Drama unfolded this afternoon at Ministry of ICT and National Guidiance as head of transport a one Alex Mujuni was arrested by detectives for being in possession of 27 fuel cards.
Sources say the scam involving pre-loading cards with fuel stations. However, as the arrest was ongoing, top ministry officials deserted the building for fearing being netted by the nonsense operatives.
A top official at the ministry is said to have sneaked out via a fire eviction exit and was picked up by the driver. ICT Ministry is under probe by State House Anti-Corruption agency for among others PDM money.
“He had lied that he bought two vehicles and that they were parked at the Minister’s residence but a search revealed to the contrary that there was no vehicle he ever bought. the second account is that of personalizing cards and using fuel attendants in one of the fuel stations to receive cash in exchange of government fuel loaded on those cards” a source told Eagle Online.
A team from the Criminal Investigations Directorate of the Uganda Police Force has arrested Mr Yinghe Chen aged 43 years of Chinese Nationality and a resident of UCB Zone in Bukoto 1, Nakawa Division in Kampala over allegations of fraud by Acclaim BLQ Sports SMC, with its five (05) subsidiary companies.
Polly Namaye, Deputy Police spokesperson revealed that the arrest follows an interagency investigation by the National Cyber TaskForce into fraud by Acclaim BLQ Sports SMC, with its five (05) subsidiary companies. The National Cyber Taskforce is composed of CID, Crime Intelligence (CI), ISO, ESO, CMI, Bank of Uganda, NIRA, NITA Uganda, Uganda Banker Association, among others.
“This brings the number of those arrested in relation to this fraud to five (05) people. On 11.05.2023, Police arrested Awori Mary, the wife of Mr Yinghe Chen and the registered Director of Acclaim BLQ Sports SMC. On 12.06.2023, Police arrested Akoth Justine Oboth, Achola Mary, and Biira Shamim. These four suspects were all produced in court,” Namaye said. Namaye added that the estimated number of victims stands at 6000 Ugandans with losses of over Shs4.5 billion.
Acclaim BLQ Sports SMC operated under the slogan “You lose; You win” which is believed to have attracted many people to the online betting company. She assured the public that the Directorate of CID is working closely with the DPP to ensure that Mr Yinghe Chen is brought to court. The Police take these public interest cases very seriously and encourage all members of the public who have useful information relating to this investigation to share it with the nearest Police.
Mbarara, Uganda – In an ongoing commitment to appreciate its valued customers, Housing Finance Bank recently hosted a customer service forum at Silverback Hotel in Mbarara. The event held last week, served as a platform for the bank to reward its customers in the western region and gather insightful customer feedback. The event is one amongst the many nationwide customer reward engagements lined up by the bank following their recently launched 5-year strategy that seeks to see customer satisfaction grow by 90% by 2027.
Led by Mr. John Baptist Kaweesi, Head of Mortgage and Consumer Banking, the Housing Finance Bank team expressed gratitude to the customers for their presence. In his remarks, Mr. Kaweesi emphasized the bank’s ongoing efforts to digitize operations, streamline processes, and enhance turnaround time across all customer touchpoints. He stated, “We are committed to continuously improving our services to meet and exceed customer expectations. The feedback session in Mbarara allowed us to directly engage with our valued customers and gain valuable insights to guide our service enhancements.”
Mr. Suleiman Sserwadda, Head of Operations, thanked customers for their unwavering loyalty and trust in Housing Finance Bank. He reiterated the bank’s commitment to actively listening to customers and offering personalized solutions tailored to their needs and aspirations. Mr. Sserwadda stated, “Customer feedback is crucial to our success. We value the input and suggestions from our customers, as they help us shape our products and services to serve their financial needs better.”
“I am grateful to Housing Finance Bank for their unwavering support in making my dream of homeownership a reality. Their commitment to providing personalized solutions and exceptional service is commendable.” – Alimpa John, a longtime customer of the Bank, expressed gratitude to Housing Finance Bank for helping him realize his dream of owning his first home.
As the forum concluded guests were treated to a sumptuous dinner and Mr. Alex Bright Mugabi, Branch Manager of Housing Finance Bank in Mbarara, sincerely appreciated all customers present. He emphasized that the valuable insights gained during the event will guide the bank’s initiatives to improve service quality, enhance customer satisfaction, and reinforce its position as a trusted financial partner.
