{"id":4617,"date":"2021-11-23T12:43:57","date_gmt":"2021-11-23T12:43:57","guid":{"rendered":"https:\/\/ugandaupdatenews.com\/?p=4617"},"modified":"2021-11-23T13:07:50","modified_gmt":"2021-11-23T13:07:50","slug":"bank-of-uganda-directs-financial-institutions-to-continue-financial-credit-relief-to-edication-and-hospitality-sectors-to-recover-from-covid-19-effects","status":"publish","type":"post","link":"https:\/\/prowebinhost.com\/anzu\/bank-of-uganda-directs-financial-institutions-to-continue-financial-credit-relief-to-edication-and-hospitality-sectors-to-recover-from-covid-19-effects\/","title":{"rendered":"BANK OF UGANDA DIRECTS FINANCIAL INSTITUTIONS TO CONTINUE FINANCIAL CREDIT RELIEF TO EDUCATION AND HOSPITALITY SECTORS TO RECOVER FROM COVID -19 EFFECTS"},"content":{"rendered":"\n

The Bank of Uganda (BoU) has directed all Supervised Financial Institutions (SFI) to continue providing credit relief for at least another year to allow private sector players in the education and hospitality sectors recover from an economic meltdown caused by a two year rampaging -Covid -19 pandemic .<\/p>\n\n\n\n

This is after the credit relief interventions that the financial institutions regulator – BoU put in place to aid businesses and or borrowers – battered by the COVID-19 expired on 30th<\/sup> September 2021.<\/p>\n\n\n\n

A statement dated November 18, 2021 and signed by Michael Atingi-Ego, the BoU Deputy Governor reads in part;” this credit relief extension means that effective 1 October 2021, borrowers in education and hospitality sectors that had borrowed before 1 April 2020, can apply to have their loans restructured one more time on or before 30 September 2022, at the discretion of their financial institution.\u201d <\/p>\n\n\n\n

The extension is meant to ensure that credit is available to support otherwise viable businesses in the education and hospitality sectors that remain under a partial or total lockdown.<\/p>\n\n\n\n

According to the Central bank , loans restructuring may involve but not limited to; extending the loan tenor; reduction of amounts in their loan repayment installments; reduction of the applicable interest rate; a moratorium on   repayments and\/or a combination of these. Bank of Uganda also directed that all  Participating Financial Institutions should stop the accumulation of interest for any of the loans that benefit from the extended relief.<\/p>\n\n\n\n

