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M7 PS Forces MTN To Vomit Her Money: Telecom Giant Had Asked Her To Produce Death Certificate, LC1 Letter And Police Letter If She Wanted To Get Back Her Money She Erroneously Sent To A Dead Brother’s Phone…

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Telecom giants MTN was today forced to vomit cash that was erroneously sent a dead person’s phone by one of M7’s Press Secretary.

Yesterday, Linda Wamboka Nabusaayi, President Museveni’s Press Secretary sent money using MTN’s mobile money platform to a wrong number of her dead brother.

However, when she tried to retrieve her money, MTN shamelessly told her to get letters of administration, death certificate, LC1 letter and police letter if she is to get her money back.

“I erroneously sent money meant for my niece to her late father’s number which she could not access. MTN says I should get letters of administration of my brothers estate, his death certificate, LC1 letter, police letter or I can’t get money back. Where does this money go,” Nabusaayi said.

This aroused the pain that most Uganda’s go through to get their money back that they send to wrong numbers and inactive numbers and they answered with a lot of bitterness with many saying that if the telecom company can attempt to swindle a president’s press secretary, what about a poor person trading down town or deep in the village who has no access to the powers that be.

“As connected as you are to the centre of power it’s amusing to see you helpless. Too many questions from all of us and no answers forthcoming!! UCC is proving kinda useless,” Arinaitwe David, a concerned Ugandans wondered.

Richard Tindamanyire said, “My sister, that’s daylight, glaring thuggery and robbery by MTN. The reason the President should go ahead and force them to close shop. They have robbed Ugandans enough, URA Tax arrears notwithstanding.”

Masha Abrah Abbie said, “MTN ON SPOT FOR STEALING FROM THE DEAD: This is how MTN Uganda has been robbing from the dead since mobile money inception. Imagine they are tossing President Yoweri Kaguta Museveni ‘s press secretary, what about an ordinary Ugandan.

Actually, many people just give up and all the money is swindled by these foreign thieves.”

Later, because of the weight behind the name, MTN contacted Nabusaayi and she later got a cash back.

“Good morning tweeps. Thank you all for your concern. And thank you @mtnug I got the money back. I appreciate you all,” Nabusaayi said.

MTN replied, “Folks, clarification on the related issue of how to access MM Funds of a deceased person. Similar basic principle like it is in many other financial circles. At any of our service centers, present; i) Death Certificate of the deceased. i)Proof that you’re the right claimant, i.e., letters of administration. We can’t release funds without solid proof of the circumstances surrounding the release. It may sound Callous but its in the best interest of both sides.”

Surprisingly, Nabusaayi did not present the letters of administration of her brothers’ estate, his death certificate, LC1 letter and police letter.

This left many wondering whether poor Ugandans who do not have access to the powers that be ever get their money back.

“You only worked on big people otherwise a small person will have never got back his money,” Louis Tumusiime Kau said.

By Josephine Kauma

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Bank Of Uganda Instructs Banks And Microfinances To Postpone Individual And Corporate Loan Repayments Over Covid-19.…

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Bank of Uganda has granted permission to commercial banks and other financial institutions to restructure loans of corporate and individual customers affected by covid-19.

In a letter signed by the BoU Governor Prof Tumusiime Mutebile, the restructuring of the loans will involve a postponement on loan repayment for borrowers at the will of the institutions for up to 12 months effective 1st April, 2020.

Mutebile also directed all its supervised financial institutions to defer payment of all optional distributions such as dividends and bonus payments for at least 90 days effective March, 2020 depending on the evolution of the covid-19 pandemic.

Below is Mutebile’s  full statement:

Bank of Uganda (BoU) has in the April 2020 Monetary Policy Committee (MPC) meeting reduced the Central Bank Rate (CBR) by 1 percentage point to 8 percent.

The COVID-19 pandemic has led to a severe contraction in economic activity due to a combination of global supply chain disruptions, travel restrictions, measures to limit contact between persons, and the sudden decline in demand. Consumer-facing sectors have been severely affected by social distancing measures and heightened uncertainty, while the manufacturing sector has declined on account of disruptions to the inflow of raw materials. Economic activity in the trade sector has also been weighed down by the decline in external demand and supply chain disruptions, while service sectors such as finance, insurance, and information and communications are affected by the general stall in business activity and investment.