Housing Finance Bank remains committed to driving customer service excellence and leveraging customer feedback to enhance offerings. The bank’s customer-centric approach and personalized solutions position it as a trusted financial partner. As the bank continues to enable sustainable home ownership and financial independence for the people of Uganda, it remains dedicated to exceeding customer expectations.
As a bank that values its customers, HFB continues to hold various customer engagement sessions across the country.
Dfcu’s Investment Club App has emerged as the Platinum Winner for the Infosys Finacle Innovation Awards 2023 under the category of Business Model Innovation, following a successful outcome from over 200 nominations across 10 categories that were received by Infosys from around the world.
The winners were selected by a panel of esteemed experts, consisting of global leaders in banking and technology, and the Dfcu App emerged as winner in its respective category.
Investment Clubs are widely used in Uganda for pooling peer group savings and pursuing possible investment opportunities. At its core, the Dfcu Investment Club App simplifies the day-to-day management of Investment Clubs, SACCOs and Saving Groups by providing a real-time view of all financial activities. The App helps members track their contributions, manage their group lending and collections; effective reporting and general administration anytime, anywhere.
The App, which was ideated by Dfcu Bank’s Innovation team, is also a by-product of collaborative work with Modefin; an award-winning Digital Banking and Fintech Solution provider to Banks across the globe. In its vision to bank the under and unbanked Savings Groups, Dfcu worked with Modefin to create a digital solution that is easy to access and use across multiple operating systems.
Speaking on the win, Amarnath Choudhary, MD at Modefin noted that “We have shown what can be accomplished when two influential, purpose-driven organizations come together to deliver exceptional results. Kudos to the Dfcu Bank and Modefin teams for their vision, dedication, and commitment to creating a future-centric app that is changing the game in Digital Banking.”
Veronica Sentongo, Chief Change and Innovation Officer said… “We are delighted that our partnership with Modefin has yielded this state-of-the-art Innovation which has taken its rightful place in the realms of excellence. At Dfcu Bank, delivering exceptional value to our customers through technology is a strategic priority. Thus, our cutting-edge platform has empowered over 40,372 clubs & SACCOS in Uganda, by optimizing their Savings Group operations and allowing seamless convenience through its intuitive interface.
This achievement also showcases the versatility and reliability of Finacle as a Core Banking system over which the App operates. This provides a solid foundation for our ground-breaking customer solution.”
The International Monetary Fund (IMF) Executive Board approved a disbursement of $120 million to Uganda under the Extended Credit Facility arrangement despite the country not observing certain conditions.
The development brings the aggregate disbursement under the ECF arrangement to US$750 million
“The Executive Board of the International Monetary Fund (IMF) today concluded the fourth review of Uganda’s Extended Credit Facility (ECF) Arrangement,” the IMF said in a statement.
The Board said it granted a waiver of non-observance of a performance criterion on the ceiling on net credit to the government from the Bank of Uganda (BoU).
Mr. Kenji Okamura, Deputy Managing Director and Acting Chair, said Ugandan authorities remain firmly committed to their economic program amidst a challenging environment.
“Most quantitative targets were met in December 2022 and March 2023. The Quantitative Performance Criterion (QPC) on the ceiling on the Bank of Uganda (BoU) net credit to the government (NCG) was missed by a very small margin in March 2023. All structural benchmarks due between March and June 2023 have been met,” he said.
The ECF Arrangement for Uganda for about $ 1 billion was approved by the Executive Board on June 28, 2021, aiming to support the near-term response to the COVID-19 pandemic and boost more inclusive private sector-led long-term growth. Reforms focus on creating fiscal space for priority social spending, preserving debt sustainability, strengthening governance and reducing corruption, and enhancing the monetary and financial sector frameworks.
Despite repeated external shocks and tighter financial conditions, IMF observed that the economy is projected to grow by 5.5 percent in FY 22/23 and 6 percent in FY 23/24 and that inflation has been declining and is expected to reach the BoU’s medium-term target of 5% core inflation by end-2023.
“The improved near-term outlook (growth in FY 22/23 has been revised up slightly, and inflation projections are marked down for FY 23/24) reflects the impact of more favorable weather conditions on domestic harvests, the softening of global commodity prices and easing of global demand-supply imbalances, and the lagged effects of monetary and fiscal policy tightening,” IMF said.
