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Box , Kampala, Uganda. It shows the exchange rate of the two currencies conversion. Make payments in foreign currency abroad in over 35 currencies to facilitate and Crane Forex Bureau Ltd is one of the oldest forex bureaus in Uganda.
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In addition, we keep you informed about the local and global foreign exchange and money markets. Absa Uganda Forex and money markets We can help you source forex for immediate use. Bank Of Uganda — Currency Exchange Rates Bank of uganda to phase out old currency by march daily monitor bank of uganda props up shilling business daily bank of uganda intervenes to ilise shilling daily monitor banks in uganda banking insutions kampala entebbe jinja banks start reducing lending rates ly for student internship jobs at bank of uganda …. Their ears pricked up. What followed were a series of lectures, training events and visits to various settlements to bring the facts home.
On the ground, bankers came into contact with boda boda motor cycle taxi drivers working in cooperatives, they saw thriving barber shops and salons owned and managed by refugees, small restaurants, street vendors selling mobile money credit, grocery stores and women, such as Monica, working hard throughout the settlement and in the outskirts.
Their interest piqued, a series of bids by banks and other financial institutions to offer financial products specifically designed for refugees followed, explains Kawumi. The FSDA and its national counterparts, such as the FSDU, are still involved in building the necessary infrastructure and providing financial incentives to get more institutions on board. In , Post Bank became the first bank in Uganda to set up mobile banking vehicles with support from the Ugandan department for international development.
Two vehicles travelled six days a week to rural destinations and refugee settlements to provide access to certain banking products. Local agencies have also been set up, he says. Using agents, deposits and withdrawals are tracked and excess liquidity can be used by the agents themselves.
Some banks are rolling out point-of-sale PoS systems with their agents to make receiving deposits and accessing money easier. We are looking for more partners to help us bring down these costs. These PoS systems are ground-breaking for refugees because the entire enrolment process can now be carried out using one, instead of having to travel miles to the nearest branch. The initial paperwork is still required, but following this, users can access their accounts, make payments and withdraw cash using a debit card and their fingerprint.
Equity Bank has been working in the Imvepi Refugee Settlement in the northwest, close to the border with South Sudan, piloting this type of enrolment. Individual refugee accounts can be made up of multiple wallets — one for personal savings and income and others that can be used by donor agencies to deposit aid directly into their account. Limits to how this money is spent can be applied to the card if needed.
Mobile bank branches, mobile money, PoS and biometrics are found in some of the most developed cities across the world. The fact that Uganda is looking at ways to implement this infrastructure to bank its refugees, shows a commitment to its refugee population seldom seen elsewhere. Understanding the spending habits of refugees will help banks and other financial institutions create other banking products to better suit their needs.
In this way, more relevant financial products and services can be designed for this still largely underserved community segment. Some banks are working on getting around these issues.
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For instance, Post Bank supports its depositors by providing small loans in order to formalize title deeds for land and other assets, which refugees may have misplaced or perhaps not understood the importance of. In the meantime, refugees in Ugandan settlements have come up with their own solutions, with support from NGOs.
The main one is that of the village loans and savings associations VLSAs. Many of the women also club together to open their own businesses to increase group savings.
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There are three padlocks around the edges binding the box shut. The three keys are held by different women in the group. Three of the women in the group — Grace, Jen and Mary — meet Euromoney to discuss how their business works. Many of the other women have gone to receive their weekly food packages from the WFP. The women gathered near their homes in a small residential area just off the main road and close to the UNHCR compound.
The houses have been built around a central yard where many of the women gather to chat or make crafts they sell in the market. Mary has been in the settlement for 28 years, Jen for 11 and Grace for five. All of the women have worked in the settlement and beyond, farming and collecting fire wood to make some extra money. But we found that sometimes the grain would get mouldy and wet and we would be unable to sell it. So we have moved on.
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We have bought six piglets from outside the settlement and we plan on growing them and selling them on when they are much bigger. The women buy piglets for USh, and plan to sell them to buyers from Kampala after six months for USh1. Each month they deposit their earnings at the nearest Post Bank. The plan is eventually to ask for a bank loan, but they realize that they need more earnings stability, records and formal collateral. The women keep all of their deposit slips neatly in a plastic folder and show them to Euromoney proudly when discussing their business.
There lies the tension. No formal bank account is required for a VLSA, and accessing a loan comes down to the strength of the community. Eventually, bringing refugees into the formal banking sector will be a boon to banks and financial institutions in Uganda. Until then, refugees will continue to innovate for themselves. Free Trial Login. Subscribe Login. The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. All material subject to strictly enforced copyright laws. Banking refugees in Uganda.
By Kanika Saigal. Refugees can own and run their own businesses, purchase goods and services, and access and use a variety of financial services. High risk.
Steven Mukweli, Post Bank. If we can bank these refugees in the first instance and if they become economically active and secure as a result, we can then provide them with more of our products - Steven Mukweli, Post Bank. Mobile banking.
If aid can be deposited directly into a bank account and refugees can only access these accounts using their fingerprints, leakages can be limited - Anthony Kituuka, Equity Bank. Anthony Kituuka, Equity Bank.