BOU to introduce reforms in regulation

By Juliet Nalwooga

Bank of Uganda is considering introduction of a number of regulatory changes and amendments to support governance and regulation of the financial sector.

The bank’s Deputy Governor, Michael Atingi-Ego says key among the reforms include the proposed amendments to the BOU Act 2000 to among other things;strengthen governance, and the Financial Institutions Act 2004 that will specifically regulate Islamic banking among other aspects.

Atingi-Ego says these will address gaps in the emerging digital space and Fintech and is optimistic that it will ensure that the commercial bank’s monetary policy frame work is effective and not compromised.

He made the remarks at the sidelines of the release of the regulatory framework report in Kampala.

Written by Noelyn Nassuuna