Consequently, the Ugandan economy is projected to slow down drastically in the second half of Financial Year (FY) 2019/20, with GDP growth for the FY projected at 3 – 4 percent. Downside risks to the economic growth outlook have increased, particularly in the near term and economic activity is projected to remain subdued until the pandemic is contained globally. Although GDP growth is projected to gradually recover in the second half of FY2020/21, the emerging output gap is projected to persist until 2022.

However, there is significant uncertainty over the depth and duration of the current slowdown.

The COVID-19 pandemic has been reflected in deterioration of global financial conditions and an appreciation of the US dollar against other major currencies, resulting in the volatility in the domestic foreign exchange market. The Uganda shilling depreciated against the US dollar by 2.2 percent between February and March 2020. In addition, the propagation of COVID-19 bears severe consequences on Uganda through worsening of external position, due to capital outflows, adverse effects on the flow of international trade, tourism, workers’ remittances, foreign direct investment and loan disbursement, exacerbating exchange rate depreciation pressures.

The March 2020 Consumer Price Index (CPI) data released by UBOS indicates that inflation remains relatively subdued. Headline inflation declined to 3.0 percent from 3.4 percent in February 2020, while core inflation declined to 2.5 percent from 3.1 percent.

Energy Fuel and Utilities (EFU) inflation declined to 7.7 percent from 8.0 percent in February 2020, while food crops inflation increased to 2.5 percent from 1.3 percent.

Core inflation is projected to remain below its historical average in the 12 months ahead due to the widening of the output gap. The feeble domestic aggregate demand conditions will lead to disinflationary pressures in the economy, even as the prices of some imported items are likely to increase as a result of supply chain disruptions.

Moreover, external sources of inflation are likely to remain weak in the near-term in the face of the global downturn. Furthermore, the collapse in crude oil prices should work towards easing both EFU and core inflation pressures, depending on the level of the pass-through to retail prices. Inflation is forecast to be in the range of 2 – 3 percent in 2020 on the assumption that the COVID-19 pandemic is contained by June 2020 and the economy recovers gradually in the second half of 2020. Nonetheless, these inflation forecasts are heavily contingent on the path of the exchange rate and the intensity, spread and duration of COVID-19 pandemic.

Given the deterioration in macroeconomic conditions and in order to ensure adequate access to credit and the normal functioning of financial markets, BoU has decided to ease monetary policy. Consequently, the CBR has been reduced by 1 percentage point to 8 percent. The band on the CBR will remain at +/-3 percentage points and the margin on the rediscount rate and bank rate will remain at 4 and 5 percentage points on the CBR, respectively. Consequently, the rediscount rate and the bank rate will be 12 percent and 13 percent, respectively.

BoU has also directed Supervised Financial Institutions (SFIs) to defer the payments of all discretionary distributions such as dividends and bonus payments for at least 90 days effective March 2020, depending on the evolution of the pandemic. This will ensure that SFIs have adequate capital buffers, while supporting the real economy. In addition, BoU will undertake the following:

  1. i) Provide exceptional liquidity assistance to commercial banks that are in liquidity distress for a period of up to one year.
  2. ii) Provide liquidity to commercial banks for a longer period through issuance of reverse REPOs of up to 60 days at the CBR, with opportunity to roll over.

iii) Purchase Treasury Bonds held by Microfinance Deposit taking Institutions (MDIs) and Credit Institutions (CIs) in order to ease their liquidity distress whenever it arises. MDIs and CIs that do not hold Treasury bills or bonds in their asset holdings will be provided with liquidity secured by their holdings of unencumbered Fixed Deposits or Placements with other SFIs 2020

iv) Grant exceptional permission to SFIs to restructure loans of corporate and individual customers including a moratorium on loan repayment for borrowers that have been affected by the pandemic, on a case by case basis at the discretion of the SFIs for up to 12 months, effective April 1st, 2020.

BoU will continue to monitor the evolving financial market and macroeconomic conditions and calibrate its operations to meet the need for any additional liquidity support, as may be warranted.




