The Independent Uganda: You get the Truth we Pay the Price
A statement issued this evening by the Central Bank indicates that The Bank of Uganda is working very closely with investigative teams and the Ministry of Finance to ensure that the services and operations of Post Bank Uganda Limited are not interrupted.
The investigation started a week ago following a whistle-blower’s petition to the State House Anti-Corruption Unit over possible fraud and office abuse. The team led by Lt Col Edith Nakalema said it based on credible information to undertake a special investigation on Post Bank Uganda over abuse of office, involving a number of senior Post Bank Personnel.
The announcement of an investigation had a possibility of causing some customers to withdraw their money from the bank fearing that it could collapse. Now BOU says the investigation will have no impact on the day-to-day running of the bank.
“The Bank of Uganda assures Post Bank customers that and the general public that Post Bank Uganda limited is strong, safe and sound and all its services will continue uninterrupted at all its branches,” BOU wrote in a statement.
Post Bank is owned by the Uganda government with 100 per cent shareholding. It is limited by shares and formed under the Public Enterprises Reform and Divestiture Statute of 1983 and the Uganda Communications Act, 1997 and incorporated under the Companies Act in 1998.
The government says it is an important institution it lends money to small and medium enterprises and individuals who may not be able to get money from bigger banks because of their risk profile.
The investigation is conducted jointly with the Criminal Investigation Directorate, the Office of the Auditor General, and the Central Bank.
