Banks Lower Interest Rates After Central Bank Rate Cut

BY BANKERS REPORTER Commercial Banks have reduced their prime lending interest rates on shilling denominated loans following the recent downward revision of the central bank rate to 6.5% from 7%. A prime lending rate is the interest rate that banks offer their most creditworthy customers. The central bank rate is the rate at which financial institutions borrow money from the Bank of Uganda.  “We hereby inform you (customers) that our Prime Lending Rate will reduce from 20% to 19.5% effective August 10, 2021. This change will affect both old and…

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Centenary Bank rolls out New Bank Card

According to the 2020 Quarterly Financial Stability Review by the Bank of Uganda, the value of payments made using debit cards increased from sh670.3 billion in 2019 to approximately sh3.2 trillion in 2020, with the exponential growth partly attributed to actions taken by players in the financial to ease online payments of goods and services

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Mobile Money Number: Why Banks Are asking for it

However, this development has left many bank clients wondering what the motive could be. In some press notices, the banks have not provided much detail on why they need this information as soon as possible. Some have even wondered what could happen to their bank accounts in the event that they don’t provide the details.

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CFO Awards 2020 Edition: Who will Bag the Next Award?

Deregos Bisola

Organizers have also introduced a new category in the Awards dubbed; the social impact award. This is meant to recognize companies or individuals that have played major roles in impacting lives in the face of the deadly COVID-19 pandemic.

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