Statement on management of customer bank accounts

June 11, 2022 By: ub_admin0 comments

Kampala – June 11 2022

The Banking Fraternity under the UBA umbrella has noted with concern a video circulating on the social media, calling upon the banking public to withdraw their deposits from one of the regulated member financial institution Centenary Bank or indeed any other UBA member.

The said statements are unfortunate, unwarranted and retrogressive for an economy striving to bring the majority of the population to the money economy through financial inclusion. We urge the banking public and wider population to disregard and ignore these alarmist calls in the video and carefully weigh the would be catastrophic impact that any such calls could impose on depositors and the economy at large.

We encourage customers to always contact their respective financial institutions through their official communication channels for any information and support they may require in relation to their bank accounts. Customers also have recourse to the regulator, Bank of Uganda in case financial institutions do not resolve complaints to their satisfaction.

The banking industry wishes to assure the public that the regulated financial institutions are mandated not only to play the role of safe custody of depositor funds but to also play the intermediary role of facilitating savings, payments and investment through provision of credit that in turn fuels the economy as its life blood. It is therefore the responsibility of every one of us to safeguard this public good and rededicate our efforts towards developing our economy.