MPs call for reforms in banking sector

BANKING|FINANCES

A section of Members of Parliament is calling for urgent reforms in the banking sector as one of the ways to prevent the exploitation of Ugandans.

This comes after the head of the commercial court, Henry Peter Adonyo ruled that credit facilities offered to local businessman, Ham Kiggundu by  DTB-Kenya were illegal since it is not licensed by Bank of Uganda as required under the law to carry out financial business in Uganda and ordered the bank to refund sh120b to him.

The MPs  who included  Ayivu County MP Bernard Atiku, Bukooli Central MP , Solomon Silwany, Bukooli Island MP, Abott Ouma,Bugiri Woman MP, Taaka Agens, Bunya South MP, Ntende Robert and Iki -Iki County MP, Robert Kasolo noted that the ruling is a 
landmark  and would help end exploitation of Ugandans by the banking sector.

The Ayivu County MP, Bernard Atiku said it is important that parliament scrutinises the laws that govern foreign investments in the country saying that this might be the reason why many foreign investors have taken advantage of these policies to repatriate all the money they make.

The Bukooli Central MP, Solomon Silwany said Ugandans have been complaining about exploitation by banks and there is need to investigate and monitor the sector to institute the necessary reforms.