Stanbic Bank
Stanbic Bank
25.8 C
Kampala
Stanbic Bank
Stanbic Bank
Home Blog Page 12

Uganda’s shilling lending rates rise to 18.73% in February 2026

By
Francisco Adongo
-

Uganda’s lending rates showed mixed trends in February 2026, with the cost of borrowing in local currency inching upward while rates on foreign currency loans continued to ease, reflecting shifting dynamics in the country’s credit market.

According to the March 2026 Performance of the Economy report released by the Ministry of Finance, Planning and Economic Development, the weighted average lending rate on shilling-denominated loans rose slightly to 18.73 percent in February, up from 18.33 percent recorded in January.

The ministry noted that despite the marginal increase, lending rates in local currency have largely remained stable in recent months, supported by improved macroeconomic conditions and a decline in non-performing loans.

In contrast, borrowing in foreign currency became cheaper during the same period, with the weighted average lending rate dropping to 7.09 percent from 7.21 percent in January, extending a downward trend that has been observed in recent months.

Meanwhile, the Bank of Uganda maintained the Central Bank Rate at 9.75 percent in March 2026, a level that has been in place since October 2024. The steady policy stance underscores the central bank’s focus on maintaining price stability while supporting economic growth.

Data from the report further shows that total outstanding credit to the private sector registered a slight decline of 0.2 percent, falling to Shs 25,377.04 billion in February from Shs 25,427.94 billion in January. The drop was mainly attributed to a reduction in foreign currency-denominated loans, which contracted by 0.8 percent to Shs 7,549.9 billion.

However, lending in local currency posted a modest increase of 0.05 percent, rising to Shs 17,827.2 billion, partly cushioning the overall decline in credit.

Sectoral analysis indicates that the contraction in credit was most pronounced in agriculture, trade, and the building and real estate sectors. Analysts link this trend to improved repayment capacity among borrowers, as businesses continue to benefit from stronger economic activity, leading to a reduction in loan defaults.

Despite the slight dip in outstanding credit, new lending activity gained momentum during the month. Financial institutions approved loans worth Shs 1.74 trillion in February, a sharp increase from Shs 1.1 trillion recorded in January.

The rise in credit approvals was largely driven by increased lending to business, community and social services, as well as trade and manufacturing sectors.

Personal and household loans accounted for the largest share of approved credit at 30.1 percent, followed by trade at 19.9 percent and business services at 17.6 percent, highlighting sustained demand for both consumption and business financing across the economy.

Stories Continues after ad

Ruparelia Group grants permission to motorsport community to use RR Pearl Tower One for Rajiv memorial drive meeting 

By
Our Reporter
-

The Ruparelia Group has granted permission to the motorsport community to use RR Pearl Tower One as the official meeting point for the Late Rajiv Ruparelia Memorial Drive.

The commemorative event is scheduled for Sunday, May 3, 2026, in honour of the late Rajiv Ruparelia.

Rajiv died on May 3, 2025 in a tragic road crash in Kampala. He is remembered for his strong passion for motorsport and his active role in supporting Uganda’s growing drag racing and drifting culture. 

Beyond his corporate duties within the Ruparelia Group and his role as Director at Speke Resort Munyonyo, he was also admired for promoting motorsport development and encouraging youth participation in organised automotive events.

The memorial drive is being organised by TTDrags and Drifts UG, who earlier formally wrote to the management of the Ruparelia Group requesting permission to use RR Pearl Tower One as the starting point of the event.

“We respectfully request permission to use RR Pearl Tower One as the official meeting point for the Late Rajiv Ruparelia Memorial Drive scheduled for Sunday May 3, 2026,” the organisers wrote.

They further emphasized the symbolic importance of the venue in honouring Rajiv’s legacy.

“The Late Rajiv Memorial Drive is a significant occasion aimed at honouring the life and legacy of the late Rajiv Ruparelia. As RR Pearl Tower One was named in his honour, it would be a deeply symbolic and meaningful location to commence the memorial drive,”organisers noted.

The organisers added that the route would proceed to Speke Resort Munyonyo, where Rajiv also served in a leadership role.