The Central bank also guided that loans restructured under the credit relief one year extension should be exempt from penalties for late repayment and fees for early redemption.<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The Bank of Uganda (BoU) has directed all Supervised Financial Institutions (SFI) to continue providing credit relief for at least<\/p>\n","protected":false},"author":1,"featured_media":4618,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[90,65],"tags":[],"class_list":["post-4617","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","category-national-news"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2021\/11\/Dr-Atingi-Ego.jpg","jetpack-related-posts":[{"id":7560,"url":"https:\/\/prowebinhost.com\/anzu\/bou-to-regulate-saccos-with-shs1-5b-in-savings\/","url_meta":{"origin":4617,"position":0},"title":"BoU to regulate Saccos with Shs1.5b in savings\u00a0","author":"UgandaUpdate","date":"December 7, 2022","format":false,"excerpt":"Bank of Uganda has proposed amendments to the Microfinance Deposit-Taking Institutions Act to regulate at some 42 Savings and Credit Cooperative Societies (Saccos) whose savings have hit Shs1.5b.\u00a0 The new regulation will be effected under the Micro Finance Deposit-taking Institutions (Registered Societies) Regulations, 2022. \u00a0 Dr Tumubweinee Twinemanzi, \u00a0the Bank\u2026","rel":"","context":"In "Finance"","block_context":{"text":"Finance","link":"https:\/\/prowebinhost.com\/anzu\/category\/finance\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":17027,"url":"https:\/\/prowebinhost.com\/anzu\/government-introduces-key-new-amendments-to-the-controversial-sovereignity-bill-following-public-outcry-and-strong-objection-from-bou\/","url_meta":{"origin":4617,"position":1},"title":"Government Introduces Key New Amendments To The Controversial Sovereignity Bill Following Public Outcry And Strong Objection From BoU","author":"UgandaUpdate","date":"April 30, 2026","format":false,"excerpt":"In a quick turn-around after public backlash and strong objection from the Bank of Uganda Governor , Michael Atingi-Ego, government through the Attorney General has now introduced major amendments to the controversial Sovereignity Bill exempting key stateholders and narrowing down on the broad proposed clauses with in the new law.\u2026","rel":"","context":"In "National News"","block_context":{"text":"National News","link":"https:\/\/prowebinhost.com\/anzu\/category\/national-news\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":16166,"url":"https:\/\/prowebinhost.com\/anzu\/mobile-money-transaction-value-grows-five-times-more-than-ugandas-commercial-bank-assets-bou-data-shows\/","url_meta":{"origin":4617,"position":2},"title":"Mobile Money transaction value grows five times more than Uganda’s commercial bank assets- BoU data shows","author":"UgandaUpdate","date":"December 18, 2025","format":false,"excerpt":"The annual value of mobile money transactions in Uganda is now approximately five times greater than the entire commercial banking sector\u2019s balance sheet, underscoring a fundamental shift in the nation\u2019s financial ecosystem, according to new data from the Bank of Uganda. Mobile money transactions soared to 253.7 trillion shillings in\u2026","rel":"","context":"In "National News"","block_context":{"text":"National News","link":"https:\/\/prowebinhost.com\/anzu\/category\/national-news\/"},"img":{"alt_text":"","src":"https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2025\/12\/Screenshot_20221109-163514.webp","width":350,"height":200,"srcset":"https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2025\/12\/Screenshot_20221109-163514.webp 1x, https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2025\/12\/Screenshot_20221109-163514.webp 1.5x, https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2025\/12\/Screenshot_20221109-163514.webp 2x, https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2025\/12\/Screenshot_20221109-163514.webp 3x"},"classes":[]},{"id":12143,"url":"https:\/\/prowebinhost.com\/anzu\/bou-issues-new-directives-to-deal-with-un-licenssed-digital-money-lending-apps\/","url_meta":{"origin":4617,"position":3},"title":"BoU Issues New Directives To Deal With Un-licenssed Digital Money Lending Apps","author":"UgandaUpdate","date":"June 9, 2024","format":false,"excerpt":"Due to the increased number of unlicensed digital lending apps where man unsuspecting Ugandans have been scammed and lost money in billions of shillings, \u00a0Bank of Uganda has directed the digital lenders to carry out due diligence through holding valid licenses and obtain confirmations from Uganda Microfinance Regulatory Authority. In\u2026","rel":"","context":"In "National News"","block_context":{"text":"National News","link":"https:\/\/prowebinhost.com\/anzu\/category\/national-news\/"},"img":{"alt_text":"","src":"https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2024\/06\/R.jpg","width":350,"height":200,"srcset":"https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2024\/06\/R.jpg 1x, https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2024\/06\/R.jpg 1.5x, https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2024\/06\/R.jpg 2x, https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2024\/06\/R.jpg 3x"},"classes":[]},{"id":3339,"url":"https:\/\/prowebinhost.com\/anzu\/will-bou-supervising-mobile-money-stop-the-cruel-2-loss-by-users\/","url_meta":{"origin":4617,"position":4},"title":"Will BoU Supervising Mobile Money Stop the Cruel 2% Loss by Users?","author":"UgandaUpdate","date":"May 25, 2021","format":false,"excerpt":"BY OUR SPECIAL CORRESPONDENT The Bank of Uganda has taken the bold, necessary step to take over supervision of the mobile money operations in the country. 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