FDH Head of Finance Matthias Sulumbu arrested

Police in Blantyre have arrested former Head of Finance at FDH Bank in Victoria Ave, Blantyre, Malawi and now Financial Controller at NBS Mathias for money laundering. Sulumbu, who hails from Magulugulu village in Karonga district and stationed at the bank’s head office at Ginnery Corner in the commercial city, was...

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Bank Of Uganda Unveils the 125 Million Pens

Bank Of Uganda Unveils the 125 Million Pens

Bank of Uganda (BOU) publicly announced how they had used UGX 125 Milllion to purchase 350 pens to be used by their staff members and now after so much criticism, they have finally presented the multi million pens. UGX 125 Million used while buying 350 pens would mean UGX 357,000...

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Commercial banks cut lending rates, but cautiously

Commercial banks cut lending rates, but cautiously

A survey of commercial banks shows that a good number of them have cut their prime lending rate, a sign that Bank of Uganda’s rate cuts are having an effect. Barclays Bank Uganda yesterday announced a 0.5% reduction in its prime lending rate to become effective on 22 September. The...

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10 things the World Bank says about Uganda’s economy

10 things the World Bank says about Uganda’s economy

The World Bank on Tuesday released its eighth Uganda Economic Update in which it outlined its view of the state of the country’s economy, more than six months after it cut off funding over slow execution of projects. Here are 10 key messages to take away from the report: 1....

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Looking for the best internet plan in Uganda? Here’s some data for you

Looking for the best internet plan in Uganda? Here’s some data for you

Vodafone Uganda is phasing out its unlimited data plans, which were undoubtedly the best internet deals for individual users with heavy data needs and small and medium-sized enterprises. We assumed there would be a few broken hearts who might consider moving on to other providers with similar deals. So we put...

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Dfcu gets profit boost from Crane Bank acquisition

Dfcu gets profit boost from Crane Bank acquisition

The first financials released by Dfcu Bank since its acquisition of Crane Bank this January show a rapid rise in the bank’s profits and asset base, developments the company attributes to the transaction. After-tax profits for the first six months of 2017 rose 389% compared to the same period last year, coming...

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