Capital Markets, Trustee investment and Condominiums.



The Government has finalized consultations and the drafting of the National Payments System Bill, a law that intends to regulate electronic payments in Uganda and requires electronic money issuers among others to obtain a license from BOU.

80% of payments are made in cash, electronic payments (cashless) account for a mere 20%. However, cash payments have tremendously risen up with in the past decade due to telecommunication companies providing mobile money and internet services to their customers.

The access to web based services has eased communication and enabled Ugandans to access financial trends like crypto-currency, which were previously not available in our jurisdiction. Many people have invested in crypto -currencies with expectation of high returns and others are buying goods and services using crypto- currencies.

The Bill defines electronic money as electronic value stored electronically. Crypto currency brokers take a recognized currency from a depositor in exchange for a crypto currency. The crypto- currency is then deposited to the electronic account of the depositor held by a broker. As such, crypto currencies are indeed a form of electronic money envisioned under the Bill. There are so many crypto currencies, which include; Bitcoin, Ethereum, Litecoin etc.

Sharp price fluctuations in the value of Bitcoin was a point of concern to Bank of Uganda; in 2018, it issued a statement discouraging Ugandans from investing and using crypto currencies.

The Bill will require electronic money issuers to incorporate locally, open statutory bank accounts with licensed financial institutions and issue electronic money equivalent to cash held on statutory bank accounts. All electronic payment operators will require a license with the exception of commercial banks who are primarily licensed to provide payment services.

In a twist of events; BOU, that had earlier slated crypto-currency brokers, now assumes regulatory control over them, I thus presume, that BOU has finally “seen the light”. That said, BOU needs to prepare and build capacity among its staff in order to effectively regulate crypto- currencies brokers.

Lastly, consultations on the Bill were reserved for major institutions like Banks and public entities. Local small-scale market operators were not consulted at all; in fact, there is a concern in the market regarding how BOU will “balance the boat”. Some ingenious banks have gone ahead to start private payment gateways, this raises critical antitrust practices which are not addressed in the Bill.

Bank of Uganda needs to move with the times and embrace crypto currencies.
Capital Markets Lawyer and an Affiliate member of CISI London. 0758096306

Condominium property in Uganda.

A person intending to set up a condominium ought to understand e following:
1. Its easier to raise finance to construct a condominium then normal rentals
2. Public policy encourages condominium holdings
3. He/she loses ownership of the building to the Condominium unit owners association. The association is a body corporate its share holders are all tenants on the building.
4. He/she is referred to as developer not owner.
5. He/she might become a Director of he association but he must notify the Registrar of lands
6. His/her title is encumbered by condominium titles so he can’t sale the property
7. You need a lot of professional advise from land valuers, surveyors and lawyers.
For specialized detailed advice.
Consult a Condominium property law practitioner.


Khaki Campbell’s for sale

Am selling khaki Campbell’s which are laying eggs contact me on or call or watsapp 0758096306.

Development Real Estate Investment Trust Scheme (D-REITS) will solve the Housing Crisis in Uganda.

Capital markets Authority has prioritized I-REITS whose main objective is to collect income in form of rent over D-REITS which are focused on development, construction and selling at a profit. The capital ha housing deficit close to 300,000 units, 1 million city dwellers are scantily housed with 68.5% housing units classified as slums that can’t exist for more than 3 year. The future is +256708929609

D-REITS connote a corporation authorized by Capital Markets Authority to own and develop property to dispose it off or collect rent.  D-REITS aim at acquiring eligible real estate, investing in development and Construction of the property for purpose of selling it off or renting it out. Marketing of real estate etc.

D-REITS differ from I-REITS though the two are used interchangeably. The requirements for establishment of each differ.   Before approval of a D-REITS  the investors must be professionals, a minimum of 7 investors is allowable, the minimum subscription of each parcel is UGX  150m  (7500 currency points), minimum value of initial assets shall be UGX 5Billion (250,000 Currency points), 25% of the total value shall be free float before the trust is Authorized by CMA.

I-REITS require a threshold of UGX 9 BILLION value of assets to be set up yet D-REITS call for 5 billion this is almost doubles. Most D-REITS aim at disposing of the assets to purchasers this reduces operational cost; investors get a quicker return on the investment upon sale as compared to rental in I-REITS which come in small bites.

Upon sale of the Property in D-REITS operational costs reduce, Tax and other liabilities are transferred to the new landlord. Uganda’s Economy is relatively small; investors need to be smart to minimize the cost of investment in order to get the highest return.

Sources of Raising funds in D-REITS is open according to the  REITS regulations 13 ,a trustee may access funds from the public or through debit financing unlike  I-REITS which are limited to public offers. This provides D-REITS with a wider pool of resources.

Most Ugandans do not have titled land; according to the Torrens system they don’t own land at all. The main objective of D-REITS is to construct and development real estate for sale, upon sale purchasers acquire ownership of land. Why would CMA focus on schemes intended to make Ugandans tenants rather than Landowners.

