In response to the recent media debates and discussions of issues related to the regulation and supervision of financial institutions and what amounts to conduct of financial institutions business in Uganda, Bank of Uganda (BoU) wishes to state as follows:
Bank of Uganda is the regulator and supervisor of financial institutions and financial institutions business in Uganda. The mandate to regulate and supervise financial institutions and financial institutions business is derived from the Constitution of the Republic of Uganda, the Bank of Uganda Act, 2000 and the Financial Institutions Act, 2004 as amended (FIA, 2004).
For the purposes of this statement, the regulation and supervision of micro finance deposit-taking institutions is not addressed as these are covered under the Micro Finance Deposit-taking Institutions Act, 2003.
A. What is a Financial Institution?
B. What is ‘Financial Institutions Business’?
C. ‘Acceptance of deposits’ and/or ‘deposit taking activity’ for Lending
D. Financial Services that are not Supervised or Regulated by Bank of Uganda
E. Agent Banking
F. Territorial Jurisdiction
Jaluum Herberts Luwizza is a Speaker,Writer, Columnist with the C.E.O Magazine and Contributor with the Nile Post.He is also a Business Consultant with YOUNG TREP East Africa’s No.1 Business Management and Consultancy firm that helps people start and grow profitable businesses.twitter:jaluwizza
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