Uganda's mobile money sector is taking major steps to prevent loan defaults and restore trust in digital lending. For years, some borrowers who defaulted on digital loans exploited loopholes by switching networks or SIM cards, making it difficult for lenders to recover funds. Under the previous s
Public Investment Corporation chair says investments ‘not entirely prudent’PIC chair David Masondo. Picture: FREDDY MAVUNDA/BUSINESS DAYThe high level of impairments in the Public Investment Corporation’s (PIC) unlisted investment portfolio was overwhelmingly due to legacy inv
David Kalyango, the Executive Director of Supervision at the Bank of Uganda, explained the vision: ensuring that every Ugandan, no matter their type of work, can access credit to grow businesses, boost investments, and drive development.The Bank of Uganda has been locked in a heated debate
How government’s borrowing spree is leaving citizens bearing the country.At dawn, the roar of engines rises above the quiet streets of Entebbe as David Tumusiime, 47, prepares for his daily commute to Kampala. Like thousands of other motorists, he joins the line snaking toward the Enteb
Parliament is today set to authorize a staggering Shs8.2 trillion in new borrowing, a move that signals the nation’s spiralling public debt already at Shs116.2 trillion (51.3% of GDP) and its economic implications.According to the house order of today’s business (Order Paper), out of t
An artistic impression of an oil refinery. Uganda hopes to complete construction of a 60,000 barrels/day refinery by 2030. COURTESY IMAGE/PETROLEUM AUTHORITY OF UGANDA.Delayed construction heightens importance of missing piece in
“The mere act of lending money without a physical address in Uganda does not create an obligation for the appellant as a foreign lender to register. The appellant has a right to implement the terms of the agreement in Uganda, including instituting proceedings
The State Minister for Kampala, Kabuye Kyofatogabye, has called on the public to join the fight against counterfeit motorcycles and spare parts.He said the best tool in this fight is public sensitisation.Many riders, he noted, have faced the risks and losses caused by fake products.
President Museveni has met with beneficiaries of the Emyooga SACCO initiative in Butabika and Mutungo, Nakawa Division, commending their progress and reaffirming government support for grassroots economic empowerment.The President, accompanied by the First Lady and Minister of Educati
Prominent businessman Muhammed Ssebagala, proprietor of Ssebagala & Sons and owner of the Light of the World Electrical Shops in Kiyembe, is staring at the collapse of his once-thriving electronics empire as financial troubles deepen.Court bailiffs, a
