Central bank cautions depositors
Oct 15, 2007
DEPOSITORS should understand the operations of financial institutions, the Bank of Uganda’s (BoU) deputy governor, David Opiokello, has advised.
By Peter Kaujju
DEPOSITORS should understand the operations of financial institutions, the Bank of Uganda’s (BoU) deputy governor, David Opiokello, has advised.
Opiokello said this would guide the public on how to protect their interests. “This involves being conversant with the various bank charges and interest on loans,†he said at the opening of Bank of Africa’s branch on Kampala Road.
Opiokello said BoU publishes charges for the banks on a quarterly basis to foster awareness while financial institutions also run their statements.
John Carruthers, the Bank of Africa board chairman, said they opened the branch after discovering diverse business opportunities.
Carruthers said they also have a desire to extend banking services.
“We are also in advanced stages of formulating a regional cooperation mechanism with our sister banks in Kenya and Tanzania, which will provide opportunities for our customers across borders,†he said.
DEPOSITORS should understand the operations of financial institutions, the Bank of Uganda’s (BoU) deputy governor, David Opiokello, has advised.
Opiokello said this would guide the public on how to protect their interests. “This involves being conversant with the various bank charges and interest on loans,†he said at the opening of Bank of Africa’s branch on Kampala Road.
Opiokello said BoU publishes charges for the banks on a quarterly basis to foster awareness while financial institutions also run their statements.
John Carruthers, the Bank of Africa board chairman, said they opened the branch after discovering diverse business opportunities.
Carruthers said they also have a desire to extend banking services.
“We are also in advanced stages of formulating a regional cooperation mechanism with our sister banks in Kenya and Tanzania, which will provide opportunities for our customers across borders,†he said.