“The event will then proceed to Speke Resort Munyonyo, where the late Rajiv also served as a Director, further underscoring his lasting contributions to both the Ruparelia Group and the motorsport community,” they wrote.

They also assured management of proper coordination and safety arrangements for the event.

“We anticipate participants to convene at RR Pearl Tower One for registration, briefing and the official flag off. We assure you that all necessary arrangements will be made to ensure smooth coordination, adherence to safety protocols and respect for the premises and operations of the Ruparelia Group,” they wrote.

The Ruparelia Group has since granted permission for the use of RR Pearl Tower One. The approval as part of honouring Rajiv’s enduring legacy within both the business and motorsport communities.

The memorial drive will attract motorsport enthusiasts, business leaders, and members of the public who continue to celebrate Rajiv’s contribution to Uganda’s motorsport scene and his big role within the Ruparelia Group.

Stories Continues after ad

DG Kitakule celebrates Rotary District 9213 service impact and life changing interventions

By
Francisco Adongo
-
District Governor Geoffrey Martin Kitakule of District 9213.

District Governor Geoffrey Martin Kitakule has hailed the growing impact of Rotary District 9213 across Uganda, pointing to a year of service that has transformed lives and strengthened communities through sustained humanitarian interventions.

Reflecting on the district’s achievements, Kitakule said Rotary’s work has gone beyond routine engagement, delivering tangible change in communities through a shared commitment to service.

“Together, we have not just served, we have transformed lives, confirming that indeed Rotary Eyamba,” Kitakule said, capturing the spirit that has defined the district’s outreach.

He emphasized that Rotarians across the country have remained consistent in extending support to vulnerable communities, guided by the principle of service above self and a strong culture of volunteerism.

“Throughout the year, Rotarians across Uganda have once again demonstrated the true meaning of Service Above Self. In communities near and far, their dedication, compassion, and unwavering commitment have touched lives in ways that words can scarcely capture,” he noted.

Kitakule described Rotary as an action driven movement, where members dedicate time and resources to projects that directly respond to community needs, rather than limiting engagement to meetings and fellowship.

“Rotary in Uganda is more than meetings and fellowship, it is action. It is the early mornings spent organizing medical camps, the weekends dedicated to community outreach, and the countless hours invested in planning and executing projects that uplift the most vulnerable,” he said.

Under this approach, Rotary District 9213 has implemented a range of initiatives, including medical camps that have expanded access to health care, education programs that have supported learners, and water and sanitation projects that have improved living conditions in underserved areas.

He noted that these interventions have had a visible and lasting impact on beneficiaries, particularly in schools and health centers where support has addressed both immediate and long term challenges.

“In schools, children have received books, mentorship, and the encouragement to dream beyond their circumstances. In health centers, families have accessed care and support that saves lives. In communities, access to clean water and sanitation has restored dignity and improved wellbeing,” Kitakule explained.

The District Governor also underscored the importance of partnerships and collective effort in achieving these results, noting that Rotary’s strength lies in bringing together people, skills, and resources toward a common goal.

“What has made this Rotary year truly special is the power of collective effort. Uniting for good, each Rotarian contributed time, skills, and resources, together with our partners, to achieve meaningful impact,” he said.

Kitakule paid tribute to Rotarians who dedicated their time and energy throughout the year, acknowledging their role in delivering hope and support to communities facing different challenges.

“To every Rotarian who gave their time, resources, and energy this year, thank you. Your efforts have brought hope where it was needed, strength where there was struggle, and smiles where there was uncertainty,” he added.

Looking ahead, he called for sustained momentum, urging members to maintain the same level of commitment as Rotary continues to expand its reach and deepen its impact across communities.

“As we look ahead, may we carry forward this same passion and commitment. Because when Rotarians unite for good with purpose, there is no limit to the impact that can be achieved,” Kitakule said.

Stories Continues after ad

Gov’t launches POSTCOM online trade platform

By
Our Reporter
-
Posta Uganda Managing Director James Arinaitwe unveils Postcom at the Media Centre.