Okamura said: “The full implementation of the Domestic Revenue Mobilization Strategy (DRMS), including the additional tax administrative measures identified by the authorities, is crucial to help maintain the debt-to-GDP ratio on a declining path and allow for an increase in social spending over the medium term. Increasing the pace of Public Financial Management (PFM) reforms is essential to enhance the capacity to execute social spending in a timely manner. The tax exemption rationalization plan remains an important component of the revenue mobilization effort.”
The IMF added that Uganda’s banking system is well-capitalized and liquidity has rebounded, but the asset quality of some banks has deteriorated. Against this backdrop, IMF said, safeguarding financial stability and strengthening the supervisory framework remain paramount.
“The current monetary policy stance is appropriate, but the BoU should stand ready to resume its tightening if signs emerge of a slower-than-expected disinflation. Exchange rate flexibility remains crucial to preserve external buffers,” the Fund said.
“Accelerating the momentum on structural reforms is essential to unlock Uganda’s growth potential and requires more proactive efforts. Priorities include enhancing domestic revenue mobilization, strengthening the anti-corruption framework and the AML/CFT regime, advancing the financial inclusion agenda, and climate adaptation measures. The authorities should sustain efforts to improve transparency of implementation of the asset declaration framework including sanctions enforcement for violations.”
Ramathan Ggoobi, the Permanent Secretary at the Ugandan Ministry of Finance said the loan spurs Uganda’s path to full recovery, sustained growth, and reform for socio-economic transformation.
In a significant development, Martin Ojara Mapenduzi, the Bardege-Layibi Division Member of Parliament, officially signed a Memorandum of Understanding (MoU) with the ruling National Resistance Movement (NRM) party. The historic signing took place during a courtesy visit to the NRM Head Offices in Nakasero.
The Secretary-General of the NRM, Richard Todwong, commended Mapenduzi’s decision to align himself with the party, calling it a bold and wise move. He emphasized the importance of unity and togetherness among leaders.
“This only acts to show that leaders are trying to appreciate the purpose of unity and togetherness, and it’s a generational call that I urge all other leaders to embrace.”
Todwong also congratulated all independent Members of Parliament who have signed MoUs with the NRM, acknowledging their commitment to working together. He added, “We don’t look at other members from different political parties as our enemies but as partners in the struggle to develop our country, Uganda.”
Mapenduzi expressed his excitement and belief in the power of collaboration as he stated, “In my entire life, I have looked at leadership not as a position but as a responsibility, and so I have always taken seriously what I am supposed to do and done it in the spirit of impacting positives in the lives of others. As we sign this relationship and cooperation agreement, I have the strongest belief that it is in the spirit of doing good and serving the people, and I am privileged to have signed it.”
Hamson Obua, the Government Chief Whip, praised the signing of the MoU as a significant achievement for the NRM Parliamentary Caucus in Parliament. He emphasized the value of Mapenduzi’s contributions, saying, “We are pleased to have Mapenduzi on board, and we believe that his contributions will be valuable to the party.”
The signing of the MoU signifies a deepening relationship and cooperation between Mapenduzi and the NRM. It reflects the belief that leadership should transcend party affiliations and focus on the common goal of serving the nation. This step reinforces the NRM’s commitment to inclusivity and collaboration, where members from diverse backgrounds come together for the collective benefit of Uganda.
The signing ceremony was conducted by the NRM’s legal officer, Counsel Enoch Barata, ensuring the MoU’s legal validity and cementing the agreement between Mapenduzi and the ruling party.
With the MoU signing complete, Mapenduzi now stands as an official member of the NRM, empowered to participate in party activities and contribute to the formulation of policies that shape Uganda’s future. The NRM welcomes him on board and anticipates his valuable contributions to the party’s endeavors.
Mr. Stephen Ojambo, the supervisor for the western region has revealed that the fixed scanner at Katuna one-stop border post will be complete by September this year.
Uganda Revenue Authority (URA) is banking on improved tax administration to meet its target and the fixed scanner will play a key role in this. The use of a mobile scanner has been in play ever since the Katuna/Gatuna border post was closed because of diplomatic reasons.
He said the construction process of the fixed scanner will be complete by September this year.
“The construction works of a fixed goods/vehicle scanner at Katuna one-stop border has started and it will take 3 months to have it fully operational. The government will spend about Shs3Bn on the construction and installation process,” Mr Ojambo said.
Ojambo said better administration practices would see URA collect extra revenue.
