Bankers to issue code of banking practice

Commercial banks through their umbrella organization Uganda Bankers' Association (UBA) are set to issue code of good banking practice in a week's time across all banks.

Fabian Kasi, chairman UBA said this code will guide all banks on better banking practice intended to guide clients as they go about any transactions.

The banks according to Kasi will play a pivotal role in fighting fraud which financial institutions continue grappling with.

Kasi was addressing the media during the Annual General Meeting of Uganda Bankers' Association held at Sheraton Hotel in Kampala.

Emmanuel Turyamuhika Kikoni, director at UBA said the code will also be amended to fit in the current objectives and missions of UBA. Kikoni called on all member banks to continue strengthening partnership to help counter challenges facing the banking industry.

Kasi (L) shares a light moment with Kikoni during the meeting. Photo by Oyet Okwera

Uganda Bankers' Association has an objective to set out standards of good banking practice which member banks of the UBA follow in their dealings with their clients.

"We want to enable banks help their customers understand how their accounts operate and give them a good understanding of banking services. We also want to promote confidence in the integrity and security of the banking system," said Kikoni.

Kikoni's statement comes after the bankers released last year's report indicating that commercial banks contributed a balanced sheet strength of 25% of the national Gross Domestic Product (GDP).