The government has launched Postcom, a new online shopping platform operated by Posta Uganda, aimed at making it easier for Ugandans to buy and sell goods and services while supporting the country’s growing digital economy.

The platform was unveiled at a press conference held at the Uganda Media Centre on Tuesday,21, morning.

Posta Uganda Managing Director James Arinaitwe said the initiative is part of efforts to modernize the post office and keep it relevant in a fast-changing digital world.

“The post office is not going away,” he said. “Even 100 years from now, it will still be there, but delivering different kinds of services.”

Arinaitwe explained that Postcom will enable individuals and businesses to sell goods online and rely on the postal network for efficient and affordable delivery.

“If you have goods to sell, even small items, put them on the platform. We will connect you with buyers and deliver them wherever they are,” he said.

Postcom allows sellers to list goods and services while connecting them to potential buyers. The platform also accommodates service providers, including consultants, making it inclusive for different types of businesses.

Arinaitwe said the service will be free to use, allowing sellers to list their products without charge.

The Board Chairperson of Posta Uganda, Balyejjusa Sulaiman Kirunda, said the launch is part of a broader government strategy to grow the economy through digital transformation.

“We cannot grow the economy without going digital. This platform will help Ugandans reach wider markets, increase sales, and improve household incomes,” he said.

He encouraged entrepreneurs, small businesses, and individuals to use the platform to promote locally made products.

The platform was developed with support from the Ministry of ICT and National Guidance, which provided the technology required to build the system.

The Minister of State for ICT and National Guidance, Godfrey Baluku Kabyanja, said Postcom will work closely with other government agencies to improve service delivery and ensure smooth operations.

Postcom will operate under the supervision of the Uganda Communications Commission, which will regulate the platform and ensure that only acceptable content and services are offered.

Kabyanja reassured the public that online transactions on the platform are safe as more Ugandans embrace digital services.

Through Postcom, the government will expand digital trade, improve service delivery, and provide more citizens with an opportunity to participate in the online economy.

Stories Continues after ad

Agriculture Ministry hands over vehicles to boost farm services under UCSATP

By
Emmanuel Okello
-
Vice President, Jessica Alupo, Agriculture ministers, Frank Tumwebaze, Hellen Adoa, and other officials during the handover ceremony.

The Ministry of Agriculture, Animal Industry and Fisheries has handed over 69 vehicles and 1,034 motorcycles to districts under the Uganda Climate Smart Agricultural Transformation Project (UCSATP) in an aim to strengthen agricultural extension services across the country.

The motorcycles, which were flagged off by Vice President Jessica Alupo, are designated for sub-county agricultural extension officers to improve last-mile service delivery to farmers.

The handover ceremony took place at the Kololo Ceremonial Grounds.

Presiding over the function, Alupo emphasised the importance of mobility in improving service delivery.

“For a long time, limited mobility has constrained last-mile service delivery. These vehicles and motorcycles will now enable our extension staff to reach farmers more efficiently, provide timely technical support, and enhance accountability,” she said.

She also urged leaders and extension workers to ensure proper use of the equipment.

“These are public resources entrusted to you to serve our farmers. Let us not look for more excuses not to serve the farmers,” she added.

The Minister of Agriculture, Animal Industry and Fisheries, Frank Tumwebaze, said the move is in line with the government’s policy to strengthen extension services nationwide.

“It is our policy objective as the Ministry of Agriculture, Animal Industry and Fisheries to ensure that all extension workers get adequate means of transport to enable them to carry out farm outreaches,” he said.

Tumwebaze called on leaders at all levels to ensure the equipment is put to proper use.

“I appeal to all leaders, including Members of Parliament, LC5 chairpersons, RDCs, DISOs and councillors, to ensure that these tools deployed are put to good use,” he said.

He also commended the World Bank Group for supporting the initiative.

“I thank the World Bank Group for prioritising agriculture in their funding framework,” he added.

The Permanent Secretary stressed that the project must deliver tangible results to farmers.

“This project must deliver results to the farmer, not on paper, but in reality. The success will be measured by the number of livelihoods transformed,” the official said.