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Time For Government To Share The Burden Of Relaying Official Covid-19 Messages With The Media Houses: NAB Boss Lays Out Four Point Plan On How The Media And Gov’t Can Fight The Pandemic…. 

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The Chairman of National Broadcasters Association Mr. Kin Kariisa. Courtesy photo

The Chairman of National Broadcasters Association Mr. Kin Kariisa has asked government to support the media so that in turn they can help them spread the message to kick coronavirus out of the country.

Kariisa says: An intense and aggressive awareness campaign by the media is Uganda’s first line of attack or vanguard against the coronavirus pandemic. With no guaranteed medical cure so far, the biggest medicine for COVID19 is prevention through mass awareness. The media is a proven major weapon in creating repetitive messaging. Unfortunately, most media houses are on the verge of shutting down.  Media houses are relaying government message free of charge. It is time for government to share the burden of relaying official messages with the media houses. Media houses need the government’s urgent financial support.

Here are four proposals:

  1. Pay outstanding debts. Media houses are among the major creditors of the government. Government should pay domestic arrears owing to media houses immediately to enable them cope with the rising cost of running their businesses at a minimum of profit. The government owes media houses up to Shillings 13 billion accruing from as far back as 2018.
  2. URA needs to waive taxes on media houses. Each media house can submit monitoring logs to prove the value each media house runs during the lockdown period. URA should also Zero rate VAT for media houses till 1st July 2020
  3. UCC should defer, reduce or waive License fees. The same should apply to UBC carriage fees. There are 306 radio stations and 39 TV stations in Uganda. Radio stations pay an average of Shs17, 500,000 annual license fees and $1,300 monthly mast rental fees to UBC. TV stations pay an average of 92m to UCC for the annual license fees and 9.45m to Signet for the monthly hosting fees.
  1. Government should pay cash for ads that media houses are running during the coronavirus. The government should buy space, airtime and reach-out on print, broadcast and online media respectively, to a tune of Shs15billion per month for the next 3 months. This can be managed jointly by the media owners association, with proper accountability backed by invoices and media schedules. The budget of Shs15 billion per month is guided by the space and airtime the media houses have been offering since the outbreak of the pandemic. The idea of billboards is ludicrous because most people are confined at home. Sharing information through markets can be done by relaying information through loudspeakers mounted on trucks.




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They Are Planning To Poison Or Kill You, If You Want To Survive, You Must Make Sweeping Changes In URA – Mirundi Warns New URA Boss Musinguzi…

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President Yoweri Museveni’s senior adviser on media Joseph Tamale Mirundi has warned the newly appointed Uganda Revenue Authority (URA) boss John Musinguzi to be wary of some wrong elements in the authority and government who might kill him.

Mirundi revealed that there are a number of people who approached him and told him that Musinguzi is a member of mafia clique that has been stealing tax payer’s money.

“I am telling you that young man should be very careful otherwise he is going to be killed, for me I know how mafias work and many of them are not happy with his appointment because he is very loyal to the president,” Mirundi said.

He added that there are many officials in the top management of the Ministry of Finance (MoF) who had held the former URA Commissioner General Doris Akol hostage and had planned to get a lot of money so Musinguzi’s appointment is going to frustrate their financial plans.

He said that those officials in the MoF had even strategically stationed their candidate to replace Akol but they were very surprised to see the President appoint Musinguzi.

He further revealed that Musinguzi is also going to face a lot of silent protests internally in URA because they are not used to being led by people appointed outside the management of URA.

“I know that boy, he is going to be poisoned, I know how he survived being killed when he was still working with General Kale Kayihura in their battle to stop smugglers but this time I don’t know whether he will survive,” Mirundi added.

He added that to save his life, Musinguzi had to fly out of the country when Kayihura joined Uganda police as IGP. He persuaded back by the president and given a job in State House because he knows very well that he is loyal to him.

He advised Musinguzi that if he wants to survive being poisoned, he must do a lot of changes in URA.  He also noted that he tried to advise Akol not to flirt with mafias because they only wanted to use her office for their personal benefits and when they are done, they will dump her the same way they dumped Jennifer Musisi, the former Kampala Capital City Authority Director who also refused to listen to his advice thinking that she is too big.

 

By Sengooba Alirabaki




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