The new scanner will be connected to existing systems like the Asycuda World, a customs system that is used by importers and exporters in different parts of East Africa to clear goods even before they reach their destination.
He also revealed that revenue collection at Katuna has increased from about Shs500m at the time when the border was re-opened in March last year to Shs1Bn to date.
“The total number of cargo trucks cleared at Katuna border post has increased from 90 trucks per day at the time when the border was re-opened to 165 per day as of now. We hope the number of cargo trucks cleared per day and revenue generated will increase the fact that Rwandan authorities have stopped charging money for covid 19 testing,” Mr. Ojambo said.
He said that the mobile goods/vehicle scanner they have been using at Katuna one-stop border post will be released to offer the required services at the other border posts of Kamwezi in Rukiga and Busanza in Kisoro districts besides offering mobile required services for transit goods.
“Plans are underway to construct similar fixed goods/vehicle scanners at Mirama Hills Border post in Ntungamo district, Bunagana border post, and Kyanika in Kisoro district. These fixed goods/vehicle scanners will also offer weighing services to ensure that only the required tonnage are allowed to use the Ugandans roads,” Mr Ojambo added.
The clearing agents in Kigezi sub-region welcomed the establishment of the fixed goods/vehicle scanners in the area arguing that the mobile one at Katuna one-stop border post has been slowing down their services because of regular breakdowns.
“We welcome the establishment of a fixed goods/vehicle scanner with hopes that it will offer sufficient services, unlike the mobile scanner that has been characterized with regular breakdown thus affecting our daily works of clearing goods and services,” The vice chairman for the Katuna border clearing agents association Mr Stephen Kiwanuka said.
Mr Kiwanuka also emphasized the need for establishing offices of the Uganda National Bureau of Standards and specialized offices that issue certificates of analysis that are required by the Rwandan customs officials before Ugandan goods are received.
“Before being allowed to export local produce like Irish Potatoes to Rwanda through the Katuna/Gatuna border, the local trader is required to get an export permit and certificate of analysis from Kampala which are not easy to get. We appeal for simplified local export entry like it’s done on Malaba and Busia for traders that export local produce to Kenya. The Single customs tertiary entry demanded at Gatuna border post by the Rwandan officials is not favoring local traders. UNBS clearance for the exporters is done by the officials at Mirama Hills and Mutukula border posts yet the one-stop border post has enough facilities to house them. These barriers to cross-border trade must be addressed,” Mr Kiwanuka said.
Chipper Cash, a leading fintech company serving more than five million customers across Africa, is delighted to confirm its official launch in Rwanda, further expanding its presence and commitment to provide trusted and accessible financial services across the continent and beyond. Chipper Cash celebrated its entry into the Rwandan marketplace at the inaugural Inclusive Fintech Forum, the global platform on financial inclusion and fintech for good, which was held at the Kigali Convention Centre.
Chipper Cash offers a user-friendly and innovative mobile application that enables Africans to send and receive funds cross-border, pay globally with cards and invest. With the launch in Rwanda, Chipper Cash aims to connect the Rwandan population by facilitating seamless and secure transactions, promoting easy access to financial services and driving economic growth.
Today, the platform allows Rwanda users to transact in multiple currencies and facilitates hassle-free international remittances. The next products to be introduced into the country will be the virtual Chipper Card, offering people an easy way to shop, stream and subscribe online, and Chipper for Business, supporting SMEs to operate efficiently in the global marketplace.
Speaking about the company’s expansion, Chipper Cash Country Director in Rwanda, Jovani Ntabgoba, said: “Rwanda is at the heart of Africa and is known as one of the most important financial hubs in the continent, making it an ideal market for Chipper’s latest expansion. We are delighted to launch Chipper Cash in Rwanda, an innovative and forward-thinking market that embraces technology. With our customer-centric approach, we aim to empower individuals, entrepreneurs and businesses by providing seamless access to the financial ecosystem.”
Ham Serunjogi, Co-Founder and CEO at Chipper Cash, commented: “Chipper Cash is committed to unlocking global opportunities to connect Africa – and launching in Rwanda is an important step towards delivering on our vision. As one of the largest consumer fintech companies in Africa, Chipper is excited to participate and invest in Rwanda’s vibrant marketplace while democratizing access to our world-class products and services.”