The UCSATP, supported by the World Bank Group, is a $354 million project targeting about 3.9 million beneficiaries across 69 districts. It is aimed at increasing productivity, improving market access, and building resilience to climate change.

Government reaffirmed its commitment to ensuring that such investments translate into real impact at household level through improved service delivery, increased production and higher farmer incomes.

Stories Continues after ad

High Court grants son right to bury remains of murdered Entebbe couple

By
Simon Kabayo
-
late David Mutaaga and his wife, Deborah Mutaaga.

The High Court in Kampala has ruled that the biological son of the late David Mutaaga and Deborah Mutaaga has the final authority over their burial, ending a prolonged family dispute that had delayed their interment for more than nine months.

In a ruling delivered by Celia Nagawa at the Family Division on Monday, 20, the court ordered the unconditional release of the couple’s remains to their son, Mark Mutaaga Kabenge, within 48 hours. The judge also declared that the son, together with his sister Isabella Najjita Mutaaga, holds the paramount right to determine how and where their parents will be laid to rest.

The couple was found dead on July 6, 2025, at their home in Lugonjo, Nakiwogo in Entebbe, in what police are investigating as a suspected murder. Their deaths sparked a criminal probe under the Uganda Police Force, but no arrests have been made to date, leaving the case unresolved months later.

Since their death, the bodies have been kept at A-Plus Funeral Home in Mengo, Kampala, as disagreements emerged within the family. While the children pushed for cremation and repatriation of the remains to Switzerland, some relatives and clan leaders insisted on a traditional burial at the ancestral home in Buddo, Wakiso District, in accordance with Kiganda customs.

In resolving the dispute, Justice Nagawa placed significant weight on the relationship between the deceased and their children, describing it as the closest and most fundamental bond. She observed that the couple had lived and raised their family in Switzerland for many years and that their children remained the most directly connected to them throughout their lives.

“The deceased were parents before they were anything else, and their children were the persons for whom they lived and worked for the entirety of their adult lives,” the judge ruled, underscoring the central role of the children in making burial decisions.

The court further noted that although extended family members, including a clan leader and the deceased’s sister, had raised cultural and customary arguments, their claims could not override the rights of the biological children. Justice Nagawa explained that while culture is recognised under the law, it must be balanced with the realities of personal relationships and proximity to the deceased.

“A cousin, however distinguished by his customary title, does not occupy the same position of closeness to the deceased as a biological child who shared a home and daily life with them,” she stated.

On the issue of the ongoing murder investigation, the court ruled that it was not sufficient to justify continued retention of the bodies. Justice Nagawa pointed out that a full postmortem examination had already been conducted and its findings preserved, meaning the evidentiary value of the remains had largely been exhausted.

“There is no evidence before this court that the police require further access to the physical bodies for any ongoing investigative purpose,” she ruled, adding that the law does not permit indefinite retention of human remains at the expense of dignity and family rights.

The judge emphasized that keeping the bodies unburied for such an extended period was unreasonable and contrary to the need for a dignified burial. She noted that nine months was already beyond what would ordinarily be required for investigative purposes, especially in the absence of any significant progress in the case.

In her final orders, Justice Nagawa directed the Attorney General to facilitate the immediate release of the bodies and ensure that all necessary documentation is processed within 48 hours to allow burial arrangements to proceed without further delay. She also issued a permanent injunction restraining any other parties, including clan representatives, from interfering with the burial process without the express consent of the son.

“The applicant has the paramount right to determine both the mode and place of disposal of the remains, including cremation and repatriation,” she ruled, effectively clearing the way for the family to proceed according to the wishes of the children.

Despite the firm legal position, the court called for unity among family members during the mourning process. Justice Nagawa urged all parties to put aside their differences and come together to give the deceased a dignified send-off, noting that while the right to decide burial rests with the children, the right to mourn belongs to everyone who loved them.

Stories Continues after ad

HIGH COURT RULING: Airtel Uganda fined Shs1.09b in tax dispute with URA

By
Francisco Adongo
-

The High Court in Kampala has upheld a tax assessment of Shs1,091,541,475 against Airtel Uganda Limited, ruling that the telecommunications company is liable to pay the amount following a dispute with the Uganda Revenue Authority over the valuation of imported equipment.

