Business

Budding entrepreneur, Benedicta Nanyonga who makes a living through selling straw bags is seeking funding to expand her business. The former staff of Bank of Uganda who makes various crafts from straws says her business is overwhelmed with orders from foreign countries. “We urgently need $20,000 to purchase straw machine to double our production so as to increase on our ...

The number of citizens using agent banking services has hit record of 6000  just one year after agent banking  services was introduced, Agent Banking Company of Uganda Chief Executive Officer Richard Yego has disclosed. “commercial banks have reported 40%in cash deposits,withdrawal,school fees payment  transaction volume growth of customers moving from traditional branches to agents. Agents have also facilitated recruitment of ...

Uganda Revenue Authority (URA) has named 817 companies that invading taxes since 2017 hence making the tax body fail from achieving tax collection targets. Cyprian Chillanyana, Assistant Commissioner Domestic Taxes and Business Policy in Uganda Revenue Authority named these companies while briefing the media in Nakawa. These companies include Munyonyo Commonwealth Resort Limited which declared a loss on 48.6 billion ...

Barclays Bank Uganda has announced a 13% increase in profits before tax from 86.8billion in 2018, the bank’s managing Director Rajesh Jha has revealed. “it was a good year for the bank where we saw solid growth on the balance sheet, coupled with growth in come .we managed our costs well and portfolio quality has improved giving rise to very ...

International Finance Corporation (IFC) a member of the World Bank has extended $1.9million to Agent Banking Company of Uganda (ABC) to support growth of agent banking services in rural areas. Richard Yego ABC Chief Executive Officer says over two and half years, IFC funds will be used to roll out agent banking network infrastructure and accelerate financial expansion services to ...