The banking sector in Uganda today is developing with many banks, financial institutions and internet mobile banking apps which are germinating to ease the monetary services to Ugandans.
In the due course of opening new banks, there are still loopholes in the sector with many reported cases of bank fraud, heavy taxation and high interest rates. These cases have rose from famous banks like ABSA former Barclays ,Equity ,Post and Crane Bank which is now close.
At the beginning of this year, Equity bank was involved in several cases of fraud where most of it’s customers where complaining of loosing money from their accounts without their approval and the increasing bank interest rates which forced them to forward their complaints to the central bank, the regulatory body of these institutions.
This has brought about many unanswered questions among customers, on whether these banks are still worthy the trust of keeping their money and other valuables.
The bank of Uganda which is the central bank regulates and moderates the works of commercial banks in the country. Currently the position of the Governor of Bank of Uganda is vacant after the death of Emmanuel Tumusime Mutebile who was then Governor.
Should we say that the leadership loopholes within the regulatory entity of these institutions is a contributor to the current unstable economy in the county and the increasing fraud cases in these financial institutions?
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