Connect with us

News

BOU: Mobile Money Transactions Increased to Shs 93Tn in 2020

Published

on


The transaction value of mobile money services grew from Shs73Tn in 2019 to Shs93.7Tn in 2020, a 28.8% increase, the 2020 Official Annual Bank of Uganda (BOU) Supervision Report has revealed.

“This growth was significant in the quarter ending December 2020 as economic activity increased following continued easing of lockdown measures and as banks and the government continued to encourage the use of non-cash payments to limit the spread of COVID-19,” reads part of the report.

The report further states that a total of 30.7 million customers were registered for the service at the end of December 2020 of which 19.8 million customers are active.

27.8 million Customers were registered in 2019 while 24.5 million in 2018.

In his remarks, Emmanuel Tumusiime Mutebile, the Governor of BOU noted that the performance of Supervised Financial Institutions was not adversely affected by the COVID-19 pandemic induced disruptions to economic activity.

“Profitability of Commercial Banks increased albeit marginally by 6.37% to Shs.855Bn, while the value of non-performing loans was largely unchanged throughout the course of the year ending December 2020. The ratio of nonperforming loans to total gross loans stood at 5.3 percent as at end of December 2020 compared to 4.9% at the end of December 2019,” he said.

Mutebile added that a significant number of financial institution consumers were able to benefit from the credit relief measures, which in our assessment moderated the impact of the COVID-19 pandemic on households and firms.

“BOU, within its mandate, took appropriate action to moderate the likely impact of the pandemic on the performance of Supervised Financial Institutions in particular, and the financial system as a whole. The actions included the introduction of credit relief measures and the establishment of emergency liquidity assistance facilities for financial institutions that might need it,” he said.

The report covered five chapters; Bank of Uganda’s supervisory activities, performance of Supervised Financial Institutions, and developments in the financial sector during the review period.

According to the Report, the total number of bank branches decreased from 580 in 2019 to 566 in 2020 and even the total number of automated teller machines (ATMs) operated by Commercial Banks decreased from 851 in 2019 to 837 in 2020. “This decrease was attributed to closure of branches by banks. Increased preference to digital channels such as Internet Banking, Mobile Banking, Mobile Money and Agent Banking was overserved during the year,” the Report adds.

Assets and Liabilities

According to the report, the total assets of the banking sector grew from Shs.32.8Tn in December 2019 to Shs.38.3Tn in December 2020 indicating an increase of 16.8% (Shs.5.5Tn).

“This was largely on account of an increase in holdings of government securities which rose by 39.9% (Shs.2.9Tn) to Shs.10.1Tn. Gross loans and advanced by 12.3% (Shs.1.8Tn) to Shs.16.3Tn, and balances with banks abroad which increased by 22.6% (Shs.0.59Tn) to Shs.3.19Tn,” the report further adds.

The total assets held by Microfinance Deposit-taking Institutions, according to the report increased by 112Bn to Shs.743.2 billion and this was largely due to growth in balances with financial institutions in Uganda by 44.7% and loans by 10.3 percent (Shs.38.4Bn).

The total liabilities increased by Shs.103Bn (23.8%) mainly due to an increase in deposits of Shs.71.4Bn (25.1%) and long-term borrowing of Shs.32.2 billion or 44.6 percent.

On Capital adequacy, the banking sector remained adequately capitalized, with capital buffers improving over the year to December 2020.

“The aggregate industry core and total capital adequacy ratios stood at 20.6% and 22.2%, an improvement compared to December 2019 of 20.1% and 21.8% respectively. The consolidated Leverage Ratio (the non-risk based capital requirement) increased from 10.7% to 11% between December 2019 and December 2020, and remained well above the prudential limit of 6%,” the report reads in part.

The post BOU: Mobile Money Transactions Increased to Shs 93Tn in 2020 first appeared on ChimpReports.



Source – chimpreports.com

Advertisement

News

New Cabinet to Be Sworn-In Today

Published

on

By


Parliament has scheduled today Monday 21, 2021 for the inauguration of the new cabinet ministers.

For the whole of last week, 79 ministers were vetted by Parliament’s Appointments Committee led by Deputy Speaker Anita Among.

Two other appointees missed out reportedly due to health related challenges.

The swearing in event is being conducted with extreme caution by ensuring that all in attendance are free of Covid19.

President Yoweri Museveni was on Friday 18 forced to lock the country after fatalities of the novel virus spiked again.

Earlier on, Parliament was forced to scale down its work force after rumours that over 100 Members of Parliament were battling Covid-19.

The Institution’s Director of Communications Chris Obore however clarified on Friday that those affected attended crowded events; The State of Nation Address (SONA) and Budget Reading events.

