New BoU executive director starts work, warns Ugandans of "fake" banks

Ugandans have been warned not to deal with  the growing number of unregistered financial institutions in the country.

Speaking at a function to open Opportunity Bank’s new headquarters in Kamwokya, Dr. Tumubweine Twinemanzi , the new Executive Director in charge of Supervision at Bank of Uganda said many financial institutions including some micro-finance 'banks'  have always cropped up and fleeced Ugandans of their money because no one is able to control them.

“It is easier for the central bank to intervene in case the public is being cheated when the institution is registered compared to unregistered institutions,”Dr Tumubweine said.

“Ugandans should always deal with only registered financial institutions which are easy to be regulated by us (Bank of Uganda).”

He applauded the board at Opportunity Bank for transforming from FAULU, an NGO into a big financial institution able to cater for the financial needs of the public.

The official from the central bank revealed that research recently carried out showed that many Ugandans have continued to have confidence in financial institutions and have since moved away from ‘unbanked’ funds.

Emmanuel Tineyi Mawocha, the Chief Executive Officer at Opportunity Bank said the financial institution has in the past increased access to finances through loans to members of the public to enable them develop their businesses.

“The bank continues to develop its multi-functional platform, helping our local markets grow one business at a time.

The innovative banking solutions that a small business owner will need to grow their business is extensive. We have moved to tailor our products and services specifically to meet our client’s needs, he remarked.

Kampala Central MP, Muhammad Nsereko urged the bank to increase on their efforts to create awareness among the public about the advantages of using financial institutions rather than keeping money under their pillows.