In a judgment delivered on April 22, 2026, Justice Stephen Mubiru found that URA acted within the law when it rejected Airtel’s declared import values and applied an alternative method of assessing tax based on identical goods.

“The respondent was justified, on the facts of the case, to depart from the transaction value method and instead apply the transaction value of identical goods,” Justice Mubiru ruled.

The case arises from Airtel Uganda’s 2018 importation of a Broadband Processing Board from China, which it declared at a unit price of about 1,349 dollars. However, URA established that another telecommunications company had imported similar equipment from the same manufacturer at a much higher price of over 10,000 dollars per unit.

The significant price difference prompted URA to conduct a customs audit and request further documentation from Airtel to justify the declared value. Among the documents requested were details of pricing negotiations, discount arrangements and proof that such discounts were available under normal commercial conditions.

Court records show that Airtel did not provide the additional information despite being given time, raising doubts about the accuracy of its declared value.

“The appellant failed to demonstrate how it arrived at the invoiced unit price,” the judge observed.

He noted that this failure justified URA’s decision to question the transaction value.

URA then applied the method of valuation based on identical goods and issued an additional tax assessment of more than Shs 1.09 billion.

Airtel challenged the decision before the Tax Appeals Tribunal, arguing that it had provided sufficient documentation including purchase orders and invoices. The Tribunal, however, did not make a final determination and instead directed further inquiries, including verification of the equipment and confirmation of prices from another importer.

The High Court disagreed with that approach and found that the Tribunal erred in law by failing to resolve the matter on the available evidence.

“The Tribunal misdirected itself when it ordered further verification despite sufficient material on record,” Justice Mubiru stated.

The court also rejected Airtel’s attempt to introduce new evidence at the appeal stage, including a receipt that had not been presented earlier.

“A party who has been unsuccessful at the trial must not seek to adduce additional evidence to fill up omissions or patch up weak parts of their case,” the judge ruled.

On the question of valuation, the court agreed with URA that the imported equipment qualified as identical goods, noting that both sets were produced by the same manufacturer, around the same time, and had the same technical characteristics and function.

“There is no evidence showing any difference in brand, physical characteristics, quality or functionality,” the judgment states.

Justice Mubiru further noted that the large price gap, combined with the lack of supporting documentation, provided sufficient grounds for URA to reject the declared value and apply an alternative method of assessment.

The court ultimately held that while Airtel succeeded on a legal point regarding the Tribunal’s handling of the case, the tax liability itself remained valid and enforceable, with each party ordered to bear its own legal costs. 

Stories Continues after ad

Kampala Parents School to host vibrant Gujarat Diwas 2026 celebrations

By
Our Reporter
-

The Indian community in Uganda is set to come alive with colour, culture and cuisine as Gujarat Diwas 2026 is scheduled to be hosted at Kampala Parents School grounds on Saturday, May 2, starting at 6:00 PM.

Organised under the guidance of the Indian Association Uganda, the event will bring together Gujarati communities and well-wishers to celebrate the rich heritage of Gujarat, one of India’s most culturally vibrant regions.

This year’s celebration promises an exciting lineup of activities, including live traditional performances such as Lok Dayro and the energetic Garba Dhamal dance. Attendees can also look forward to a variety of Gujarati cultural showcases, a dedicated children’s play area, and a grand fireworks display to cap off the evening.

Food will be a major highlight, with a wide selection of pure vegetarian dishes and non-alcoholic drinks available, reflecting the community’s traditions and values.

Gujarat Diwas, observed annually to mark the formation of the state of Gujarat in India, has steadily grown into one of the most anticipated cultural events for the Indian diaspora in Uganda.

Over the past three editions, the celebration has attracted large crowds, blending cultural pride with community bonding.

Previous events have featured vibrant dance performances, cultural exhibitions and business networking opportunities, drawing not only members of the Indian community but also Ugandans eager to experience Gujarati culture.

The event has consistently promoted unity, diversity and cultural exchange.

This celebration is about preserving the Indian heritage while sharing it with others. It is a family-friendly event where everyone feels welcome.

