WHAT AWAITS THE NEXT GOVERNOR OF BANK OF UGANDA?

 WHAT AWAITS THE NEXT GOVERNOR OF BANK OF UGANDA?

You see the banking system is rotten. Bankers are supposed to be credible, unfortunately some bankers in Uganda are badly compromised. I practiced as a Commercial banker for some years, I never knew of a situation where the banker managers could work with fraudulent people to the extent of outright stealing of customers’ funds.

You can not be sure of getting funds from outside Uganda. The developments where the banks can outrightly confiscate funds sent to a customer is a bad development and the forthcoming bank of Uganda Governor needs to be a reformist. The process of handling funds from outside Uganda needs to be made transparent.

Where there is doubt as regards ownership of funds, banks should make sure that they cross check with the one who remitted funds. This is against the background that some people have succeeded in using the computer to divert funds belonging to other people and they have cashed the money.

Given that the Deputy Governor is an Economist, Bank of Uganda needs someone who has been at the level of a Commercial Bank Manager In reputed Commercial banks. Merely having economists who have not been managers of Commercial banks will not help bank of Uganda.

There is talk of the security personnel being involved in screening bank transactions. It is not clear who supervises these people. I think people who professionally are not bankers should completely get out of the banking system. It is now clear that some people are in there to get easy access to funds that can be taken to projects of some individuals. The way funds are screened when from outside needs to be transparent and only such funds where there is evidence that they are meant to disturb national security should be the only funds that should not be accessed by the rightful owner.

Bank of Uganda has the challenge of the Sudhir Rupalaria court case. We are having these because of problems of transparency. There is need to cleanup in Bank of Uganda. Staff who are not clean should be fired.