THE NGO’s led by Environment Governance institute, the undersigned environmental and human rights civil society organizations working to promote environmental conservation, human rights observance reached out the 30th Afreximbank Annual General Meeting that took place between 18th – 21st June 2023 to address a matter of utmost importance, concerning environmental sustainability and the vital role that financial institutions play in addressing the climate crisis in Africa.
During the AGM, they emphasized the urgent need for stronger environmental commitments and actions within the financial sector. The impacts of climate change are increasingly evident across the continent, with vulnerable communities and ecosystems bearing the brunt of these effects, and yet financial institutions such as Afreximbank have continued to invest in the further expansion of fossil fuel projects, thus accelerating the climate emergency.
Specifically, they said they have noted with great concern that across the region, Afreximbank has continued to support or finance fossil fuel projects, which contravenes and affects the environment.
“We urge you, similarly to other governments worldwide that signed the COP26 Statement on International Public Support for the Clean. We as well call for the immediate attention of Afreximbank to immediately stop all the projects that distract the environment in Africa”. Asks the NGOs stakeholders.
NGO’s further highlighted some of the problematic fossil fuel projects Afreximbank supported recently: – In 2021, Afreximbank approved $1.04 billion to the Nigerian National Petroleum Corporation (NNPC) for petroleum exploration activities.
This decision faced strong opposition from civil society organisations and local communities due to serious environmental concerns. – In July 2022, Afreximbank signed a project preparation facility financing agreement to advance the floating liquefied natural gas project in Nigeria, with a capacity of 1.2 million metric tons per annum.
They emphasised that this project does not align with the commitments made during COP26, as it promotes the use of gas, which remains a significant contributor to greenhouse gas emissions and is not considered a transition fuel.
In October 2022, Afreximbank signed a $635 million reserve-based facility term sheet with Amni International Petroleum Development Company. The primary purpose of this funding is to support the capital expenditure required for two oil and gas fields in Nigeria, with the goal of doubling oil production from approximately 10,000 to 25,000 barrels per day.
In August 2020, Afreximbank committed $400 million to the Mozambique LNG project. This project is surrounded by and has been linked to extreme violence in the province of Cabo Delgado.
Also, the project will not increase energy access for communities but will escalate human rights violations as well as increase greenhouse gas emissions. – In October 2022, Afreximbank approved $200 million towards the financing of the East African Crude Oil Pipeline.
This pipeline has been highly controversial due to its actual and potential environmental and social impacts, as well as its contribution to the climate change emergency.
The above-mentioned projects have had significant socioeconomic impacts, including land grabbing, displacement, loss of livelihoods, increased poverty, and gender- related issues such as teenage pregnancies and gender-based violence.
Local conflicts, militarization, and growing instability have also been observed, indicating the adverse consequences of these projects. The environmental impacts resulting from these projects have equally affected communities in and around the project areas.
These impacts include land and water pollution, biodiversity loss, and 3 the disruption of vital ecosystems. Such environmental degradation directly contributes to undermining the progress towards achieving the Sustainable Development Goals (SDGs), particularly SDGs 1, 5, 8, 10, 14, 15, and 16. We firmly believe that financial institutions like Afreximbank have a significant responsibility to support sustainable development and contribute to climate change mitigation.
A section of suppliers who provided services during and after the burial of former economist and Permanent Secretary in the Office of the Prime Minster Keith Muhakanizi are up in arms demanding for their delayed payments.
Government offered PS Muhakanizi an official burial and according to sources, and about Shs500 million was used in the entire burial arrangements. However, insiders at OPM told this website that the figure could have been much higher as the matter is getting out with reports that police is probing claims that some money could have ended up in peoples’ pockets.
Earlier this website reported that a Commissioner in charge of Human Resource in the Office of the Prime Minister, Patrick Okello was under investigation by Criminal Investigation Department.
It is alleged that Mr. Okello who oversees training in the OPM diverted part of the funds released for burial of form Permanent Secretary Keith Muhakanizi. Sources at CID, told this website that Mr. Okello appeared before them for questioning as police digs in.
Okello who later on ran EagleOnline denied the allegations but instead insisted that his publication retracts or deletes the story. “Come to my office and we sort the matter because that isn’t true. I don’t want to sue you people like the other man did to the other paper, just come we resolve” Mr Okello pleaded.
Inside sources at OPM further reveal that the leadership of the institution wasn’t pleased and hence she summoned late evening meeting and warned her troops against fights and leaking documents. In the subsequent article, this publication will publish in details the list of service providers who are demanding for payment.