Mr. Karugaba (Best Commercial Lawyer ULS) says prohibiting charging rent in dollars and analogy system Land registry is among the key challenges to development of REITS.  There is hope; the Ministry of Lands is in final stages of computerizing all titles and documents at the registry. This will means that forged fake documents can be sorted out at ago or online. This will solve the issue of defrauding clients.

 According to the 2017 Income Tax Amendment act, section 5 prohibits execution of rental agreements in any other currency other than Ugandan shillings; this is only a challenge to international bodies investing in Uganda through I-REITS because they are Rental based. Charging Rent in dollars isn’t a challenge per say because it can be mitigated by setting out a standard currency rate as compared to Bank of Uganda rate. The Income Tax amendment act came after landlords were over charging resident tenants exorbitant rent dues in foreign currencies.

Finally D-REITS only involve professional investors this means they are better managed because participants are experienced, exposed, educated and well informed about the sector. Uganda has very few professional investors, it’s worsened by rigid pension sector, and it becomes very hard to solicit for professional investors locally.  Save for the above mentioned reason, D-REITS still present a clear picture and solution to housing crisis lin.uuUganda as compared to I-REITS. CMA ought to promote both.

My Role Models.

if ur inspired by the best,You will be better.

  1. Daudi Mpanga.

He is a barrister and uganda’s best lawyer. he specialises in my areas of interest Financial institutions law,Banking and finance and Merger and acquisitions. he is very calm and yet informed.





2.          Prof.Apolo Nsibambi.

He retired despite President’s reappointment. The is a resident of Busiro my home area and is one of the finest products of K.C.B. Apollo introduced Early payment of public workers by 28th. He has not be mentioned in any corruption saga.



3.           Dr.Samson Kisekka

Apart from being Ma Grandi,He offered all he had to oust a dictatorial regime which rich men of today failed. A candid Gentleman and accomplished doctor in Africa. he owned the biggest pharmaceutical company in Africa which supplied drugs to NRA soldiers in Luwero.



4. Masembe Timothy Kanyerezi

Managing Partner MMAKS Advocates the best law Firm In uganda.He is the best litigation lawyer in the land.


Philip Karugaba








Role Models


To go by the book every campass student ought to have a role model.
I’m elated to be drilled by living men and women of laurels.
At such a time when EAC integration is at its helm am inspired by Mrs. Edith Mwanje permanent Secretary Ministry of EAC affairs,just for her candid leadership and great skill in public finance management.
For claim and workmanlike legal practice Owekitibwa Daudu Mpanga’s potriat is etched in my room.
Of course Old Johnny Uganda’s best columnist And senior presidential advisor on media is here in my heart.
As you prep for exams do u have a role model.

Welcome UCU freshers.

Its September and we now need a candid guild President. One who holds us(students) in high regard,cherishes accountability and honours Ladies.


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African Weddings

A busy day it was, but as usual by 6 am am on my way home. I was soaked in thoughts attempting to mock my presentation in tomorrow’s meeting. After 15 minutes into da flight my favorite song plaid  close to my ear,On turning right, I witnessed beauty seated,she glared back but seemed not moved.
I Sat at ease and picked a magazine, I pretended to be reading she reminded me  that “I was reading it upsidedown”.Now
that was a bold from an African girl,in fact during African weddings they are advised not to be bold but to rather submit to the man.
In Uganda among the Basoga Its believed that a husband’s opinion is ultimate, the wife only follows.

I took a deep breathe, shelved the Agric Mag and turned right. Despite the slur, a few sentences were clear “hi…..what’s ur name…..”
The conversion went on and on,i even waived off Flight attendant’s plights of serving us  juice and a few European snacks.
We discussed a conflate of things from travel, hobbies to relationship, sex and marriage,the call to tighten our safety belts for landing cut Short the jazz. By then I had got her digits.

In a true African setting am not supposed to search for a marriage partner,its rather my father and immediate Uncle who should.
If I wanted Cathy for marriage, 1st I send my daddy and uncle to her,they ascertain that we are not related ,that she is disciplined and she is sexually posh. In some tribes the Uncle may Bonk her just to be sure,that she is good for bed.   A disciplined girl is one who will submit to the guy and kneel before him.
After that, my parents organize a wedding at their cost.


To be continued. 

Posted using iPhone 8

African weddings

Africans value marriage and sex,it is then linked to insane 
fertility rates and over population in the continent. In my country on average a Ugandan Lady is capable of 7 kids in her life span but remember life expectancy is 45 years. Most became mothers at 15 just after their culture wedding. Last week I attend one,though the Lady was 39 and had 5 kids parents kept on reckoning that she needed to have twins just to bless the wedding and also please da groom!!!!. To cope with the average African  women get kid a every after 2 years contrary to the recommended rate of 5 years. Ma grandma produced 20 between 14 and 50 years.

Such a culture expose our dear girls to sexually transmitted diseases at a tender age. Our sisters become pron to fistulas, suffer domestic violence and finally drop out of school.
That said I fell in love with the Kanza a Buganda official wear.


To be continued

Posted using iPhone 8

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