Mercantile Credit Bank Ltd.’s license has been revoked by the Bank of Uganda, which also instructed that the business wind down. Mercantile is a Tier II financial institution. Credit institutions are defined as “non-bank” financial organizations that take call and time deposits, which must be repaid either with notice or after a predetermined amount of…
The Microfinance Support Center officials were given instructions by the parliamentary Public Accounts Committee (PAC) to create an extensive list of Emyooga fund recipients for the fiscal year 2022–2023. Additionally, PAC directed that details about the loan amounts disbursed and recovered be included in the list. This order came after the Auditor General disclosed that…
Ugandans have been advised by Minister of Energy and Mineral Development Ruth Nankabirwa not to pay illicit fees for the provision of power in their areas. In Uganda, 10% of those living in rural regions and 57.2 % of those living in urban areas have access to electricity. According to Luzinda Livingstone, a local resident…
Effective July 1st, the Entebbe Municipal Council will close all weekly open-air markets, also referred to as “kabubbu.” Mayor Fabrice Rulinda made the broad decision public, highlighting the importance of assisting the major markets that pay the municipal council dues each month. Mayor Rulinda said that the council decided to close all weekly open-air markets…
Today, Mr. Museveni is anticipated to visit the project site known as Inspire Africa Coffee Park in order to keep an eye on its development, assess its success, and engage with farmer organizations and other project stakeholders. Get informed
9,627 cadets will be enlisted in the Uganda People’s Defence Forces (UPDF) this year. The head of joint staff training and doctrine, Brig Gen. Alex Olupot, states that candidates must be citizens who took the O-Level exam between 2000 and 2023. Applications will be accepted by the army starting on May 27 and closing on…
Uganda’s oil sector regular, The Petroleum Authority of Uganda (PAU), has asserted that producing oil on a commercial basis will begin during the fourth quarter of 2025. Uganda announced the discovery of commercial oil reserves 18 years ago but production has been marred by several slipped timelines. Get informed
During plenary on Tuesday, 30 April 2023, the Deputy Chairperson of the Budget Committee, Hon. Achia Remigio presented the committee’s report approving the supplementary expenditure of Shs 1.1 trillion for FY2023/2024. Of this amount, more than 70% will go towards recurrent expenses, with the remaining portion going towards national development. The supplementary budget’s top funding priorities…
While speaking at the International Labour Day celebrations at Mukabura Boma Grounds in Fortportal city, President Museveni highlighted that the major obstacle to finding employment for many Ugandans is a lack of vision. He emphasized that securing employment depends on developing a clear vision for one’s future and taking advantage of growth opportunities through different means such as agriculture production….
The government intends to raise the pay of lower-level local government officials, according to Minister of Local Government Raphael Magyezi. With the help of this initiative, local administrations will be able to combat recruitment irregularities like nepotism and bribery, which have hampered the advancement of merit-based hiring practices. In Uganda, irregularities in recruitment within local…
