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For the same prices, data volumes have been increased by an average of over 50% across the different tariff classes (PHOTO /Courtesy)

Airtel Uganda increases Data volumes up to 150 percent to enable users adjust to tough economic times

by Julian Ninsiima | Reporter

For the same prices, data volumes have been increased by an average of over 50% across the different tariff classes ...

Ugandan emigrant workers humiliate Minister Nankabirwa in Canada (PHOTO /Courtesy)

Minister Nankabirwa humiliated in Canada

by Julian Ninsiima | Reporter

Ugandan emigrant workers humiliate Minister Nankabirwa in Canada (PHOTO /Courtesy) Ruth Nankabirwa, the Minister of Energy and Mineral Development was ...

Equity Bank Uganda has launched investigations into cases of fraud surrounding their Stock Loan and Agent Float financing that happened recently. The Stock Loan product is a credit facility meant to support entrepreneurs, small and medium-sized enterprises (SMEs), and large businesses across various sectors with working capital for growth and expansion. ‘Agency float financing’ on the other hand is a loan product to support Equi Duuka Agents with float to continue running their agency businesses. The fraud is expected to have affected about 65 billion shillings. Equity management says they are investigating to find out what exactly happened and who was involved, including staff and customers. "People of interest, including a few of our staff and customers, are currently assisting with investigations by the relevant law enforcement authorities," the Bank says in a statement. It also said that it would take action on anyone found to have been involved, in a bid to uphold their standards in serving their clients. "We hold ourselves to the highest standards of accountability and transparency, and the person/s found to be responsible, whether through fraud or errors of commission or omission will be fully addressed by the policies, procedures, and ethical values of the organization and, where appropriate, the laws of the country." Despite this huge amount of money involved, Equity says services to their customers will not be affected or disrupted. "Despite this investigation, customers will continue to access loans across all our branches countrywide and banking channels uninterrupted," the statement says. It adds that the Board of Directors and management are committed to resolving and concluding this matter, and "we continue to focus on our purpose of transforming lives, giving dignity, and expanding opportunities for wealth creation." It is not yet clear whether this fraud is an outright theft of money or a result of an error on the side of the bank's staff, but the management says all this will be revealed during their investigations. Over the last 16 years, Equity Bank Uganda has built a branch network of more than 9,000 Equi Duuka agents and 58 ATMs spread across the country and serving over 2 million customers. Equity Bank Uganda is one of the major banks that have met the Bank of Uganda's recently revised minimum capital requirements, which are meant to strengthen the Financial sector against any shocks. The subsidiary of Equity Group Holdings Ple, a financial services company listed at the Nairobi Securities Exchange, Uganda Securities Exchange, and Rwanda Stock Exchange, boasts an asset base of 3.5 trillion shillings as of September 30, 2023.

SPOTLIGHT: How Equity Bank, MTN are aiding Money laundering through agency banking scam

by OUR REPORTER | UG STANDARD

Equity Bank Uganda and MTN Uganda have come under fire for aiding Money laundering (PHOTO /Courtesy) KAMPALA —Equity Bank Uganda ...

Gen Museveni has asked religious and traditional leaders to raise standards on moral values

EXCLUSIVE: Museveni orders closer review of UBOS figures after public spat with World Bank over Middle Income status

by JOSEPH NSIMBI | UG STANDARD REPORTER

President Museveni has ordered security to investigate UBOS over alleged data fabrication (PHOTO /Courtesy) KAMPALA — President Yoweri Museveni has ...

Gaagaa Bus

Massive job loses as Gaagaa Bus closes operations

by UG STANDARD EDITOR | UG STANDARD EDITORIAL

Gaagaa bus has closed its operations. The company buses plied the Kampala-Rwanda-Burundi, Kampala-Arua, Kampala-Koboko, Kampala-Paidah, Kampala-Lira, Kampala-Gulu and Nebbi-Kampala vie ...

Ms. Jane Barekye State House Comptroller (PHOTO /Courtesy)

State House boss Jane Barekye lectures industrial hub managers at Kyankwanzi

by OUR REPORTER | UG STANDARD

Ms. Jane Barekye State House Comptroller (PHOTO /Courtesy) The State House Comptroller, Ms. Jane Barekye, has advised industrial hub managers ...

Lawyer Phiona Rwandarugali impressed NRM National Chairman and President of Uganda Gen Yoweri Museveni (PHOTO /Courtesy)

EALA POLLS: Lawyer Rwandarugali impresses Museveni

by JAVIRA SSEBWAMI | PUBLIC EDITOR

Lawyer Phiona Rwandarugali impressed NRM National Chairman and President of Uganda Gen Yoweri Museveni (PHOTO /Courtesy) KAMPALA — Counsel Phiona ...

For innovators and entrepreneurs who are part of the private sector, the national budget was seen as an opportunity to boost business and support growth.

FEATURE! How 2022/23 budget will support entrepreneurs, innovators

by Juliette Namakula | Assistant Editor

For innovators and entrepreneurs who are part of the private sector, the national budget was seen as an opportunity to ...

Kagame Rwanda

Rwanda: President Kagame to seek a fresh 7-year term in 2024

by OUR REPORTER | UG STANDARD

President Paul Kagame of Rwanda (PHOTO /Courtesy) Rwanda's leader, who has been in power for two decades, has said he ...

During the Battle of Kampala in 1986, Chefe Ali commanded the 11th Battalion, NRA which was key in capturing parts of Kampala fighting their way through Nakulabye, Makerere, Nakasero, Kampala Golf course and finally Kololo Summit View (PHOTO /Courtesy)

Meet Gen. Chefe Ali who recruited Fred Rwigyema into Ugandan army, commanded 11th Battalion during Kampala battle

by OUR REPORTER | UG STANDARD

During the Battle of Kampala in 1986, Chefe Ali commanded the 11th Battalion, NRA which was key in capturing parts ...

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