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Bank of Uganda’s Regulatory Framework and Supervision Activities

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The Bank of Uganda (BoU) plays a crucial role in regulating and supervising financial institutions in Uganda. Here are some key points summarized for easy reference.

Regulatory Framework

Overview

• The BoU proposes and maintains laws, regulations, and guidelines for financial institutions.

Key Legislations

• Constitution of the Republic of Uganda 1995 (As amended)
• Bank of Uganda Act 2000
• Financial Institutions Act (FIA), 2004 as amended and its implementing regulations
• Micro-finance Deposit Taking Institutions (MDI) Act, 2003 and its regulations
• Foreign Exchange Act, 2004 and its regulations

Supervision Framework

Overview

• The BoU uses a Risk-Based Supervision framework to identify and monitor risks in financial institutions.
• Prudential supervision entails compliance with entry controls, on-going supervision, and managing orderly exit.

Corrective Measures

Overview

• Where a financial institution fails to meet statutory requirements:
  • Statutory management: BoU takes over the management of the problem financial institution.
  • Arrangement of mergers and acquisitions by another financial institution of good standing.
  • Revoking of operational license, closure, and liquidation of the affected financial institution.

Consumer Protection

Overview

• The BoU ensures consumers are protected through:
  • Issuance of Financial Consumer Protection Guidelines
  • Publication of financial institutions’ charges and interest rates in media and on BoU website
  • Provision of complaints handling mechanism
  • Provision of Key Facts Document (KFD) highlighting information on financial products offered by financial institutions.

Bank of Uganda Contact Information

Location

• Plot 37/45 Kampala Road, P.O. BOX 7120, Kampala

Phone Numbers

• +256(0)-414 258 441/6
• +256(0)-312-392000
• 0417-302000

Fax Number

• +256(0)-414-233818

Website

• www.bou.or.ug

Email Address

• info@bou.or.ug

Social Media

• Twitter: @BOU_Official