The above events were held on June 4 and June 10, 2021 respectively.

“Over 3,000 people that included MPs, staff of Parliament, Police, ISO, SFC, Service Providers, Journalists, Prisons staff and invited guests were tested for COVID-19,” Obore explained.

“Out of all those tested for the events, approximately 100 came out positive. Note that Parliament has 529MPs (approximately 30 Parliament staff were manning the events,” he pointed out.

Obore refuted allegations the one hundred cases were from a sample of more than 3000 and disclosed that some had already recovered.

The post New Cabinet to Be Sworn-In Today first appeared on ChimpReports.



Source – chimpreports.com

Continue Reading

News

Policeman Arrested for Shooting Student while Chasing Suspect

Published

on

By


A policeman belonging to Flying Squad Unit in Arua City has been arrested for shooting and injuring a 16-year old pupil while chasing a suspect.

Hussein Yusuf of Oyoze Cell in Arua Central Division is admitted to hospital after both legs were shattered after he was shot at when four police officers fired indiscriminately as they pursued a suspected criminal.

According to relatives of the victim, the minor was performing ablution for 1pm prayers near their home yesterday when bullets caught him in the legs and he fell down. Yusuf Ismail, an elder brother to the victim said he had come out of the house to see what was happening as bullets were fired only so see his brother bleeding helplessly on the ground.

Hussein’s sister, Samari Eyotaru said her brother was rushed to Arua regional referral hospital where it was established through imaging scan that both his two legs were broken

Following the incident, relatives of the victim informed the police at Arua CPS who swung into action and opened a case of attempted murder under Arua SD Ref. 54/16/06/2021 against one of the officers, whose name they are however withholding saying that revealing it at this stage would jeopardize investigations.

Hudson Ocheng, the Police Spokesperson for West Nile confirmed the incident and said investigations are ongoing into the incident.

Ocheng added that the police officers fired after meeting resistance from the community who blocked them from arresting a suspect in connection with the theft of a motorcycle Reg. No. UFE 159N.

Reports from the relatives of Hussein indicate that by Thursday evening, doctors at Arua Regional Referral Hospital had referred the victim for further management at Lacor hospital as police had reportedly gone into negotiations with the family on footing the medical bills and probable compensation.

Since the disbanding of the Flying Squad more than three years ago, the W. Nile Police Flying Squad has apparently continued to operate independent of CID supervision under which they were placed for deployment and operations.

The post Policeman Arrested for Shooting Student while Chasing Suspect first appeared on ChimpReports.



Source – chimpreports.com

Continue Reading

News

Prisons Speaks out on Jamil Mukulu’s Health Condition

Published

on

By


The Uganda Prisons Service has described as “total fabrication,” claims that Jamil Mukulu, the former leader of the Allied Democratic Forces (ADF), is on the verge of death battling Covid-19 in Luzira Prison.

Frank Baine, the Uganda Prisons Service spokesperson, said Mukulu is suffering from “pneumonia and diabetes” but not Covid-19 and is admitted to the prisons health facility.

He, however, said the former ADF rebel leader is out of danger.

“He is sick like any other person and currently receiving treatment at Murchison Bay Hospital. It is also not true that he contracted Covid-19,” Baine said in an interview on Sunday.

This comes after the family of Mukulu, accused  Luzira Maximum Prison authorities of blocking them from seeing her son.

Nakiyemba Lutakome, the mother of Mukulu who lives in Kayunga District, said: “Recently, I received information from a lady who claimed she was from Luzira Prison that my son died. I have tried to get the truth in vain.”

She added: “If my son is dead, let prison authorities dump his body anywhere in this village, I am sure people will recognize his body and bring it here for burial.”

Mr Baine said they blocked the family as part of the prisons resolutions to control the spread of Covid-19.

Mukulu alongside 37 others is facing charges of murder, aggravated robbery, aiding and abetting terrorism and crimes against humanity at the International Crimes Division of the High Court.

Mukulu is described as the leader of ADF and Salaf Muslim community in Uganda who used to command his group with others still at large to carry out raids through which they  committed a number of crimes.

The group is further said to have robbed guns, ammunitions, a gold weighing machine, millions of money and attempting to take away the lives of many people.

Prosecution contends that Mukulu and the group committed these offenses in various districts such as Kampala, Wakiso, Mayuge, Budaka and Mbale among others and that the indiscriminate attacks instilled fear in the public to influence it for either   a social, political, economic or religious aim.

The post Prisons Speaks out on Jamil Mukulu’s Health Condition first appeared on ChimpReports.



Source – chimpreports.com

Continue Reading

Trending