Entry to the event is free with an intention to encourage bigger participation and inclusivity.

Stories Continues after ad

Fisheries Officer killed in highway crash as taxi driver flees

By
Emmanuel Okello
-
The taxi that killed the fisheries officer.

Bugiri, Uganda — April 21, 2026-A fisheries officer attached to Bugiri District has died in a fatal road crash along the Tororo–Jinja highway, after a taxi he was travelling in was involved in an accident, authorities have confirmed.
The incident occurred on Tuesday along one of eastern Uganda’s busiest transport routes. According to preliminary police reports, the taxi was involved in a high-impact collision that left the officer dead at the scene, while several other passengers sustained varying injuries.
Police suspect that reckless driving linked to competition for passengers—commonly known as “stage wars”—may have contributed to the crash. Witnesses say the driver of the taxi fled immediately after the accident and remains at large.
“We are actively pursuing the driver who abandoned the scene,” a police spokesperson said, adding that the suspect will face charges related to reckless driving and causing death once apprehended.
The injured victims were rushed to nearby health facilities for treatment, though their current conditions have not yet been officially disclosed.
The Tororo–Jinja highway is a vital transport corridor connecting eastern Uganda to major commercial centers, but it has also gained notoriety for frequent and often fatal accidents. Authorities have repeatedly attributed these incidents to speeding, dangerous overtaking, and indiscipline among drivers—particularly those operating public service vehicles.
The death of the fisheries officer has cast a shadow over Bugiri District, where colleagues described the deceased as a dedicated public servant who played a key role in supporting local fishing communities and enforcing fisheries regulations.
Local leaders and residents have renewed calls for stricter enforcement of traffic laws and tougher penalties for errant drivers, warning that continued inaction could lead to more preventable deaths on Uganda’s roads.
Police investigations into the crash are ongoing.

Stories Continues after ad

Three Ngora district officials remanded over mismanagement of Shs1b road fund

By
Emmanuel Okello
-
The Ngora district suspects, Stanslas Francis Opio, Acting District Engineer, Okello Samuel, Assistant Engineering Officer, and Oroni Herbert, Station Manager at Retta Solutions Uganda Ltd.

Three officials from Ngora District Local Government and a private sector actor have been remanded over alleged mismanagement of Shs1 billion meant for road works in the district.

The suspects are Stanslas Francis Opio, the Acting District Engineer, Samuel Okello, an Assistant Engineering Officer, and Herbert Oroni, the Station Manager at Retta Solutions Uganda Ltd.

They were arraigned before the Ngora Grade One Magistrates Court by the State House Anti-Corruption Unit, working jointly with the Criminal Investigations Directorate and the Office of the Director of Public Prosecutions, on charges of theft and conspiracy to defraud. The trio was remanded until May 5, 2026.

Prosecution alleges that the three, together with others still at large, between 2024 and March 2026 conspired to steal fuel valued at over Shs35 million, belonging to Ngora District Local Government. The fuel was reportedly obtained under the pretext that it would be used for road works within the district.

Investigators say the claims were false and that the fuel was diverted for purposes not related to the intended road construction and maintenance activities.

According to investigations, Ngora District Local Government received a total of Shs1.75 billion in the financial years 2024/2025 and 2025/2026 for road construction and maintenance. However, concerns from community members and stakeholders pointed to poor utilisation of the funds, with several roads reportedly left in substandard condition.

It is alleged that Okello Samuel frequently received fuel without proper authorization or documentation and without the approval of the Acting District Engineer. He is said to have acted in collusion with Oroni Herbert, who managed the fuel station supplying the fuel.

Investigations further indicate that Opio Stanslas Francis failed to effectively supervise the engineering department, allowing the alleged misuse of resources to occur.

The investigations are ongoing to trace other individuals believed to have been involved in the scheme.

The government disburses funds to local governments to support road rehabilitation and maintenance, but anti-corruption agencies say misuse of such funds remains a recurring challenge across districts.

Stories Continues after ad
1...111213...2,417Page 12 of 2,417

© Eagle Online. All rights reserved.

About Us

Popular Category

Editor Picks