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Uganda

DFCU Takes Over Crane Bank

In exercise of its powers as receiver, under Sec 95(1)(b) of FIA, Bank of Uganda has transferred the liabilities (including deposits) of Crane to DFCU Bank. Bank of Uganda Governor Emmanuel Mutebile said on Friday the central bank has also conveyed Crane Bank's assets to DFCU bank. Addressing journalists in Kampala, Mr Mutebile explained all customers and depositors of Crane Bank shall now have their accounts operated by DFCU Bank through its wide branch network.

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Uganda Could Become First African Nation To Adopt Bitcoin Regulations

Uganda could become the first African nation to adopt legal regulations in the use of bitcoin in monetary transactions after hosting an event focused on the policy guidelines, legal and social-cultural issues on the use of crypto-currencies on the continent. The Ugandan government has left the digital currency, which is owned by BitPesa of Kenya, largely un-regulated since its entry into the region’s second biggest economy in November, last year. “The legal and regulatory environment is moving towards embracing the technology so as to harness its benefits and to promote innovation. Another concern is how to mitigate any risks in order to protect the public interests, but without stifling innovation,” Maureen Mapp, a teaching fellow at the University of Birmingham Law School who spearheaded the event, told CoinDesk.

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Uganda Eyes $700M From Bird-Watching Over The Next Decade

Uganda, home to more than half of Africa’s bird population, seeks to earn over $700 million from its rich birding variety over the next decade, government officials said during the Africa Birding Expo held in Entebbe from 18-21 November. The East African nation hosted the event for the first time at Botanical Gardens in Entebbe and hopes to use the show to increase its tourism revenue. Tourism currently contributes about 10 percent of the country’s GDP.

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Uganda and South Sudan Sign Free Trade Deal

South Sudan and Uganda have signed a One-Stop Border Posts agreement to enhance trade through the efficient movement of goods, persons and services within the two partner states. South Sudan's ambassador and Foreign Affairs undersecretary Joseph Ayok Anei, told reporters in Juba on Monday that the deal was vital, especially for South Sudan whose economy was handicapped by political instability. The agreement was inked on November 8 in Kampala by the Foreign Affairs secretaries from both sides. Mr Anei said the deal would also do away with non-tariff barriers and curb the illegal and high taxations imposed on traders from both countries.

Read More: Inspirational African Women: Leeko Mokoena

Although politically instable, South Sudan has curtailed the flow of commodities from Uganda and Mr Anei was optimistic that efforts by the Juba administration to restore peace would open doors for foreign investment and encourage the free trade between the two countries. South Sudan was dependent on goods and services from the East African countries, especially Uganda and Kenya. The young nation has also signed a similar trade agreement with Sudan, but had not enforced it due to allegations of rebels support from both sides.
 

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